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judymcconville@roadrunner.com 2017-04-30 10:37:32 -07:00
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@ -88,7 +88,7 @@ What comes first? Inputs or outputs, the chicken or the egg? Strictly speaking,
[[tx_outs]]
==== Transaction Outputs
((("transactions", "outputs and inputs", "output parts")))((("outputs and inputs", "output parts")))Every bitcoin transaction creates outputs, which are recorded on the bitcoin ledger. Almost all of these outputs, with one exception (see <<op_return>>) create spendable chunks of bitcoin called UTXO, which are then recognized by the whole network and available for the owner to spend in a future transaction.
((("transactions", "outputs and inputs", "output components")))((("outputs and inputs", "output parts")))Every bitcoin transaction creates outputs, which are recorded on the bitcoin ledger. Almost all of these outputs, with one exception (see <<op_return>>) create spendable chunks of bitcoin called UTXO, which are then recognized by the whole network and available for the owner to spend in a future transaction.
UTXO are tracked by every full-node bitcoin client in the UTXO set. New transactions consume (spend) one or more of these outputs from the UTXO set.