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Update 4_2_Creating_a_Raw_Transaction.md
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@ -1,20 +1,18 @@
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# 3.4: Sending a Raw Transaction to a P2PKH
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# 4.2 Creating a Raw Transaction
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> **NOTE:** This is a draft in progress, so that I can get some feedback from early reviewers. It is not yet ready for learning.
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You're now ready to create Bitcoin raw transactions. This allows you to send money (as in the interlude above) but to craft the transactions precisely as you want.
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This section focuses on paying to addresses that are P2PKH: pay to public-key hashes. In other words: just a normal Bitcoin address, representing some person who wants your money.
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You're now ready to create Bitcoin raw transactions. This allows you to send money but to craft the transactions precisely as you want. This first section focuses on a simple one-input, one-output transaction. This sort of transaction _isn't_ actually that useful, because you're rarely going to want to send all of your money to one person (unless you're actually just forwarded it on, for example if you're moving things from one wallet to another). Thus, we don't label this section as a way to send money. It's just a foundational stepping stone to _actually_ sending money with a raw transaction, as outlined in the next section.
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## Understand the Bitcoin Transaction
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Before you dive into actually creating raw transactions, you should make sure you understand how a Bitcoin transaction works.
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Before you dive into actually creating raw transactions, you should make sure you understand how a Bitcoin transaction works. It's all about the UTXOs.
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When you receive cash in your Bitcoin wallet, it appears as an individual transaction. Each of these transactions is called a Unspent Transaction Output (UTXO). It doesn't matter if multiple blobs of money came into the same address or to multiple addresses: each UTXO (incoming transaction) remains distinct in your wallet.
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_What is a UTXO?_ When you receive cash in your Bitcoin wallet, it appears as an individual transaction. Each of these transactions is called a Unspent Transaction Output (UTXO). It doesn't matter if multiple blobs of money came into the same address or to multiple addresses: each UTXO (incoming transaction) remains distinct in your wallet.
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When you create a new outgoing transaction, you gather together one or more UTXOs, each of which represents a blob of money that you received. Together their amount must equal what you want to spend _or more_. You use these as inputs into the new transaction. Then, you generate one or more outputs, which give the money represented by the inputs to one or more people. This creates new UTXOs for the recipients, which may then use _those_ to fund future transactions.
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Here's the trick: _all of the UTXOs that you gather are spent in full!_ That means that if you want to send just part of the money in a UTXO to someone else, then you also have to generate an additional output that sends the rest back to you!
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Here's the trick: _all of the UTXOs that you gather are spent in full!_ That means that if you want to send just part of the money in a UTXO to someone else, then you also have to generate an additional output that sends the rest back to you! For now, we won't worry about that, but the creation of a change address will be what turns the theory of this section until the actual use of the next section.
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## List Your Unspent Transactions
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@ -57,15 +55,17 @@ $ bitcoin-cli listunspent
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}
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]
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```
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This listing shows three different UTXOs, worth .08, .078, and .078 BTC. Note that each has its own distinct txid and remains distinct in the wallet, even though two of them were sent to the same address.
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This listing shows three different UTXOs, worth .08, .078, and .078 BTC. Note that each has its own distinct txid and remains distinct in the wallet, even though two of them were sent to the same address. (Bad practice! But used as an example to show that transaction stya distinct, no matter what!)
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However, when you spend a UTXO you need more than just the transaction id. That's because each transaction can have multiple outputs! Remember the example of that first bit of money we got from the faucet: some of it went to us, but some went so someone else (probably a change address). The `txid` just refers to the overall transaction, while a `vout` says which of multiple outputs you've received. In this list, two of our UTXOs are the 0th vout of a transaction, and the other is the 1st. This makes a difference!
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When you spend a UTXO, it's not sufficient to just know the transaction id. That's because each transaction can have multiple outputs! Remember that first chunk of money that the faucet sent us? In the transaction, some money went to us and some went to someone else. The `txid` just refers to the overall transaction, while a `vout` says which of multiple outputs you've received. In this list, two of our UTXOs are the 0th vout of a transaction, and the other is the 1st. This makes a difference!
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So txid+vout=UTXO. This will be the foundation of any raw transaction.
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## Write a Raw Transaction with One Output
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You're now ready to write a simple raw transaction where you're be sending the entirety of a UTXO to another party; that is, you'll be acting like a go-between, taking all of the money you received in one blob and just passing it on.
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You're now ready to write a simple, example raw transaction that shows how to send the entirety of a UTXO to another party. As noted, this is not necessarily a very realistic real-world case.
