5/15/2023 0 Comments Bitcraft crypto![]() purpose' refers to the path format you’re following. For HD wallets, the private key is not used for signing transactions, but for regenerating the entire wallet path treeģ1. Apostrophe in the path indicates that BIP32 hardened derivation is used.ģ0. In Bitcoin this path is m / purpose' / coin_type' / account' / change / address_indexĢ9. BIP 44: Proposes a specific hierarchy for constructing HD walletsĢ8. BIP 39: Mnemonic is just entropy (random bits of data) in a human readable formĢ7. BIP 32 defines how to construct an HD walletĢ6. BIP 32: HD wallets allow for multiple addresses to be generated from the same mnemonicĢ5. Wallets are private key and public key management systemsĢ4. Bitcoin is divisible by 8 decimal places, the smallest unit is known as a satoshi Bitcoin WalletsĢ3. Because you’re sweeping the dust into a single transactionĢ2. Sweeping is a transaction that has a lot of dust transactions. Dust transactions are transactions with value too small to be considered by many clients, and can be rejected by custom node software (although they are completely valid by the protocol)Ģ1. Witness in Segregated Witness refers to the scriptSig in inputsĢ0. Fun fact: the largest n can be regarding above is 20, but standardization rules dictate 3ġ9. m-of-n: term used to describe the number of keys needed out of the number of keys available to sign a multi-sig transaction. ![]() Script Hash addresses that start with 3, specified in BIP 13ġ6. Pay-to-Script-Hash (P2SH): moves responsibility for supplying conditions to redeem a transaction from the sender to the redeemer. Pay-to-PubKey (P2PK): A transaction that is paid directly to the public key (not in the formal address format that is acquired after hashing twice)ġ4. Coinbase transactions must have 100 confirmations to be spendableġ3. A coinbase transaction has a single input. A coinbase transaction is a transaction is with zero usable inputsĩ.^ The transaction fee is just what’s left over in a transaction.Transaction fee = aggregate input value − aggregate output value.The 15 dollars goes to the change address The change address is used to send the remainder of the funds back to the sender (like when you pay for a 5 dollar coffee with 20 dollars and get 15 dollars back. ![]()
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