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From YouTube: Bisq DAO Basics: Bitcoin Transactions
Description
This is the first video in the Bisq DAO Basics series. It covers bitcoin transactions which you need to understand before learning about colored coins and BSQ tokens. It is intended for people with no technical background.
A
Hello,
my
name
is
erina
Soria
and
I'm
here
with
mantra
career
from
this
he
is
a
founder
of
bisque.
Bisque
is
a
decentralized
cryptocurrency
exchange,
and
today
we
are
going
to
talk
about
Bitcoin
transactions
in
general,
and
this
will
help
you
understand
this
concept
before
we
can
talk
about
colored
coins
and
Bill's
Q
tokens
in
the
subsequent
videos.
So
let
us
start
with
a
very
basic
question:
montrezl.
What
is
a
Bitcoin
transaction.
B
Yeah,
that's
a
very
good
question,
because
their
general
conception
about
how
Bitcoin
really
works
is,
unfortunately,
very
wrongly,
sold.
Unfortunately,
this
approach
should
stop
it
with
giving
the
name
Bitcoin
to
it.
There
are
no
bitcoins
or
the
coins
doesn't
exist
in
the
system,
and
another
misconception,
I
think
is
their
addresses.
Address
itself.
Understood,
like
bank
accounts,
were
an
account
where
you
receive
your
money
all
the
time
and
keep
it
there.
B
That's
also
a
wrong
mental
model
and
I
want
to
go
a
little
bit
into
not
too
far
details,
but
there
sufficient
details
to
really
understand
how
the
Bitcoin
transaction
system
works
and,
what's
truly
about
so,
are
yes,
etc.
It's
a
transaction
system.
The
transaction
is
in
the
core
of
the
system
and
there
are
basically
three
different
types
of
transactions
are
yeah.
It
started
with
the
Genesis
with
the
famous
challenges
transaction
Satoshi
just
created
that,
and
that
was
the
root
of
this
chain
of
transactions
where
one
transaction
lead
to
the
next
transaction
and
so
on.
B
But
then
there
are
two
yeah
when
you
are
transferring
or
Bitcoin
from
one
transaction
to
another
transaction.
That's
yeah,
that's
another
type
of
transaction.
Let's
call
it
transfer
transaction
and
the
third
one
is
the
issuance
transaction
at
every
new
block.
A
miner
has
the
right
to
issue
a
new
Bitcoin
and
he's
creating
new
Bitcoin
out
of
thin
air
and
yeah,
that's
very
similar
to
the
Genesis
transaction.
The
only
small
differences
that
those
not
build
on
top
of
another
block-
or
they
are
the
chances
transaction-
was
the
very
first
one
and
didn't
had
a
previous
block.
B
A
B
It's
the
instant,
if
that
the
are
putting
effort
electricity
at
the
end
to
secure
the
network
to
make
51%
attack
or
infeasible
are
yeah.
They
are
getting
this
reward
as
incentive
to
do
this
work
and
with
that
they
are
providing
security
for
the
system,
but
I
don't
want
to
get
into
mining
a
little
bit
of
topic
at
the
end.
B
A
B
They
have
to
control
about
this
50
Bitcoin
initially
and
when
they
are
sending
it
to
somebody
else,
then
this
person
who
receives
the
Bitcoin
can
make
another
transaction
and
can
redistribute
the
bitcoins,
and
such
a
transaction
consists
of
inputs
and
outputs,
and
by
when
you
are
a
mine
and
you
have
created
50
Bitcoin
for
yourself,
you
have
it
sitting
on
an
address
and
addresses
the
hash
of
a
public
key
and
for
the
Wistar
public
key
that
comes
the
private
key.
So
when
you
send
it
to
me,
then
I
give
you
my
public
key
and
I'm.
B
Then
you
are
giving
over
control
about
further
distributing
this
Bitcoin
to
myself,
because
I'm
then
the
only
one
who
can
create
the
next
transaction,
where
I
can
send
it
to
some
other
party
and
it's
basically
not
really
a
ownership
or
it's
a
control
you're
giving
away
yeah.
