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Bitcoin [BTC]: Manual transaction constructions are done by wallets, not blockchain, says Andreas Antonopoulos

Akash Anand



Bitcoin [BTC]: Andreas Antonopoulos talks about manual transaction constructions and the concept of 'change'Bitcoin [BTC]: Andreas Antonopoulos talks about manual transaction constructions and the concept of 'change'
Source: Pixabay

The cryptocurrency market has always been buoyed by its proponents, especially the many who are themselves involved in ensuring the mass adoption of digital assets. One such luminary is Andreas Antonopoulos, a popular Bitcoin bull and author of Mastering Bitcoin.

In a recent video uploaded by him, Antonopoulos elucidated on the concept of manually constructing transactions with multiple inputs, with a user query of “whether the process is done by the blockchain.” The Bitcoin proponent stated,

“You can conduct the process with a variety of wallets that allow you to construct transactions. With multiple inputs. Electrum wallets and other web-based wallets are good examples of platforms that give you the liberty to control transactions. Just to clarify, the process is done by the wallets and not by the blockchain.”

Antonopoulos added that the constructing wallets are based on an algorithm and if a user needed more than one payment because of possessing smaller amounts, then the wallet will construct transactions with payments. He informed users that this method is called ‘coin selection,’ and it greatly helps in the movement of transactions.

The concept of coin selection was previously in the news after BitGo, the cryptocurrency security startup, released its new technology, ‘predictive UTXO management,’ aimed at cutting cryptocurrency fees. Mark Erhardt, one of the spearheads of the technology, had claimed,

“What we’re doing here is addressing high-traffic wallets. Some of our clients get lots of lots of deposits into exchanges. And these enterprises need to sweep up these on-chain transactions.”

Andreas Antonopoulos further touched upon the concept of change on the blockchain, where he explained that Bitcoin transactions outputs can only exist in two states: spent or unspent. He stressed on the fact that there is no scenario for a half-spent transaction.

The Bitcoin bull ruffled a few feathers recently when he said that Bitcoin’s scalability problem will always exist. He spoke on the premise that solving one layer of issues would only lead to the emergence of other issues. In his words,

“..and you can’t, in the beginning, solves the problem for the end there is no end and also if you prematurely optimize if you try to solve scale problems for a scale that doesn’t yet exist you shift the problem somewhere else in the case of cryptocurrencies.”

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Bitcoin nirvana is happening right now, says Max Keiser




Bitcoin nirvana is happening right now, says Max Keiser

Bitcoin’s price pump affected the altcoins’ valuation on an optimistic note. The digital coins recovered significantly this year after losing nearly 80% to 90% valuation since the market crash in the first quarter of 2018. As Bitcoin [BTC] continued to trade between $7,600 and $8,300, prominent analysts in the field speculated that the king coin could potentially spiral down a bit more. However, Max Keiser, a Wall Street veteran and host of the Keiser Report, who is also a noted Bitcoin bull is of the opinion that “crypto spring is here”.

The broadcaster, in the latest edition of the Keiser Report, stated,

“It’s just bleeding right into our lives we can hear the lawnmowers outside in there getting ready for crypto summer and then crypto fantasia crypto parallel dimension and the Bitcoin nirvana it’s all happening, it’s all happening, right now.”

Keiser also noted that the global economy was undergoing “deglobalization” which steemed out of uncertainty and volatility and added that there “was no way to hedge against that”.

Stacy Herbert, one of the most influential women in blockchain and a host alongside Keiser contributed to the discussion. She said at a time when deglobalization has hit the economy, one would certainly go along with Bitcoin. According to the broadcasters, trade wars between China and the USA was currently intensifying Herbert; While recalling history, they also took note that the empires started falling during the period of deglobalization which was eventually followed by the two world wars.

Keiser had previously remarked that “Bitcoin is hard money” very similar to gold, and added that it is going to “respond well to hyperinflation and hyper-money printing”.

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