user38533: For instance, if I am trying to send 1 BTC to an address, however, I do not have enough BTC. What will happen to this transaction? 
Will the sender and the recipient both receive notification regarding the status of transaction?

user5406: Unless you are using modified software, your software will not allow you to create such a transaction. 
Even if you succeeded at creating it, the transaction is invalid. Invalid transactions don't get relayed on the network, so your recipient would never learn about it.

38533: <p>For instance, if I am trying to send 1 BTC to an address, however, I do not have enough BTC. What will happen to this transaction? </p>

<p>Will the sender and the recipient both receive notification regarding the status of transaction?</p>
 5406: <p>Unless you are using modified software, your software will not allow you to create such a transaction. </p>

<p>Even if you succeeded at creating it, the transaction is invalid. Invalid transactions don't get relayed on the network, so your recipient would never learn about it.</p>
