Posted by Jeff Flowers & Yvonne Tang / 13 April 2015 / Bitcoin/Blockchain / Hits: 22866

Example 1. Pay-to-Public-Key-Hash (P2PKH) - One-to-one Transaction

The majority of Bitcoin transactions today are of this general type. These types of transactions are used to transfer value, typically from one user to another. They are constructed having the form: scriptSig (or the unlocking script) first, followed by the scriptPubKey (or locking script).

This example transfers the complete value from one Unspent Transaction Output (UTXO) into one address.

Note: For simplification purposes, this example does not take into account a miner’s fee, and would most likely take additional time to be incorporated into the block chain. However, we are using the testnet where mining fees are not as strict.

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