“UTXO, in Bitcoin terms, stands for ‘Unspent Transaction Output.'”
“Bitcoin uses the UTXO model.”
“In Bitcoin, each unspent transaction output is analogous to a coin.”
Definition(s) from the Web
- UTXO stands for Unspent Transaction (TX) Output. Every on-chain bitcoin transaction sends bitcoin to one or more addresses, from at least zero (in case of a coinbase transaction) addresses. A bitcoin wallet balance is actually the sum of the UTXOs controlled by the wallet’s private keys. Source
- In cryptocurrencies such as Bitcoin, an unspent transaction output (UTXO) is an abstraction of electronic money. Each UTXO is analogous to a coin, and holds a certain amount of value in its respective currency. Each UTXO represents a chain of ownership implemented as a chain of digital signatures where the owner signs a message (transaction) transferring ownership of their UTXO to the receiver’s public key.
A UTXO defines an output of a blockchain transaction that has not been spent, i.e. can be used as an input in a new transaction. Bitcoin is an example of a cryptocurrency that uses the UTXO model.
The UTXO model is a design common to many cryptocurrencies, most notably Bitcoin. Cryptocurrencies which use the UTXO model do not use accounts or balances. Instead, individual coins (UTXOs) are transferred between users much like physical coins or cash. Source