This is part 1 of a series of short videos about the Bitcoin protocol. We will start by explaining what is a Bitcoin transaction, using the analogy of a paper check that we write to each other to transfer money. We will explain how it is similar and how it is different from the concept of a check.
Then we will dive into the concept of an Unspent Output Transaction (or a UXTO) and how the sum of UXTOs forms the "available balance" as Bitcoin does not have the concept of an "account".
In the next video (part 2) we will continue to explain how Bitcoin Script can be used to extend transactions from just person to person to more complicated constructs, with logic that execute by themselves when conditions are met!
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