1

so i'm learning about bitcoin, and i've purchased overpriced bitcoin for 1USD. the flow was as follow:

my questions are:

  • i do see the 0.0007 transaction, but why is the previous transaction it's linked to is ~69BTC? shouldnt it be linked to a signle 0.0007 transaction from the old wallet?
  • why can't i see any transaction at https://blockchain.info/address/1DZPyyLMcu1jKaEJ5fskeEpsMbjY49L9JL ? as i think i've transferred the localbitcoins from there.

so, i'm quite confused, how do i read the history, starting from the last transaction (12Eg...)?

1

The transaction in which someone sends you 0.0007 BTC includes more payments to other people and one payment back to himself, what is called the change.

When you get Bitcoin in a wallet, everything you get in each transaction is a separate input. Any or several of those can be used to make a transaction, but you can't break them. In order to send a smaller amount than an input, what you do is to make two payments, one to the address to which you want to send that smaller amount and another one to yourself, usually to a new address for privacy reasons. In you example, the sender had a 69 BTC input, made some payments and sent himself back around 67 BTC.

Than second address you mention (1DZPyyLMcu1jKaEJ5fskeEpsMbjY49L9JL) has not been seen in the network, what means that it is not associated with any transaction yet. In the big transaction your 0.0007 have an "unspent" next to them. This means that you have not used them and they are in that address.

  • but the issue is, i issued the 0.0007 transaction from localbitcoins.com site to me - i didn't have ~69 bitcoins there. is it possible that localbitcoins possibly aggregates X transactions into a "real" bitcoin address? then send it from several users through that one address? (and internally they are linking the funds?) – ArielB May 8 '16 at 15:18
  • Yes, I'm not sure how they have it set up, but typically when you have bitcoins in a website, you don't really have them. They keep everyone's in a wallet and keep a separate accounting to know what is whose. When you withdraw from there they send from that wallet that is not yours. – Fernando Gutierrez May 8 '16 at 15:20
  • Cool, that's what I thought, thanks for the clarification! – ArielB May 8 '16 at 18:56
  • No problem! If you are satisfied with the answer I would appreciate if you upvoted it :) – Fernando Gutierrez May 8 '16 at 19:02

Your Answer

By clicking “Post Your Answer”, you agree to our terms of service, privacy policy and cookie policy

Not the answer you're looking for? Browse other questions tagged or ask your own question.