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Eugenia corrected gender pronouns

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Andreas M. Antonopoulos 2014-06-24 14:23:10 -04:00
parent 18daf24793
commit c14c56c23d
1 changed files with 2 additions and 2 deletions
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@ -168,7 +168,7 @@ For example, if you consume a 20 bitcoin UTXO to make a 1 bitcoin payment, you m
Let's see how this works in practice, by looking at Alice's coffee purchase again. Alice wants to spend 0.015 bitcoin to pay for coffee. To ensure this transaction is processed promptly, she will want to include a transaction fee, say 0.001. That will mean that the total cost of the transaction will be 0.016. Her wallet must therefore source a set of UTXO that adds up to 0.016 bitcoin or more and if necessary create change. Let's say her wallet has a 0.2 bitcoin UTXO available. It will therefore need to consume this UTXO, create one output to Bob's Cafe for 0.015, and a second output with 0.184 bitcoin in change back to her own wallet, leaving 0.001 bitcoin unallocated, as an implicit fee for the transaction.
Now let's look at a different scenario. Eugenio, our children's charity director in the Philippines has completed a fundraiser to purchase school books for the children. He received several thousand small donations from people all around the world, totaling 50 . Now, he want to purchase hundreds of school books from a local publisher, paying in bitcoin. The charity received thousands of small donations from all around the world. As Eugenio's wallet application tries to construct a single larger payment transaction, it must source from the available UTXO set which is composed of many smaller amounts. That means that the resulting transaction will source from more than a hundred small-value UTXO as inputs and only one output, paying the book publisher. A transaction with that many inputs will be larger than one kilobyte, perhaps 2-3 kilobytes in size. As a result, it will require a higher fee than the minimal network fee of 0.0001 bitcoin. Eugenio's wallet application will calculate the appropriate fee by measuring the size of the transaction and multiplying that by the per-kilobyte fee. Many wallets will overpay fees for larger transactions to ensure the transaction is processed promptly. The higher fee is not because Eugenio is spending more money, but because his transaction is more complex and larger in size - the fee is independent of the transaction's bitcoin value.
Now let's look at a different scenario. Eugenia, our children's charity director in the Philippines has completed a fundraiser to purchase school books for the children. She received several thousand small donations from people all around the world, totaling 50 . Now, she wants to purchase hundreds of school books from a local publisher, paying in bitcoin. The charity received thousands of small donations from all around the world. As Eugenia's wallet application tries to construct a single larger payment transaction, it must source from the available UTXO set which is composed of many smaller amounts. That means that the resulting transaction will source from more than a hundred small-value UTXO as inputs and only one output, paying the book publisher. A transaction with that many inputs will be larger than one kilobyte, perhaps 2-3 kilobytes in size. As a result, it will require a higher fee than the minimal network fee of 0.0001 bitcoin. Eugenia's wallet application will calculate the appropriate fee by measuring the size of the transaction and multiplying that by the per-kilobyte fee. Many wallets will overpay fees for larger transactions to ensure the transaction is processed promptly. The higher fee is not because Eugenia is spending more money, but because her transaction is more complex and larger in size - the fee is independent of the transaction's bitcoin value.
[[tx_script]]
@ -375,7 +375,7 @@ A valid transaction can have only one OP_RETURN output. However, a single OP_RET
==== Pay to Script Hash (P2SH)
Pay-to-Script-Hash (P2SH) was introduced in the winter of 2012 as a powerful new type of transaction that greatly simplified the use of complex transaction scripts.
Pay-to-Script-Hash (P2SH) was introduced in the winter of 2012 as a powerful new type of transaction that greatly simplifies the use of complex transaction scripts. To explain the need for P2SH, let's look at a practical example.
* Complex scripts replaced by shorter fingerprint in the output
* Scripts can be coded as an address, so the sender and the sender's wallet don't need complex engineering to implement