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> **WARNING:** It is very easy to lose money with a raw transaction. Consider all instructions on sending bitcoins via raw transactions to be _very_, _very_ dangerous. Whenever you're actually sending real money to other people, you should instead use one of the other methods explained in this section. Creating raw transactions is extremely useful if you're writing bitcoin programs, but _only_ when you're writing bitcoin programs.
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### Prepare the Raw Transaction
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@ -79,11 +79,11 @@ $ utxo_vout="0"
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> **TESTNET vs MAINNET:** Obviously the "validated the most" criteria would matter a lot more on mainnet, where real money is being used.
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You should similarly record your recipient address, to make sure there are no problems. We're sending some money back to the TP faucet:
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You should similarly record your recipient address, to make sure there are no problems. We're again sending some money back to the TP faucet:
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```
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$ recipient="n2eMqTT929pb1RDNuqEnxdaLau1rxy3efi"
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```
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As always, check your variables carefully, to make sure they match!
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As always, check your variables carefully, to make sure they're what you expect!
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```
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$ echo $utxo_txid
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ee9805676271f6244eba94c3d1a48b303a8f8359bf711c630eb6f2ea339d0e72
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@ -116,9 +116,6 @@ $ bitcoin-cli createrawtransaction
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Here's a command that creates a raw transaction to send your $utxo to your $recipient
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```
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$ rawtxhex=$(bitcoin-cli createrawtransaction '''[ { "txid": "'$utxo_txid'", "vout": '$utxo_vout' } ]''' '''{ "'$recipient'": 0.0795 }''')
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```
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Note that we followed our best practices to immediately save that to variable, because this is another complex result that we don't want to mess up. The result is hex, and here's what it looks like:
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```
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$ echo $rawtxhex
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0100000001720e9d33eaf2b60e631c71bf59838f3a308ba4d1c394ba4e24f67162670598ee0000000000ffffffff01b04e7900000000001976a914e7c1345fc8f87c68170b3aa798a956c2fe6a9eff88ac00000000
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```
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@ -167,11 +164,13 @@ Check the vin. Are you spending the right transaction? Does it contain the expec
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### Understand the Transaction Fee
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You'll note that we didn't send the whole .08 BTC to our recipient. That's because you have to pay minor fees to use the Bitcoin network. The amount that you will pay as a fee is always equal to the amount of your input minus the amount of your output. So, you have to decrease your output a little bit from your input to make sure that your transaction goes out.
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You'll note that we didn't send the whole .08 BTC to our recipient. That's because of the transaction fee, which is _implicit_ when you send a raw transaction: the amount that you will pay as a fee is always equal to the amount of your input minus the amount of your output. So, you have to decrease your output a little bit from your input to make sure that your transaction goes out.
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> **WARNING:** This is very dangerous!! Because you automatically expend all of the amount in the UTXOs that you use, it's critically important to make sure that you know: (1) precisely what UTXOs you're using; (2) exactly how much money they contain; (3) exactly how much money you're sending out; and (4) what the difference is. If you mess up and you use the wrong UTXO (with more money than you thought) or if you send out too little money, the excess is lost. Forever. Don't make that mistake! Know your inputs and outputs _precisely_.
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> **WARNING:** This is the very dangerous part of raw transactions!! Because you automatically expend all of the amount in the UTXOs that you use, it's critically important to make sure that you know: (1) precisely what UTXOs you're using; (2) exactly how much money they contain; (3) exactly how much money you're sending out; and (4) what the difference is. If you mess up and you use the wrong UTXO (with more money than you thought) or if you send out too little money, the excess is lost. Forever. Don't make that mistake! Know your inputs and outputs _precisely_. Or better, don't use raw transactions except as part of a carefully considered and triple-checked program.
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How much should you spend? [Bitcoin Fees](https://bitcoinfees.21.co/) has a nice live assessment. It says that the "fastest and cheapest transaction fee is currently 220 satoshis/byte" and that "For the median transaction size of 226 bytes, this results in a fee of 49,720 satoshis". Since this transaction will have just one input and one output, we decided that was more than enough. So, we subtracted 50,000 satoshis, which is .0005 BTC. .0800 BTC - .0005 BC= .0795, which is what we sent. (Often transactions don't need to be the "fastest" and can get away with much lower transaction fees; we opted not to because we don't want to delay working through this tutorial.)
