Timeline for what is flow of a bitcoin transfer from one exchange to another?
Current License: CC BY-SA 4.0
17 events
| when toggle format | what | by | license | comment | |
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| Oct 7, 2021 at 9:05 | comment | added | RedGrittyBrick | That looks like a normal simple transaction where Alice wants to pay Bob 0.7 BTC. Alice gets a handful of coins from her pocket and sorts out three that add up to just over 0.7 BTC, (it is rare to have the exact amount in coins) the transaction destroys those three input coins belonging to Alice and creates two new output coins: the payment to Bob and some change returned to Alice, there's a small difference that the miner Michael claims as a fee | |
| Oct 7, 2021 at 1:45 | vote | accept | toing | ||
| Oct 7, 2021 at 0:51 | comment | added | toing | very helpful. I now understand that one transaction can itself have a pooled several transactions. However, I am now trying to wrap my head around basic simplified case as discussed in most education videos where 1-1 transaction is shown and combination of hash, data and public key validates it. How does it happen when many-many transaction happens. Would appreciate if you can explain in context of this transaction blockchair.com/bitcoin/transaction/… | |
| Oct 6, 2021 at 22:53 | history | edited | RedGrittyBrick | CC BY-SA 4.0 |
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| Oct 6, 2021 at 22:45 | comment | added | RedGrittyBrick | @toing. yes, that is what I am saying. See the new link I just added at bottom of answer. | |
| Oct 6, 2021 at 22:45 | history | edited | RedGrittyBrick | CC BY-SA 4.0 |
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| Oct 6, 2021 at 22:30 | history | edited | RedGrittyBrick | CC BY-SA 4.0 |
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| Oct 6, 2021 at 22:22 | history | edited | RedGrittyBrick | CC BY-SA 4.0 |
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| Oct 6, 2021 at 22:14 | history | edited | RedGrittyBrick | CC BY-SA 4.0 |
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| Oct 6, 2021 at 22:13 | comment | added | toing | Can you please expand on single transaction that pays multiple people? For example, if X1 and X2 both initiate transfer on exchange A to send money to Y1 on exchange B and Y2 on exchange C... are you saying that somehow exchange A will record it as one single transaction having multiple outputs? p.s.: Also, your link didnt show anything (may be filter was incorrect). Thanks for your help | |
| Oct 6, 2021 at 22:10 | history | edited | RedGrittyBrick | CC BY-SA 4.0 |
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| Oct 6, 2021 at 21:30 | history | edited | RedGrittyBrick | CC BY-SA 4.0 |
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| Oct 6, 2021 at 21:24 | comment | added | RedGrittyBrick | @toing. Those are different kinds of batching. Miners do gather multiple transactions into a block but in addition to that any bitcoin user can create a single transaction that pays multiple people. If you look in the blockchain you will find single transactions with hundreds of outputs (and sometimes hundreds of inputs). See blockchair.com/bitcoin/transactions?s=output_count(desc) | |
| Oct 6, 2021 at 19:12 | comment | added | toing | Regarding batching you have mentioned in #3. Isnt is what miners do instead of exchange. I was under impression that all transactions get relayed on network and then miners batch it in block and mine that block (after validation). What do you mean here by exchange 1 batching thousands of small transaction? | |
| Oct 6, 2021 at 16:57 | history | edited | RedGrittyBrick | CC BY-SA 4.0 |
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| Oct 6, 2021 at 16:52 | history | edited | RedGrittyBrick | CC BY-SA 4.0 |
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| Oct 6, 2021 at 16:40 | history | answered | RedGrittyBrick | CC BY-SA 4.0 |