Understanding Bitcoin Transaction Records
As a new Bitcoin user, it’s important to understand how transaction records are managed on the Bitcoin network. However, I noticed that the mempool.space screen only shows four blocks: balance history, unused outputs, and transactions. This may seem incomplete, but don’t worry, I’m here to explain what each of these records actually represents.
Balance History
The “Balance History” graph shows a visual representation of your Bitcoin balance changes over time. It’s not directly related to your address, so you can ignore it for now. Instead, focus on understanding how transactions are recorded.
Unused Outputs
This record shows all the outputs (spends) that your transaction history has created or requested. Think of it as “who” used something. When you send a transaction, this record shows you who hasn’t used Bitcoin before the transaction is confirmed and included in the blocks.
procedures
The Events section lists all the events related to your address. This includes both incoming (sending) and outgoing (spending) transactions. You can see all the different types of transactions, such as payment addresses, scripts, and data that have been sent or received using your address.
To illustrate this concept:
- Create an event
: When you create a new event, mempool.space stores it in the Events section.
- Send event
: The sender creates an outgoing event from your address, which is then sent to the network.
- Block confirmation and block creation: If the transaction is confirmed and included in the blocks, it is recorded in the Balance History graph, as mentioned earlier.
- Spend or Receive Bitcoin: When you spend Bitcoin using a script (such as “txout”), mempool.space records outgoing transactions.
In conclusion:
- The Balance History graph shows your balance changes over time, but is not directly related to your address.
- The Unspent Outputs record contains all outputs created or requested by your transaction history.
- The Events section lists all events related to your address, including incoming and outgoing events.
By understanding how these records work, you will be able to better manage your Bitcoin wallet and make informed decisions about how to use and store your funds.
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