When
you
are
owning
this
Bitcoin
you
are.
It
means
that
you
have
their
right
and
their
control
that
you
can
create
such
a
transaction
that
you
have
two
prior
have
a
key
to
sign
such
a
transaction.
B
To
be
fair,
we
don't
ship
to
somebody
else
and
yeah,
that's
it
basically,
and
this
input
and
outputs
are
flexible,
so
you
can
mix
different
inputs
or
the
old
outputs
which
not
have
been
where
you
have
to
be
the
control
over
where
you
have
the
private
keys
and
combine
it
to
one
transaction
and
you
can
send
it
to
different
people
and
split
it,
and
that
makes
the
whole
system
very
powerful
and
very
flexible.
Okay.
A
So,
just
to
make
sure
that
I
understand
the
concept
of
private
and
public
keys,
so
the
in
order
to
send
Bitcoin
in
order
to
have
a
started
transaction
create
a
transaction.
You
need
to
have
a
private
key
and
then
public
key
is
created
from
this
private
key
right
here
and
then
you
need
to
know
the
receivers
public
key
to
send
to
include
in
the
transaction
exactly.
B
So
when
I,
when
I
have
some
Bitcoin
and
I
want
to
send
you
money,
I
need
to
know
your
public
key
and
I
mean
usually
I
receive
your
address,
because
that
has
higher
security
with
this
hashing
Queen,
but
conceptually
it's
basically
the
public
key
and
then
I
can
make
a
new
transaction.
I
am
the
owner
of
the
current
Bitcoin,
so
I
have
to
sign
the
transaction
with
my
private
keys
of
this
unspent
transaction
output.
B
So
that's
a
very
important
concept:
that's
basically
the
money,
the
unspent
transaction
outputs
when
I
had
a
when
I
have
received
from
Satoshi
50
Bitcoin
from
the
genesis
transaction
would
be
very
lucky,
then
I
he
have
gave
over
ownership
that
I
can
spend
it
I.
If
this
unspent
transaction
output
and
I
can
create
a
transaction
where
a
gift,
the
ownership
over
this
50
Bitcoin
done
to
you
and
then
I
don't
have
no,
and
my
transaction
outputs
are
spent.
I
cannot
do
anything
anymore
with
this.
B
At
any
expense,
then
it's
basically
that
it's
just
historical,
you
cannot,
it
doesn't
hurt
none
anymore
and
yeah,
that's
it
and
with
the
cryptographic
part
for
this
transactional
part,
there
is
only
yeah.
This
signing,
as
with
with
a
private
key,
you
can
sign
some
data
and
the
public
key
is
public
to
everybody.
So
everybody
can
verify
that
you
had.
You
were
the
one
who
had
the
private
key.
You
made
a
signature,
that's
part
of
the
transaction,
and
the
whole
system
is
verifying
this.
That
everything
is
correct.
That's
the
security
of
the
system.
B
B
A
B
So
the
input
is
just
a
kind
like
a
pointer
to
another
output.
Transudate
they're
also
technically
contains
the
transaction
and
index
of
the
output,
so
a
transaction
can
have
several
outputs.
Let's
say
it
has
55
outputs
and
you
were
taking
the
second
output
that
was
or
was
dedicated
to
you.
So
you
have
the
private
key
for
that.
That
was
a
transferring
transaction
output.
B
You
take
this
output
as
the
input
for
a
new
transaction
and
then
send
it
to
me,
for
instance,
so
input
is
basically
just
an
output
from
another
transaction
like
a
pointer
in
this
chain
of
transactions.
So
this
yeah
one
transaction
is
connected
with
another
transaction
or
with
several
other
transaction,
because
these
outputs
can
be
spread
to
multiple
transactions
and
this
chain
from
yeah
from
one
transaction
output
to
to
the
inputs,
which
have
found
a
district
and
back
at
the
end,
they
all
lead
back
to
their
issuance
transaction
of
a
minor
origin.
