Bitcoin: Is there really a thing called “Bitcoin address”? Since all I need to spend a UTXO is to provide a scriptSig

Understanding the Structure of Bitcoin Transaction: Scriptsig

When it comes to sending cryptocurrency transactions to the bitcoin Network, many users have a question that Exactly is needed to spend their coins. The case is based on one common question: what is “bitcoin address” and how to get it or use it?

To Answer this, Let’s Look at the Basic Components of the Bitcoin Transaction.

SCRIPTSIG

The script signature is the main component that allows you to send funds to the bitcoin Network. This is basically a way to allow coins from your wallet to the other side (recipient). Script Sig Forms Three Parts:

1
Scriptsig

: This is a public key used to sign transactions.

• PubKey (OR scriptpubkey): This is a private key associated with sig scenario and is usually stored in your wallet.

3
script unlock

(OR lock script): This script is used to unlock a certain amount of coins and indicate how it should go spent.

Basically, when you want to spend the utxo (output output), all you have to do is provide “scripts” (or input script) from your wallet. The Recipient Must only Know Their Public Key (“Scriptpubkey”) and the Amount They Want to Receive.

SCRIPTPUBKEY: More Than Just A Public Key

While it is true that the scenario pubkey can be consulted “only a public key”, it is actual a private key in Bitcoin Terminology. It is used to test the authenticity of the transaction and ensure that it is valid. Scriptpubkey Contains All the Information Needed to Spend Utxo, Including The Amount, The Recipient’s Public Key and All The Additional Parameters Required in the Privious Transaction.

Conclusion

In Conclusion, you do not need a bitcoin address or other special permits when sending funds on the bitcoin Network. All you need is your wallet private key (scriptpubkey) and script from the utxo you want to spend. This streamlined approach has made bitcoin transactions more accessible and more convenient to users around the world.

Bitcoiners Often Joke That It Only Takes Three Things to Send Cryptocurrency: A Wallet, Computer and Internet Connection. But in reality it is Much Simpler – Just your wallet and understanding of the underlying Bitcoin protocol.

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