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_How much should you spend on transaction fees?_ [Bitcoin Fees](https://bitcoinfees.21.co/) has a nice live assessment. It says that the "fastest and cheapest transaction fee is currently 220 satoshis/byte" and that "For the median transaction size of 226 bytes, this results in a fee of 49,720 satoshis".
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That basic info is what we used to construct our raw transaction. We just subtracted 50,000 satoshis from the amount we were sending, which is .0005 BTC: .0800 BTC - .0005 BC= .0795, which is what we sent. (Often transactions don't need to be the "fastest" and can get away with much lower transaction fees; we opted not to because we don't want to delay working through this tutorial.)
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> **WARNING:** The lower that you set your transaction fee, the longer before your transaction is built into a block. The Bitcoin Fees sites lists expected times, from an expected 0 blocks, to 22. Since blocks are built on average every 10 minutes, that's the difference between a few minutes and a few hours! So, choose a transaction fee that's appropriate for what you're sending. Note that you should never drop below the minimum relay fee, which is .0001 BTC.
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@ -188,7 +187,7 @@ $ bitcoin-cli signrawtransaction $rawtxhex
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}
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$ signedtx="0100000001720e9d33eaf2b60e631c71bf59838f3a308ba4d1c394ba4e24f67162670598ee000000006b483045022100d8f17dadc2501596f75f2c90b8279130e588638d4f7a4f7d5ebb10fea15252f702200ceb164e81335c430893780d06cfe194c36acec26886f180408e3ac4a7d2292f0121035de6239e70523c8f392e32f98e65f6ef704c4b6b0df994e407212b839bf51048ffffffff01b04e7900000000001976a914e7c1345fc8f87c68170b3aa798a956c2fe6a9eff88ac00000000"
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```
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Note that we captured the signed hex by hand, rather than trying to parse it out of the JSON object. A software package called "JQ" could do better, but for the moment we're keeping things simple and clear.
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Note that we captured the signed hex by hand, rather than trying to parse it out of the JSON object. A software package called "JQ" could do better, as we'll explain in an upcoming interlude.
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### Send the Raw Transaction
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@ -197,7 +196,7 @@ You've now got a ready-to-go raw transaction, but it doesn't count until you act
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$ bitcoin-cli sendrawtransaction $signedtx
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bf02068e3d2a99542c6a9ad07d915f1664374e911d809afe156dbacc46a5183e
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```
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You'll immediately be able to see that the UTXO and its money have been removed from your account:
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You'll immediately see that the UTXO and its money have been removed from your account:
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```
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$ bitcoin-cli listunspent
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[
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@ -227,7 +226,7 @@ $ bitcoin-cli listunspent
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$ bitcoin-cli getbalance
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0.15600000
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```
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Finally, `listtransactions` should soon show a confirmed transaction of category 'send".
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However, `listtransactions` should soon show a confirmed transaction of category 'send".
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```
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{
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"account": "",
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@ -253,185 +252,6 @@ You can see that it matches the txid and the recipient address. Not only does it
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Congratulations! You're now a few satoshis poorer!
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## Create a Change Address
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### Summary: Creating a Raw Transaction
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Our first raw transaction was very simplistic: we sent the entirety of a UTXO to a new address. More frequently, you'll want to send someone an amount of money that doesn't match a UTXO. But you'll recall that the excess money from a UTXO that's not sent to your recipient just becomes a transaction fee. So, how do you send someone just part of a UTXO, while keeping the rest for yourself?
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The solution is to create a change address:
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```
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$ changeaddress=$(bitcoin-cli getrawchangeaddress)
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$ echo $changeaddress
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mxU9cmhJfkKWDtBspHaA36LkeafEDeaogJ
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```
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Note that this is a new function: `getrawchangeaddress`. It's largely the same as `getnewaddress` but is optimized for use as a change address in a raw transaction, so it doesn't do things like make entries in your address book.
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You now have an additional address inside your wallet that you can use to receive change from a UTXO!