B
This
transaction
that's
a
very
important
concept,
which
is
very
important
for
color.
Coins
also
are
that
you
cannot
create
include
a
transaction
in
the
blockchain
which
doesn't
have
a
origin
in
such
issuance
transaction
or
Genesis
transaction.
That
would
be
not
valid.
Also,
all
transactions
have
their
origin
in
those
or
Genesis,
or
issuance
transactions.
Okay,.
A
I
I
would
like
to
learn
more
about
the
so
the
transfer
transaction.
Only
anyone
can
have
this
transfer
transactions.
Anyone
has
a
private
key
and
to
spend
when,
when
we
say
to
spend
Bitcoin,
it
means
to
to
be
able
to
create
a
transaction
or
exactly
okay,
and
then
the
receiver
only
needs
to
have
his
or
her
public
key
that
the
sender
uses
in
this
transaction.
Yeah.
B
Exactly
and
maybe
it's
an
extra
a
little
bit
more
advanced
topic,
which
I
think
also
important
for
later
discussions
about
color
coin-
is
that
this
in
the
core
of
a
transaction
is
basically
a
small
program.
The
very
basic
is
that
you
are
verifying
that
there,
the
signature
is
correct.
When
I
send
you
some
Bitcoin,
then
the
script
is
basically
checking.
If
this
address
is
if
the
hash
of
the
public
key
is
resulting
to
this
address,
and
if
then,
the
signature,
what
you
have
created
is
well
it
according
to
this
public
key.
B
So
it's
a
small
script
which
gets
a
you
did,
which
is
in
the
very
basic
transaction,
just
verifying
that
the
signature
is
correct,
but
this
script
can
become
more
complex,
like,
for
instance,
for
a
more
specific
transaction.
It's
a
more
complex,
so
small.
It's
not
contract
already
as
it's
more
complex
script
and
it
could
be
like
for
lightning
Network.
There
could
be
more
advanced
grid.
Types
of
Bitcoin
has
a
script
language
which
is
limited,
but
it's
not
like
etherium
turing-complete.
B
So
you
cannot
do
it.
Everything
like
in
a
normal
programming
language,
but
you
can
do
quite
a
lot
and
that's
not
used
to
big
extent,
enter
in
the
Bitcoin
space
of
them,
mostly
from
work
to
shake
and
something
like
lightning
now,
but
it's
very
powerful
and
for
color
coins.
It's
used
in
a
certain
way,
which
may
be
explained
and
in
a
follow-up
video
when
they
talk
about
collect
white,
but
it's
important
to
understand.
B
There
are
basically
a
rule
set
which
Satoshi
is
defined
with
the
script
language
and
when
you
make
a
transaction,
you
have
to
follow
this
route
that
when
you
make
anything
different
that
you
say
no
I
want
to
have
not
only
the
transaction
but
I
want
to
have
the
birthday
of
this
person
included.
That's
not
part
of
the
Bitcoin
system,
so
that
would
not
be
it
would
not
work,
but
you
could
create
a
new.
B
You
can
create
your
Aruna
coin
and
there
you
use
the
birthday
of
the
presence
and
when
you
don't
know
the
birthday
of
the
receiver,
it's
a
valid
transaction.
It's
a
new
type
of
rule
set,
but
you
have
you
find
and
when
everybody
falling
and
people
think
that's
much
much
better,
because
that's
really
cool
but
much
more
social,
then
are
you
yeah?
You
define
it.
People
are
following
and
by
that
it
becomes
when
yeah
when
by
when
people
are
accepting
it
and
using
it
it
becomes
valuable
and
useful
for
people.
A
B
So
and
that's
like
we
see
in
the
protocol
or
development
and
discussions
like
last
year
with
the
block
size
debate,
because
every
same
is
doing
this
verification
when
you
would
change
something
it
could
fail
for.
A
note
which
has
not
updated
and
with
the
Bitcoin
ecosystem
is
build
on
that.
Some
true
that
you
don't
want
to
force
users
to
update.
