5. Transactions - Mastering Bitcoin [Book]

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    Locking mechanisms for batches of bitcoins. What is an output lock?

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    An output lock is a set of requirements placed on an output. These requirements must be met to be able to use the output in a transaction. Where do output locks come from? As we know, a transaction is the process of taking existing outputs and creating new ones from them: A transaction. Creating new outputs and lock bitcoin each one a lock.

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    All of this is lock bitcoin in the transaction data. So even though the blockchain is file of transactions, on a practical level you can think of it as a storage unit for outputs.

    Each transaction tells you about new outputs.

    Transaction Fees Most transactions include transaction fees, which compensate the bitcoin miners for securing the network. This section examines how transaction fees are included in a typical transaction. Most wallets calculate and include transaction fees automatically. However, if you are constructing transactions programmatically, or using a command-line interface, you must manually account for and include these fees. Transaction fees are collected by the miner who mines the block that records the transaction on the blockchain.

    Each new block of transactions adds a fresh bunch of outputs in to the blockchain. So the blockchain stores all of the outputs, and you can use any of these outputs any time you want.

    In this guide, we will have a function that creates a script that locks a UTXO for a predetermined amount of time using the CLTV op code as well as separately learn how to sign these types of special inputs.

    As long as you can unlock them, of course. How do you create an output lock? If we can provide this lock with a matching private key, we can unlock it and use it in a transaction.

    How do you unlock an output lock? To do this, we use our private key to create a digital signature.

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    What the bejeebus? Astute observation, sir. Obviously I lied about that function we used too.

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    Still does the trick. And thanks to the magic of digital signatures and the CHECKSIG function, we can still lock outputs to addresses, and also be able to unlock them without having to give away the private key. Quite awesome.

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