WIP: Create Transaction Structure & Lifecycle page

[johnsBeharry]

type: page
title: Transaction Structure & Lifecycle
permalink: /guide/payments/transactions
file: /guide/transactions/index.md

Problem

Bitcoin doesn't use accounts, instead it uses Unspent Transaction Outputs. A bitcoin transaction can be constructed by a single person, or in collaboration with others. All wallets and most other bitcoin experiences interface with on-chain transactions, but UTXOs model of bitcoin can be difficult to understand.

Solution

NOTE: This page would serve as a foundations page for designers to understand the underlying technology - similar to the technology primer in getting started. As a foundation page it is not the aim to provide a user flow for payments in the context of commerce.

Proposed structure for a page that communicates bitcoin transactions to designers through the lens of the PSBT format which is a standard filetype and data structure.

• Overview
• Transaction Lifecycle
• Creating a Transaction
• Funding a transaction (inputs)
• Adding Payments (outputs)
• Change (output)
• Fee
• Signing
• Broadcasting
• Pending / Confirmations
• Speeding Up / Canceling

Assumptions about the reader

1. Has read the technology primer
2. Knows about bitcoin units (satoshis are used in examples)

Result

• Preview draft on site