Cryptocurrency Q&A
What is a bitcoin transaction format?
What is a bitcoin transaction format?
Lorenzo
Fri Jul 12 2024
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5 answers
1121
Could you please elaborate on the structure and format of a Bitcoin transaction? I'm curious to understand how these transactions are structured and what information they typically contain. Specifically, I'm interested in knowing about the inputs and outputs of a transaction, as well as any additional metadata or cryptographic elements that are involved. How are transactions verified on the Bitcoin network? What are some of the key components that ensure the security and integrity of these transactions? Thank you for your insight into this fascinating topic.
5 answers
Sara
Sun Jul 14 2024
This raw format serves as the fundamental representation of a transaction within the Bitcoin network.
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WhisperWind
Sun Jul 14 2024
To ensure the integrity and authenticity of these transactions, they undergo a hashing process using the SHA256 algorithm (SHA256 ()).
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emma_lewis_pilot
Sun Jul 14 2024
The resulting hash, known as the TXID (Transaction ID), serves as a unique identifier for each transaction.
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SunlitMystery
Sun Jul 14 2024
Furthermore, the TXIDs of multiple transactions are combined using a merkle tree structure to form the merkle root of a block.
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ethan_lewis_journalist
Sun Jul 14 2024
Bitcoin transactions are disseminated among peers in a standardized byte format, referred to as the raw format.
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