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## Write a Raw Transaction with Two Outputs
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You're now ready to write a more complex raw transaction. It will be based on the two unspent UTXOs still in our wallet:
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```
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$ bitcoin-cli listunspent
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[
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{
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"txid": "c1abb6951e6a9aae7e384412b69b69e59c10daac9397d01d0c52b7bc6278d589",
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"vout": 1,
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"address": "mygxipnJUsBgFvscKAaoxDdE8aCmHhRfTZ",
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"account": "",
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"scriptPubKey": "76a914c756c7bd67bf83d83c04e3dc6fd1ff0c6fe8ea9888ac",
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"amount": 0.07800000,
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"confirmations": 237,
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"spendable": true,
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"solvable": true
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},
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{
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"txid": "ab7ca727055b812df882298f4e6e10ec699fb6250d843c813623171781f896d8",
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"vout": 0,
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"address": "mygxipnJUsBgFvscKAaoxDdE8aCmHhRfTZ",
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"account": "",
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"scriptPubKey": "76a914c756c7bd67bf83d83c04e3dc6fd1ff0c6fe8ea9888ac",
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"amount": 0.07800000,
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"confirmations": 237,
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"spendable": true,
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"solvable": true
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}
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]
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```
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We want to send 0.1 BTC back to the TP faucet. This requires combining our two UTXOs, because neither contains quite that amount of bitcoin. It also requires sending to two addresses: one for the TP faucet (n2eMqTT929pb1RDNuqEnxdaLau1rxy3efi) and one as a change address (mxU9cmhJfkKWDtBspHaA36LkeafEDeaogJ). In other words, we're going to have two inputs and two outputs in our raw transaction
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### Set Up Your Variables
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We've already have `$changeaddress` and `$recipient` variables from our previous examples:
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```
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$ echo $changeaddress
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mxU9cmhJfkKWDtBspHaA36LkeafEDeaogJ
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$ echo $recipient
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n2eMqTT929pb1RDNuqEnxdaLau1rxy3efi
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```
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We also need to record the txid and vout for each of our two UTXOs:
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```
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$ utxo_txid_1="c1abb6951e6a9aae7e384412b69b69e59c10daac9397d01d0c52b7bc6278d589"
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$ utxo_vout_1="1"
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$ utxo_txid_2="ab7ca727055b812df882298f4e6e10ec699fb6250d843c813623171781f896d8"
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$ utxo_vout_2="0"
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$ echo $utxo_txid_1
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c1abb6951e6a9aae7e384412b69b69e59c10daac9397d01d0c52b7bc6278d589
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$ echo $utxo_vout_1
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1
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$ echo $utxo_txid_2
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ab7ca727055b812df882298f4e6e10ec699fb6250d843c813623171781f896d8
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$ echo $utxo_vout_2
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0
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```
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### Write the Transaction
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Writing the new raw transaction is surprisingly simple. All you need to do is include an additional, comma-separated JSON object in the JSON array of inputs and an additional, comma-separated key-value pair in the JSON object of outputs.
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Here's the example. Take a look at it carefully to understand where the inputs end the outputs begin:
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```
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rawtxhex2=$(bitcoin-cli createrawtransaction '''[ { "txid": "'$utxo_txid_1'", "vout": '$utxo_vout_1' }, { "txid": "'$utxo_txid_2'", "vout": '$utxo_vout_2' } ]''' '''{ "'$recipient'": 0.1, "'$changeaddress'": 0.0555 }''')
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```
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We were _very_ careful figuring out our money math. These two UTXOs contain .156 BTC. After sending .1 BTC, we'll have .056 BTC left. We again chose .0005 BTC for the transaction fee: this transaction about twice as big, but it's still under the average transaction size quoted by Bitcoin Fees, so that should be more than enough to make this transaction go through quickly. To accomodate that fee, we set our change to .0555 BTC. If we'd messed up our math and instead set our change to .051 BTC, that additional .0045 BTC would be lost. That's $5 or $6 gone to the miners when it didn't need to be. If we'd forgot to make change at all, then the whole .056 ($70!) would have disappeared. So, again, _be careful_.
