To send money to someone's bank account, you'll need two accounts, a signature for your consent, and a program to prevent double spending.
Bitcoin transactions involve state (balance sheet), transactions (moving amount between accounts), and a state transition function to process transfers, rejecting if there are insufficient funds.
UTXO, Unspent Transaction Outputs, ensures the remaining Bitcoin from a transaction can be used as input for future transactions, using components like input (Bitcoin spending), reference (coin serial number), and cryptographic signature for ownership validation.
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