Bitcoin Time Locks

December 04, 2023

Abstract: We examine the various time locks in Bitcoin, a feature which can ensure that a particular Bitcoin transaction is only valid until after a certain point in time, normally in the future. OverviewIn a few months time, by perhaps April 2024, the Bitcoin block subsidy is set to half to just 3.125 Bitcoin. Each Bitcoin transaction input has a special field called nSequence, which like locktime has been around since 2009. OP_CHECKSEQUENCEVERIF Y (Relative) July 2016 (Same activation point as relative locktime) This opcode (AKA OP_CSV) essentially has the same functionality as the relative locktime. Before Ordinals, adoption peaked at around 0.1% of all Bitcoin transactions and post the Ordinals boom usage is around 0.05%.

The source of this news is from BitMEX