So
when
we
have
when
somebody
like
Satoshi
has,
is
all
old
transactions
and
someday
I
decide
to
spend
it
and
has
never
updated
from
a
very
very
old
version,
which
still
should
be
a
really
transaction?
B
And
that's
specially
interesting
for
hardware
implementations
because
hopper
can
be
not.
It
cannot
easily
be
updated.
So
when
there
are
hardware
wallets
which
implement
some
stuff
and
then
there
are
five
years
old,
you
don't
want
to
invalidate
this.
So
it's
very
important
to
be
backward
compatible.
So
is
that
changes
in
the
protocol
become
very
difficult.
You
can
extend
it
a
little
bit,
but
you
have
to
do
it
in
a
way
that
you
don't
break
old
stuff,
and
that
has
to
be
done
all
the
time
like
replace
Buffy
and
many
other
features
like
with
that.
B
B
It's
a
very
good
question:
it's
a
very
basic
rules
or
yeah.
As
I
said
that
you're
you,
you
only
can
spend
well
it
unspent
transaction
outputs,
and
that
means
that
they
are
all
going
back
to
Genesis
or
tuition
transaction.
Otherwise
they
are
not
valid.
Outputs
are
also
yeah
you.
You
are
verifying
that
you
have
basically
this
origin
back
to
a
Genesis
or
issuance.
Then
you
cannot
spend
more
money
like
you
put
in
to
input.
So
when
you
create
the
transaction
with
three
Bitcoin
is
input,
you
cannot
spend
five
Bitcoin.
That
would
be
invalid.
B
You
can
spend
less
you
can
put
in
three
Bitcoin
and
spend
only
two
Bitcoin.
Then
one
Bitcoin
is
paid
to
the
everything,
but
that's
the
way
how
the
mining
fee
is
paid.
That's
the
differ,
after
inputs
of
the
sum
of
all
the
input
and
the
sum
of
all
the
output,
and
it
always
has
to
be
a
little
bit
bigger
because
otherwise
the
miners
are
not
mining,
your
transaction
probably,
and
it's
not
a
hard
or
protocol
rule.
B
It's
just
that
the
will
not
pick
up
your
transaction
are
and
when
you
you
can
arbitrate
yeah,
you
can
burn
your
Bitcoin
and
that's
a
very
important
concept,
also
for
the
color
coin.
Discussion
later
so,
when
you're
not
spending
all
your
inputs,
then
you
bring
it
away.
You're
burning
it.
For
you,
I
mean
the
mine
I,
it's
in
a
bit
consistent,
a
miner
will
receive
it,
so
they're
not
really
destroyed.
You
could
destroy
it
also
by
sending
it
to
it
to
an
address
which
is
known
that
there
exists
no
private
key.
B
So
it's
when
you
know
the
public
key,
you
cannot
create
the
private
key
out
from
the
public
key.
Otherwise
it
would
be
completely
insecure,
of
course,
but
you
can
yeah
with
some
tricks
or
so
you
can
create
a
public
key
which
or
the
address
which
has
the
form
like
this
is
a
burner
address
in
in
English
letters,
and
then
you
have
theoretically
somebody
root
for
could
find
a
private
key
which
results
in
that
address.
B
B
It
is
to
use
a
special
output
type,
the
operator,
an
output
where
you-
and
that
was
added
to
enable
data
storage
on
the
blockchain,
because
there
were
some
use
cases
and
some
need
where
people
wanted
to
add
some
external
data
into
the
blockchain
like
time,
stamping
putting
a
hash
into
important
and
boosters,
which
that
has
you
can
prove
certain
yeah.
You
can
prove
you
that
something
that
you
had
there,
the
preimage
for
this
hash
at
this
point
of
time.
The
gree
image
is
the
sewers
with
what
you're
creating
the
hash.
B
So
when
you
take
the
string
hello
and
create
the
hash
than
the
hair
salon
and
read
about
string
hello,
worse,
the
sewers
of
it
and
are
you
cannot
create,
you
cannot
find
out
what
was
the
suit
when
you
only
see
the
hash
it's
impossible
to
get
back
to
the
sewers.
