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Adding Fees to Transactions The data structure of transactions does not have a field for fees. Instead, fees are implied as the difference between the sum of inputs and the sum of outputs. Any excess amount that remains after all outputs have been deducted from all inputs is the fee that is col‐ lected by the miners. Transaction fees are implied, as the excess of inputs minus outputs. Fees = Sum(Inputs) - Sum(Outputs) This is a somewhat confusing element of transactions and an important point to un‐ derstand, because if you are constructing your own transactions you must ensure you do not inadvertently include a very large fee by underspending the inputs. That means that you must account for all inputs, if necessary by creating change, or you will end up giving the miners a very big tip! For example, if you consume a 20 bitcoin UTXO to make a 1 bitcoin payment, you must include a 19 bitcoin change output back to your wallet. Otherwise, the 19 bitcoin “left‐ over” will be counted as a transaction fee and will be collected by the miner who mines your transaction in a block. While you will receive priority processing and make a miner very happy, this is probably not what you intended. If you forget to add a change output in a manually constructed transaction you will be paying the change as a transaction fee. “Keep the change!” may not be what you intended. Let’s see how this works in practice, by looking at Alice’s coffee purchase again. Alice wants to spend 0.015 bitcoin to pay for coffee. To ensure this transaction is processed promptly, she will want to include a transaction fee, say 0.001. That will mean that the total cost of the transaction will be 0.016. Her wallet must therefore source a set of UTXO that adds up to 0.016 bitcoin or more and if necessary create change. Let’s say her wallet has a 0.2 bitcoin UTXO available. It will therefore need to consume this UTXO, create one output to Bob’s Cafe for 0.015, and a second output with 0.184 bitcoin in change back to her own wallet, leaving 0.001 bitcoin unallocated, as an implicit fee for the transaction. Now let’s look at a different scenario. Eugenia, our children’s charity director in the Philippines has completed a fundraiser to purchase school books for the children. She received several thousand small donations from people all around the world, totaling 50 bitcoin. Now she wants to purchase hundreds of school books from a local publisher, paying in bitcoin. The charity received thousands of small donations from all around the world, so her wallet is full of very small payments (UTXO). Transaction Outputs and Inputs | 121PDF Image | Mastering Bitcoin
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