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I can create addresses with private keys and import those keys into my wallet to receive their unspent outputs to later spend.

My question is split into two parts:

  1. What exactly happens when you import a private key? Is that private key now stored and its corresponding address now tracked by your wallet?
  2. A new transaction is signed with a private key. Therefore, if I have 1 BTC on one address and import its private key, and 1 BTC on another address and import that, how is it I can now spend 2 BTC in one transaction, which key was used to sign this new transaction?
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  1. Yes
  2. Both. Each of the two keys is used to prove control over the corresponding UTXO of the two UTXOs used as an input to the transaction
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  • 2. And if I have imported 1000s of private keys. How is a transaction, with multiple inputs, signed efficiently? – Anonona Nov 12 '19 at 18:13

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