When
you
created
the
hash,
you
know
the
person
who
knows
this
ash
and
so.
B
B
You
can
prove
that
you
had
at
this
time
already
their
content
for
this
patent
or
to
this
hash,
because
you
can
show
them
the
creek.
That's
the
preimage
of
this
text
of
the
of
your
patent
and
everybody
can
see
you.
You
cannot
fake
this
because
in
this
time,
when
you
would
have
inbred
in
in
vain
did
it
later,
you
would
not
have
been
able
to
create
this
hash
and
put
it
into
the
blockchain.
B
B
B
I
said
there
are
different
script
types,
it's
not
completely
correct
to
say
you
always
need
the
private
key,
because
you
can
create
that
anyone
can
spend
transaction
and
anybody.
Anybody
could
pick
up
this
transact.
You
don't
need
a
signature,
but
that
nobody
is
doing
this
usually
so
the
usual
thing
is
that
you're
using
the
signature
stuff,
but
it's
basically,
this
script,
which
is
a
stack
based
or
execution
angel,
need
to
return
to
a
positive
value
and
to
a
true
and
whatever
you
write.
You
can
create
this
program
arbitrary,
with
with.
B
It's
just
important
to
understand
that
the
rules
are
kind
of
like
are
flexible
or
you
can
define
these
rules
and
they
get
executed
only
when
they
are
correct
and
validated.
Then
the
transaction
is
well
it
and
then
you
have
destroyed.
Basically
all
we
are,
you
have
spent
all
the
inputs
was
all
this
old,
unspent
transaction
outputs
which
were
used
for
as
inputs
for
this
transaction
has
been
spent
and
they
had
been
spent
completely.
B
So
you,
when
you
have
50,
Bitcoin
and
one
address
sitting,
then
you
cannot
spend
five
Bitcoin
and
leave
the
other
45
Bitcoin
there.
You
have
to
spend
all
the
50
and
when
you
only
want
to
send
five
Pitkin
to
somebody
else
and
the
45
back
to
you,
then
you
make
two
out.
One
goes
to
the
other
person
and
the
other
output
goes
to
another
address
of
yourself.
That's
the
change
address,
then.
So
you
get
back
45
Bitcoin,
it's
still
in
your
control,
but
it's
on
another
on
a
new
transaction
output.
That's
also
important
power
and.
B
Maybe
we
keep
this
more
for
the
color
clink
discussion,
because
burning
Bitcoin
in
their
normal
Bitcoin
system
doesn't
has
much
utility
and
not.
There
has
been
a
few
use
cases
like
proof
of
burn
like
count
about
the,
for
instance
when
they
started
they
used
it,
but
it's
a
little
bit
advanced
and
it's
not
very
usual,
and
that
has
a
lot
of
utility
at
the
end.
But
in
our
model
it
has
and.
A
B
I
set
up
their
public
private
key
encryption
system,
automatic
encryption
at
super
powerful
and
you
can
use
it
both
for
signing
and
for
encrypting.
It's
a
little
bit
works
a
little
bit
different
for
signing.
When
you
are
creating
a
key.
You
are
always
creating
a
key
pair.
So
when
you
create
the
key
from
the
private
key,
all
this
can
be
write
the
public
key,
so
you
always
have
post
and
the
public
because
it's
public
you
can
share
it
with
anybody.
B
B
The
message
and
I
thought
you
said
this,
but
it
was
not
right
because
when
I
know
your
public
key,
you
gave
it
maybe
to
a
and
then
or
I
can
always
prove
as
we
step
up
neatly
and
the
message
and
your
signature
I
can
verify
that
it
was
correctly
signed
by
your
private
key
and
you
had
only
personal
computers
so
that
super
secure
and
very
powerful
and
encryption
I
don't
want
to
really
explain
too
much
because
it's
not
part
of
the
Bitcoin
system.
There
is
no
encryption
or
but
encryption
would
be
a
little
bit.
