Gangmax Blog

Send a Bitcoin Transaction

Today I read this post. The original title is “How can I recover funds from a Bitcoin Core wallet.dat file without having the entire blockchain downloaded?“. It describes how to create a Bitcoin transaction without the blockchain data fully synced on your computer. A lot of details are recorded in the post about the Bitcoin transaction operations.

Here is some notes about it from my perspective.

  1. You can commit a transaction in “Bitcoin Core” BEFORE the whole blockchain is fully synchronized.

  2. This can be done in the debugging console by executing some commandis with some information you need(source address/target address/“vout” in previous transaction and etc).

  3. You need to pay a reasonable transaction fee which is dynamic as time going. You can check this website to get the current value. Here is another post which explains how the value is calculated.

  4. The transaction fee is decided by how many bytes are there in the transaction, not how many bitcoins. So most likely a transaction of 1 bitcoin and another transaction of 10000 bitcoins have the same transaction fee, unless the latter has more bytes than the former.

  5. This is done in 3 steps: 1. create the transaction, 2. sign the transaction, 3. submit the signed transaction to the Bitcoin network.

The conclusion is:

You don’t need the whole blockchain data to send a transaction. All you need is your address, your privite key, and some tool which is used to retrieve the previous transaction details and create/sign/submit the new transaction.