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ambiguous use of "quarter" coin denomination for non-americans

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Andreas M. Antonopoulos 2017-07-18 12:35:58 +08:00
parent a8989aaffd
commit 5ee0b2019a
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@ -70,7 +70,7 @@ You may also notice a lot of strange and indecipherable fields and hexadecimal s
((("change, making")))If an UTXO is larger than the desired value of a transaction, it must still be consumed in its entirety and change must be generated in the transaction. In other words, if you have a UTXO worth 20 bitcoin and want to pay only 1 bitcoin, your transaction must consume the entire 20-bitcoin UTXO and produce two outputs: one paying 1 bitcoin to your desired recipient and another paying 19 bitcoin in change back to your wallet. As a result of the indivisible nature of transaction outputs, most bitcoin transactions will have to generate change.
Imagine a shopper buying a $1.50 beverage, reaching into her wallet and trying to find a combination of coins and bank notes to cover the $1.50 cost. The shopper will choose exact change if available (e.g., a dollar bill and two quarters), or a combination of smaller denominations (six quarters), or if necessary, a larger unit such as a $5 note. If she hands too much money, say $5, to the shop owner, she will expect $3.50 change, which she will return to her wallet and have available for future transactions.
Imagine a shopper buying a $1.50 beverage, reaching into her wallet and trying to find a combination of coins and bank notes to cover the $1.50 cost. The shopper will choose exact change if available e.g. a dollar bill and two quarters (a quarter is $0.25), or a combination of smaller denominations (six quarters), or if necessary, a larger unit such as a $5 note. If she hands too much money, say $5, to the shop owner, she will expect $3.50 change, which she will return to her wallet and have available for future transactions.
Similarly, a bitcoin transaction must be created from a user's UTXO in whatever denominations that user has available. Users cannot cut an UTXO in half any more than they can cut a dollar bill in half and use it as currency. The user's wallet application will typically select from the user's available UTXO to compose an amount greater than or equal to the desired transaction amount.