Can I trace Bitcoin transactions using spent_transaction_hash?

Question

I've spent some time analyzing Bitcoin transaction data and found out that the input column has this value called "spent_transaction_hash". In the dataset, the definition of this value is "the hash of the transaction which contains the output that this input spends".

I wonder if I can use this value to trace previous transactions. For example, let's say I have this Bitcoin transaction data:

Hash     Input      Output      Spent_transaction_hash
1234       1          3               5678
5678       2          1               8910

Since spent_transaction_hash means the hash of the transactions whose output was the input to the current transaction, is it safe to say the second transaction(hash: 5678) was the previous transaction of the current transaction (1234) and they are connected?

Thank you.

Answer 1

Yes the previous transaction hash links the two transactions. More accurately it identifies the transaction in which money was received into the control of the person spending that money in this transaction.

Firstly, note that a transaction can have many inputs not just one, so there can be several previous transaction hashes linking several transactions to the current one.

Secondly, note that there is no link between specific inputs and specific outputs of a transaction. So you cannot trace the flow of money with any certainty. Especially if the creator of the transaction takes simple measures to improve their privacy.

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