Creating the transaction

At this level, it's time to create a transaction that spends the received transaction. From the listunspent output, we have the necessary ingredients (prevout_hash and prevout_n) to construct our raw transaction. Let's see how.

First, you need to convert the hello world message into hexadecimal, using an online converter (such as https://codebeautify.org/string-hex-converter). The hexadecimal encoded form will be 68656c6c6f20776f726c64.

Then we have to use the createrawtransaction command, which creates a transaction spending the given inputs and creating new outputs. We have to pass as an argument (from the previous output) an object with the following parameters:

  • The txid of one of the available outputs 
  • The  vout index (prevout_n for Electrum) of the selected output
  • The hexadecimal form of the message
  • The destination address (created earlier)
  • The total number of satoshis (the smallest unit of the bitcoin currency) to send

Here we are sending one bitcoin, although you can set it to 0:

bitcoin-cli createrawtransaction "[{"txid":"0791521362528725683caedf998006cf68b1cd817be1694ef0daca265d9b4252", "vout": 1}]" "{"data":"68656c6c6f20776f726c64","2MsHsi4CHXsaNZSq5krnrpP4WShNgtuRa9U":1.0000000}"

You'll get the following serialized long hex-encoded string, representing our raw transaction:

020000000152429b5d26cadaf04e69e17b81cdb168cf068099dfae3c6825875262135291070100000000ffffffff0200000000000000000d6a0b68656c6c6f20776f726c6400e1f5050000000017a914008051b4d96aa26269dfd36af0eb9c2b2fa894568700000000
To facilitate the usage of the previous CLI commands (and avoid manipulating long hex strings), you can assign the createrawtransaction output to a terminal variable, and use this later as an argument for the other commands. For example, we can use RAW=$ (bitcoin-cli createrawtransaction .....). The resulting hexadecimal string will be stored in the RAW variable, and accessible using $RAW.
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