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Each transaction spends the satoshis previously received in one or more earlier transactions, so the input of one transaction is the output of a previous transaction.

For a payment to be valid, it must only use UTXOs as inputs.

Ignoring coinbase transactions (described later), if the value of a transaction’s outputs exceed its inputs, the transaction will be rejected—but if the inputs exceed the value of the outputs, any difference in value may be claimed as a transaction fee by the Bitcoin miner who creates the block containing that transaction.

Only if you acquired a majority of the network’s hashing power could you reliably execute such a 51 percent attack against transaction history (although, it should be noted, that even less than 50% of the hashing power still has a good chance of performing such attacks).

The block header provides several easy-to-modify fields, such as a dedicated nonce field, so obtaining new hashes doesn’t require waiting for new transactions.