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Title: How does coin base transaction works? Post by: Sudeeq3350 on May 18, 2023, 05:16:12 PM Being a new member of the forum, I need more information on how coin base transactions operate and how they vary from regular bitcoin transactions.
Why did they employ coin-based transactions when they could have used the more common ones that everyone is familiar with? How can we use it during bitcoin transactions if it is stronger than a standard transaction? Title: Re: How does coin base transaction works? Post by: Zaguru12 on May 18, 2023, 05:26:03 PM Being a new member of the forum, I need more information on how coin base transactions operate and how they vary from regular bitcoin transactions. Why did they employ coin-based transactions when they could have used the more common ones that everyone is familiar with? Coin base transactions are the first transaction in a block most of this transactions are usually created by the miner after creating a block, so as to receive the reward for block creation. The coin base transaction is usually unique because it requires close to 100 confirmations in the blockchain before been spent. They contain the output address to which block reward are sent to. Before the reward is distributed to other addresses Title: Re: How does coin base transaction works? Post by: un_rank on May 18, 2023, 09:57:55 PM Why did they employ coin-based transactions when they could have used the more common ones that everyone is familiar with? Regular transactions have inputs and outputs, but coinbase transaction does not have any inputs and are basically created out of thin air. They serve as the bitcoin generation method to get new coins into circulation.How can we use it during bitcoin transactions if it is stronger than a standard transaction? What do you mean stronger? Coinbase transactions are recorded in the block along with other transactions with the same level of difficulty. The bitcoins involved are higher valued cause they are newly minted and have never been involved in any other transaction prior to that.- Jay - Title: Re: How does coin base transaction works? Post by: hosseinimr93 on May 18, 2023, 10:42:34 PM Being a new member of the forum, I need more information on how coin base transactions operate and how they vary from regular bitcoin transactions. A difference is that coins that have been received in a coinbase transaction can't be spent until 100 more blocks are mined. Regular transactions have inputs and outputs, but coinbase transaction does not have any inputs and are basically created out of thin air. The newly generated coins aren't created out of the thin air. Miners work for them. The bitcoins involved are higher valued cause they are newly minted and have never been involved in any other transaction prior to that. No. There is no difference between the value of newly generated coins and value of other coins. When you want to sell your bitcoin, no one will ask you whether you have mined them or you have purchased them. Title: Re: How does coin base transaction works? Post by: n0nce on May 18, 2023, 11:52:58 PM Being a new member of the forum, I need more information on how coin base transactions operate and how they vary from regular bitcoin transactions. The only difference is that they have no input and that they are only spendable after 100 confirmations.This is very basic information that you can find on sites such as:
Why did they employ coin-based transactions when they could have used the more common ones that everyone is familiar with? Bitcoin only has UTXO-based transactions, no matter whether it's the coinbase transaction or any other one. Ethereum is an example of a coin-based cryptocurrency, but Bitcoin is entirely UTXO-based.How can we use it during bitcoin transactions if it is stronger than a standard transaction? Coinbase transactions are not 'stronger' than any other transaction; I'm not even sure what you mean by that.Title: Re: How does coin base transaction works? Post by: un_rank on May 20, 2023, 06:21:08 AM The newly generated coins aren't created out of the thin air. Miners work for them. I am aware miners work for them, the out of thin air reference refers to the fact that the coins are not outputs from any previous transaction. So if you are tracing the flow of a particular input, you can only go as far back as the coinbase transaction.- Jay - |