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Back to the raw transaction itself: we'll be honest, it took us a few times to get all the commas, quotes, and brackets in the right places, writing from the command line. We got JSON errors when we didn't format things quite right; when we fixed the errors, our variable (correctly) got filled with the hex for the raw transaction. So, as always, be careful here too, and check your work:
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```
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$ bitcoin-cli decoderawtransaction $rawtxhex2
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{
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"txid": "99b7454c20313806454f9fd4f3e0454ce93e6edd5e84dfc731bcc0ad352b2260",
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"hash": "99b7454c20313806454f9fd4f3e0454ce93e6edd5e84dfc731bcc0ad352b2260",
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"size": 160,
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"vsize": 160,
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"version": 1,
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"locktime": 0,
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"vin": [
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{
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"txid": "c1abb6951e6a9aae7e384412b69b69e59c10daac9397d01d0c52b7bc6278d589",
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"vout": 1,
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"scriptSig": {
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"asm": "",
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"hex": ""
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},
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"sequence": 4294967295
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},
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{
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"txid": "ab7ca727055b812df882298f4e6e10ec699fb6250d843c813623171781f896d8",
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"vout": 0,
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"scriptSig": {
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"asm": "",
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"hex": ""
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},
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"sequence": 4294967295
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}
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],
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"vout": [
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{
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"value": 0.10000000,
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"n": 0,
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"scriptPubKey": {
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"asm": "OP_DUP OP_HASH160 e7c1345fc8f87c68170b3aa798a956c2fe6a9eff OP_EQUALVERIFY OP_CHECKSIG",
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"hex": "76a914e7c1345fc8f87c68170b3aa798a956c2fe6a9eff88ac",
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"reqSigs": 1,
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"type": "pubkeyhash",
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"addresses": [
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"n2eMqTT929pb1RDNuqEnxdaLau1rxy3efi"
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]
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}
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},
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{
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"value": 0.05550000,
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"n": 1,
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"scriptPubKey": {
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"asm": "OP_DUP OP_HASH160 b9f2579814712f82a3dadfd73e0356339c6705b4 OP_EQUALVERIFY OP_CHECKSIG",
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"hex": "76a914b9f2579814712f82a3dadfd73e0356339c6705b488ac",
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"reqSigs": 1,
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"type": "pubkeyhash",
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"addresses": [
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"mxU9cmhJfkKWDtBspHaA36LkeafEDeaogJ"
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]
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}
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}
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]
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}
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```
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### Finish It Up
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You can now sign, seal, and deliver your transaction, and it's yours (and the faucet's):
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```
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$ bitcoin-cli signrawtransaction $rawtxhex2
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{
|
||||
"hex": "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",
|
||||
"complete": true
|
||||
}
|
||||
$ signedtx2="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"
|
||||
$ bitcoin-cli sendrawtransaction $signedtx2
|
||||
18f1a791e3f7735dbe1c92b86645ba9b1f62b8044f61efd76d082a084982c9ae
|
||||
```
|
||||
### Wait
|
||||
|
||||
As usual, your money will be in flux for a while. You used all of your UTXOs, so your `getbalance` may show that you have cash, but the transaction must be confirmed before you see a UTXO with your change.
|
||||
|
||||
But, in 10 minutes or less (probably), you'll have your remaining money back and fully spendable again:
|
||||
```
|
||||
$ bitcoin-cli listunspent
|
||||
[
|
||||
{
|
||||
"txid": "18f1a791e3f7735dbe1c92b86645ba9b1f62b8044f61efd76d082a084982c9ae",
|
||||
"vout": 1,
|
||||
"address": "mxU9cmhJfkKWDtBspHaA36LkeafEDeaogJ",
|
||||
"account": "",
|
||||
"scriptPubKey": "76a914b9f2579814712f82a3dadfd73e0356339c6705b488ac",
|
||||
"amount": 0.05550000,
|
||||
"confirmations": 2,
|
||||
"spendable": true,
|
||||
"solvable": true
|
||||
}
|
||||
]
|
||||
```
|
||||
|
||||
This also might be a good time to revisit a blockchain explorer, so that you can see more intuitively how the inputs, outputs, and transaction fee are all laid out: [https://live.blockcypher.com/btc-testnet/tx/18f1a791e3f7735dbe1c92b86645ba9b1f62b8044f61efd76d082a084982c9ae/](https://live.blockcypher.com/btc-testnet/tx/18f1a791e3f7735dbe1c92b86645ba9b1f62b8044f61efd76d082a084982c9ae/).
|
||||
|
||||
### Summary: Sending a Raw Transaction to a P2PKH
|
||||
|
||||
When money comes into your Bitcoin wallet, it remains as distinct amounts, called UTXOs. When you create a raw transaction to send that money back out, you use one or more UTXOs to fund it. If you want change back from the UTXOs you're spending, you _must_ create a change address to receive the excess funds. You must also define how much money to spend as the transaction fee. Once you've created a raw transaction, you can check it, sign it, and then actually send it to the Bitcoin network.
|
||||
When money comes into your Bitcoin wallet, it remains as distinct amounts, called UTXOs. When you create a raw transaction to send that money back out, you use one or more UTXOs to fund it. You then can create a raw transaction, sign it, and send it on the Bitcoin network. However, this is just a foundation: you'll usually need to create a raw transaction with multiple outputs to actually send something on the bitcoin network!
|
||||
|
||||
Loading…
x
Reference in New Issue
Block a user