I wanted to make a transaction to a vendor but somehow I made it to my own address? It is yellow color and I put very very low fee. It is unconfirmed yet because of the fees. Should I just increase the fee by a lot to get my coins back, worth 60£? And will the coins add automatically in my wallet if both are on the same address? I only need that ''Yes'' because I'm a rookie and dunno how this will happen. Thank you.
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1 Answer
Welcome to Bitcoin. The "balances" in Bitcoin are actually explicitly tracked bits and pieces. You can think of it akin to the coins and bills of cash: when someone sends bitcoins, the transaction explicitly states which coins or bills get spent, and describes which new ones to create. We call these bits of bitcoin unspent transaction outputs (UTXOs). In most Bitcoin transactions, the UTXOs you have in your wallet will not perfectly fit the amount you are trying to pay. In that case, your wallet software will automatically create a new UTXO that sends the remainder back to yourself. Imagine if you go to the pub and pay for a £3 pint with a £10 note. The bartender gives you £7 change. In Bitcoin, the equivalent to the £10 note would be you spending a UTXO from a previous transaction as an input to your new transaction. The transaction input consumes the £10 note and the transaction then creates two new UTXOs, one worth £3 for the bartender and one worth £7 for yourself.
What I'm trying to get at is, that in most transactions you will pay the receiver and yourself: in order to return the remainder as change to yourself. I am wondering whether that's what you are seeing in this transaction.
If you in fact only paid yourself, you're fine as well. You may have split your bitcoin funds into two UTXOs now, but your wallet is capable of using multiple of them in a transaction together.