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Ethereum: bitcoin-cli getbalance different from listunspent
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Here’s an article that explains why bitcoind getbalance is different from bitcoind listunspent when using imported multisig Bitcoin watches-only addresses:
Understanding Bitcoin Watch-Only Addresses and getbalance vs listunspent
When working with Bitcoin in a regtest environment, you’re likely familiar with the bitcoin-cli commands getbalance, listunspent, and others that provide various information about your wallet’s balance, transactions, and unspent outputs. However, there might be times when you need to differentiate between these two seemingly similar commands: getbalance and listunspent.
In this article, we’ll explore the differences between getbalance and listunspent, especially in the context of using imported multisig Bitcoin watches-only addresses.
Multisig Watches-Only Addresses
When you create a multisig wallet with watches-only addresses, each address is a separate entity that can only receive funds, but not spend them. This means that if an attacker tries to spend any funds from a multisig watch-only address, the transaction will be rejected by the network.
In regtest mode, we’ll focus on these watches-only addresses as they’re used for testing and development purposes.
getbalance: Understanding its purpose
The getbalance command is used to retrieve information about an account’s balance. When you run bitcoin-cli getbalance
For multisig watches-only addresses, using getbalance might seem like a straightforward way to check the balances. However, this command does not provide any information about the transactions associated with these addresses.
listunspent: Understanding its purpose
The listunspent command is used to retrieve a list of all unspent outputs in an address’s transaction history. When you run bitcoin-cli listunspent
For multisig watches-only addresses, using listunspent can reveal information about the transactions associated with these addresses. This is because each multisig watch-only address typically has multiple unspent outputs associated with it.
Key differences
The primary difference between getbalance and listunspent lies in their purposes:
getbalance: Retrieves account balance information, without providing transaction details.
listunspent: Provides a detailed list of all unspent outputs associated with an address, including sender, receiver, amount, and other transaction details.
When using imported multisig Bitcoin watches-only addresses, you should use listunspent instead of getbalance. This is because the latter command does not provide any useful information about transactions, whereas the former command reveals valuable insights into the accounts associated with these addresses.
Example: Running listunspent on a multisig watch-only address
Suppose you have created a multisig wallet with two watches-only addresses: address1-ws and address2-ws. You want to check the balances of both addresses and see which one has more unspent outputs.
bitcoin-cli listunspent address1-ws
This command will return a detailed output showing all unspent outputs associated with address1-ws.
bitcoin-cli listunspent address2-ws
This command will show you the balance and transaction details for both addresses.
In summary, when working with multisig Bitcoin watches-only addresses in regtest mode, use listunspent instead of getbalance to get a detailed view of transactions associated with each address. This ensures that you have accurate information about your wallet’s balances and can make informed decisions.
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