Bitcoin Tech #1 - UTXOs with Shinobi - WBD303
The Peter McCormack Show
Peter McCormack
4.7 • 2.8K Ratings
🗓️ 26 January 2021
⏱️ 73 minutes
🧾️ Download transcript
Summary
Location: Remotely Date: Tuesday 15th December Company: Block Digest Role: Host
Checking your balance or sending Bitcoin can be as simple as opening an app or scanning a QR code and clicking send, but what is happening behind the scenes to make that happen?
Unspent transaction outputs (UTXOs) are the monetary units of bitcoin. They are likes coins and notes in the traditional financial system but can be of any value.
When accessing a wallet, the software creates your balance by totalling the value of all your UTXOs, and when you want to send someone bitcoin, your wallet selects the UTXOs required to make up the amount you want to send.
In many cases, wallet software abstracts away UTXOs so that the user does not have to consider them. However, it is a crucial part of the system that, when properly used, can help protect your privacy and reduce your transaction fees.
In this interview, I talk to Shinobi, the host of Block Digest. We discuss UTXOs, what they do, how they work and the implications for both privacy and transaction fees.
Hosted on Acast. See acast.com/privacy for more information.
Transcript
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| 0:00.0 | There is no such thing as a balance, like Bitcoin is not a bank account. |
| 0:09.0 | It's actually a collection of individual UTXones. |
| 0:15.0 | Hello there from Bedford, the Bitcoin Mecca of the world. |
| 0:18.4 | How are you all? |
| 0:19.4 | Welcome to the What Bitcoin did podcast, which is brought to you by The Mighty Cracken best place to buy |
| 0:24.0 | sell and trade Bitcoin I'm your host Peter McCormack and today I've got |
| 0:27.2 | Shinobi back on the show as you know Shinobi is going to be doing a monthly |
| 0:31.6 | tech show with me and we've decided |
| 0:33.8 | over the next few months we are going to be tackling a specific tech |
| 0:37.7 | subject with each show. So today we're going to be hitting on UTXOs |
| 0:42.1 | something I know a little bit about but certainly |
| 0:45.0 | have not spent enough time really considering with regards to managing my Bitcoin, so we're |
| 0:49.7 | going to get through that today. |
| 0:51.3 | Anyway, before we get into this this I do have a message from my |
| 0:53.7 | show sponsors. Okay, we're going to kick off today with sports bet. I.O the best place for |
| 0:57.9 | online gaming because they accept Bitcoin. Yes, I've started using Sports Beto to bet on my team, Liverpool and you know what? |
| 1:05.6 | We're having a bit of a bad run right now. No worries. I'm keeping calm. I still think we're going to win the league. |
| 1:11.4 | Also, if you have been watching Premier League football and have you |
| 1:14.4 | been seeing a Bitcoin logo you have a sports bet.io to thank because they became the |
| 1:19.5 | front-shirt sponsor for Southampton and they're also the bedding partner of Arsenal. |
| 1:23.7 | They've been putting Bitcoin logo on the Southampton shirt and those Sports Bet logos with the |
| 1:28.2 | Bitcoin logo in around stadiums. |
... |
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