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Bitcoin: Is there really a thing called “Bitcoin address”? Since all I need to spend a UTXO is to provide a scriptSig
Understanding the Bitcoin Transaction Structure: ScriptSig
When it comes to sending cryptocurrency transactions over the Bitcoin network, many users wonder what exactly is required to spend their coins. At the heart of this is a common question: what is a “Bitcoin address” and how do you get or use one?
To answer this question, let’s take a closer look at the basic components of a Bitcoin transaction.
The ScriptSig
A script signature is a key component that enables funds to be sent over the Bitcoin network. This is essentially a way to enable the transfer of coins from your wallet to another party (the recipient). The script is made up of three parts:
- ScriptSig: This is the public key used to sign transactions.
- PubKey (or ScriptPubKey): This is the private key associated with the script and is usually stored in your wallet.
- Unlock Script (or Lock Script): This script is used to unlock a certain number of coins and specify how to spend them.
When you want to spend a UTXO (unspent transaction output), all you need to do is submit a “scriptSig” (or input script) from your wallet. The recipient only needs to know their public key (scriptPubKey) and the amount they want to receive.
ScriptPubKey: More than just a public key
Although the script public key can actually be considered “just the public key,” in Bitcoin terminology it is actually the private key. It is used to verify the authenticity of a transaction and ensure its validity. The script key contains all the information needed to spend a UTXO, including the amount, the recipient’s public key, and any other parameters required for the particular transaction.
Conclusion
And finally, to send money over the Bitcoin network, you don’t need a Bitcoin address or any other special permissions. All you need is your wallet’s private key (Scriptpubkey) and the script signal from the UTXO you want to spend. This streamlined approach has made Bitcoin transactions more accessible and convenient for users around the world.
Bitcoin supporters often joke that sending cryptocurrency only requires three things: a wallet, a computer, and an internet connection. But in reality, it’s much simpler – all you need is your wallet and your understanding of the underlying Bitcoin protocol.