Lock time transaction | Bitcointalksearch.org

nc50lc

legendary

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Quote from: Atomic Sats on January 17, 2022, 03:59:06 AM

Does number 1 and 2 are different utility ?

The first example utilizes OP_CLTV script to basically make an address where anything that's sent to it can't be spent until the set locktime has passed.
It's as straightforward as that.
Note: you should create your own address, do not use the one in the video.
The second example is the simpler method which uses the nLocktime part of the transaction that makes it invalid until the set locktime.
In this scenario, your Bitcoin wont be sent at all, you just have to keep a copy of the RAW Transaction or locally save it in the wallet to broadcast later.
The downside here is you can still create a transaction that might invalidate the one with the locktime, eg. if you've spent the same input.

o_e_l_e_o

legendary

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Quote from: Atomic Sats on January 17, 2022, 03:59:06 AM

We should pay to address "3Bfhey" (who is address) does that is address generated by system and will be work automatically ?

You should absolutely not pay this address. We do not know who owns this address. It may or may not be owned by the person making the video, or just be a random address they picked as an example. If you send coins to this address, then you will never see them again.

Quote from: Atomic Sats on January 17, 2022, 03:59:06 AM

This video explain about how to lock bitcoin and spend it. But I didn't see where the bitcoin go(I mean like address shown on video 1.)

Timelock transactions do not "lock" bitcoin and make them unspendable until a certain time. They create a transaction which is not spendable until a certain time, but there is nothing stopping a different transaction being created and spending those bitcoin in the meantime.

Can you explain what it is you are trying to achieve here?

Upgrade00

legendary

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Playgram - The Telegram Casino

I cannot watch the videos you sent right now. However the basics of a locked time transaction is that a specific transaction is created with a specified nLlocktime, and is not valid until the specific block height set is reached. So effectively, you are creating a transaction which is valued in the future at the set block height. With the knowledge that a block is confirmed averagely every 10 minutes, you can set the time range in the future the tx should be confirmed.

Quote from: Atomic Sats on January 17, 2022, 03:59:06 AM

This video explain about how to lock bitcoin and spend it. But I didn't see where the bitcoin go(I mean like address shown on video 1.)

The bitcoins remain in your address. What you have is a transaction which becomes valid at x block height and can be bradcasted then. You can invalidate the transaction of course by spending at least one of the inputs involved.

Atomic Sats

newbie

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Hello Bitcoiner, I would like ask for those people have knowledge about technical of Bitcoin specially on lock time.

I have interested for lock time transactoin. Yes I did reseach and got 2 different source.

1. https://www.youtube.com/watch?v=xXGuDkmEicM
This Video explain about how to lock transaction (It's looking like using third) see on 7:25 . We should pay to address "3Bfhey" (who is address) does that is address generated by system and will be work automatically ? If we should be pay to address "3Bfhey" that's mean our money is hold by "3Bfhey" will be redeemed based of the time unlock reached.

2. https://www.youtube.com/watch?v=eBqC2IIbnQA&t
This video explain about how to lock bitcoin and spend it. But I didn't see where the bitcoin go(I mean like address shown on video 1.)

Can anyone give a time to given an explain please.

Does number 1 and 2 are different utility ?

Topic: Lock time transaction (Read 95 times)