B
A
B
Yeah,
when
I
created
the
minor
credit
transaction
and
send
you
some
Bitcoin
I'm,
not
using
your
publicly
I
mean
there
are
transaction
pay
to
pop
key.
That
was
actually
the
very
first
type
of
transaction
in
the
very
first
version
that
didn't
exist
addresses,
but
it
has
some
security
issues
because,
with
brute
force,
you
could
theoretically
find
out
the
private
key
from
a
public
key.
B
As
in
this
unspent
transaction
output,
it's
only
the
hash
of
your
public
key
and
when
somebody
would
try
to
break
this,
he
need
to
break
two
times
the
hash
and
then
break
the
public
key
to
the
private
here.
So
it
make
brute
force
three
times.
Two
times
hash
and
one-
so
that's
very,
very
empirical
and
this
hashing
functions
to
different
hashing
functions.
They
are
very
safe
and
it's
we
are
basically
practically
impossible
to
do
this,
so
it
adds
extra
security.
That's
the
main
reason
for
wider
addresses
were
introduced.
B
B
Because
yet
that's
related
to
the
security
thing,
because
when
you
are,
when
I
send
you
some
Bitcoin,
then
your
public
is
not
visible
in
the
network.
Only
when
you
are
spending
this
Bitcoin,
you
send
it
on
to
somebody
else
for
spending.
You
need
to
reveal
your
public
key,
because
otherwise
their
network
cannot
from
the
address.
Nobody
can
verify
that
you
are
the
owner.
Only
from
the
public
heat
engine
verify
the
signature,
so
we
stop
spending
transaction.
B
You
are
revealing
your
public
key
and
person,
including
the
signature,
and
then
you
don't
have
to
secure
it
anymore,
because
when
you
would
reuse
this
public
key
or
this
address
for-
and
you
have
maybe
1
million
dollars
sitting
on
another
address
and
somebody
with
a
quantum
computer
can
hack
it
someday.
Then
you
don't
have
this
extra
security
with
the
hash
it
anymore.
So
it's
best
also
for
privacy
or
because
yeah
when
you
reuse
it
and
I
know
that
you
would
own
of
this
Bitcoin
address
and
then
I'll
see
you
half
a
million
dollars
sitting
there.
A
B
B
A
I
was
thinking,
maybe
I
can
try
to
summarize
briefly
what
we
talked
about,
and
then
you
can
add
if
I
miss
something
the
Bitcoin
transaction
is
has
at
least
one
input
and
one
output
that
it
can
have
several
inputs
and
outputs.
There
are
three
types
of
transactions:
Genesis,
transaction
issuance
transaction
and
transfer
transaction
Genesis
transaction
is
the
very
first
transaction
when
very
first
Bitcoin
was
created.
A
Issuance
transaction
is
when
the
Bitcoin
miner
gets
rewarded
with
Bitcoin
after
solving
a
problem
and
the
transfer
transaction
is
any
transaction
that
user
has
for
sending
Bitcoin
to
people
in
order
to
start
a
transaction,
you
need
to
have
a
private
key
out
of
private
key.
You
create
you,
create
a
public
key,
but
also
you
create
a
digital
signature.
You
need
to
sign
the
transaction
and
the
receiver
needs
to
share
the
need
to
create
an
address
out
of
his
or
her
public
key
and
share
it
to
the
center
and
the
inputs.
A
B
This
tiny
sorry
for
being
too
too
strict
here
yeah.
So
there
are
two
exceptions
where
you
don't
need
an
input:
that's
their
Genesis
and
their
issuance
transaction
there
creating
Bitcoin
out
thin
air
and
it's
verified
by
the
network
that
their
minor
has
find
a
Heche
and
the
chain
is,
is
just
hot.
Could
it
just
be
fine
pass
Adarsh
it
that's
the
genitive
transaction
and
everybody
except
this.
Otherwise
they
don't
use
Bitcoin.
So
it
has
no
validation
whatever
and.
B
There
it's
not
that
their
output
should
not.
It
must
not
be
spent
more
like
the
input,
otherwise
that's
a
hard
requirement,
and
actually
it's
not
really
part
of
the
script.
