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From the hex generated by the createrawtransaction command, I understand that the following is the output value:

60e31600000000001976a914ab68025513c3dbd2f7b92a94e0581f5d50f654e788acd0ef8000000000001976a9147f9b1a7fb68d60c536c2fd8aeaa53a8f3cc025a888ac

Output one - Receiver address details:

60e31600000000001976a914ab68025513c3dbd2f7b92a94e0581f5d50f654e788ac

Output two - Change address details:

d0ef8000000000001976a9147f9b1a7fb68d60c536c2fd8aeaa53a8f3cc025a888ac

My question is regarding the highlighted 0 values, as in the 0x00 hex values. I understand these are empty arrays, but why 5 bytes worth? Is this some sort of padding for the maximum allowed satoshi's which can be sent? Or are these for some other purpose?

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The value of an output in a transaction is a 8-byte field encoded in little-endian. The value is always represented with 8 bytes no matter how small it is. Here you have the full transaction structure with sizes:

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