It's
really
a
very
basic
out
of
the
transaction
system.
You
cannot
change
this
by
script
that
you
can
spend
more
Bitcoin,
like
you
receive
in
their
inputs,
that's
completely
hard
rule
from
India
in
the
transaction
system
and
a
very
important
part,
but
we
have
not
talked
about
two
parts.
B
One
is
that,
while
on
Bitcoin
is
technically
a
10
to
the
8th
Satoshi,
so
that's
I
think
10
billion
Satoshi
Satoshi
is
the
smallest
unit.
Theoretically,
could
be
even
subdivided,
but
let's
leave
this
aside
and
with
the
current
value
of
Bitcoin,
which
is
around
$4,000,
are
one
sad
or
she's
a
very,
very
tiny
unit.
It's
I
think
it's
something
like
0.001
dollar
cent
or
something
like
this
is
not
attractive
up
in
that
range.
So
it's
a
very
very
to
win.
B
One
I
think
when
one
Bitcoin
will
be
valuable,
$1,000,000,
then
bond
Satoshi
is
$1
and
something
like
this
I'm
not
sure.
If
I'm
right
now
is
there
comma
that
in
that
in
that
range,
so
we
are
pretty
safe,
that
when
Bitcoin
is
super
successful
and
4
million
might
be
really
realistically
our
value
for
one
Bitcoin
and
then
you
can
still
use
the
smallest
unit
for
paying
small
amounts,
a
chewing-gum
errands
and
spend
it
here
whatever.
If
you
sent
and.
B
Yeah
and
the
Bitcoin
as
a
unit
of
10
to
date
is
basically
arbitrary
and
some
people
are
using
milli
bit
or
repeat
or
whatever
different
units,
because
one
bitcoin
is
already
a
very,
very
large
amount
and
it's
odd
to
be
cumbersome
to
say
at
least.
Send
me
zero
point:
zero,
zero,
zero,
five,
six,
eight
Bitcoin
it
would
be
easy
to
send
to
say
area.
Send
me
625,
whatever
may
be
there
so,
but
a
very
important
part
for
the
color
coin
concept
is
that
the
security
model
doesn't
is
not
related
to
the
amount.
B
What
you're
sending
when
you
send
one
Satoshi
there
at
all?
So
theoretically,
you
could
do
this
practically.
There
is
a
limit
that
you
only
can
send
minimum
500,
646
Satoshi,
that's
dust,
that's
called
the
dust
limit
and
that's
just
basically
preventing
the
network
from
DDoS
attacks
that
you're
not
creating
millions
of
transaction
which
super
tiny
amounts
and
and
spamming
the
network.
That's
the
main
reason
for
this,
but
technically
you
could.
Theoretically,
you
could
send
one
Satoshi
and
the
security
for
sending
you
one
Satoshi
or
to
this
super
tiny.
B
Tiny
amount
in
dollar
terms
is
exactly
the
same.
Like
event,
send
you
ten
thousand
Bitcoin,
which
would
be
whatever
billions?
Are
there
were
very
high
amount,
so
it's
exactly
the
same
security
model
and
that's
very
different
to
traditional
systems.
I
mean
when
you
send,
which
PayPal
small
amounts
it
doesn't
have
the
same
security
like
when
you
make
an
international
bio
transfer
or
whatever,
and
the
costs
are
very
different,
Bitcoin
doesn't
matter.
B
B
Maybe
you
sent
Bitcoin
to
me
and
somebody
else
and
loop
it
back
to
you
and
I'm
spending
them
a
bit
current,
and
only
this
one
output
gets
bent
and
then
it's
not
well
it'd
be
fun
anymore,
but
your
output
and
the
other
would
have
still
unspent
transaction
output,
and
so
the
money
as
I
unspent
transaction
output
to
the
uth.
So
in
short
or
they
are,
they
are
really
representing
the
Bitcoin
as
money
or
so
they
are
sitting
the
value
okay
and
only
by
spending
them
newer.