1

I would like to know if timelock transactions are considered standard with the current bitcoin client. If the answer is no, this means that you should use a different client or is it up to user choice? Furthermore, if someone wants to construct such a transaction which is the structure it should have?

|improve this question
  • 1
    do you mean the locktime field in the transaction or OP_CHECKLOCKTIMEVERIFY? – mulllhausen Oct 19 '15 at 11:39
  • Both I would say. nlocktime field is used to lock the transaction in the future and then how it will be verified? – angel limneos Oct 19 '15 at 12:16
  • i wrote this to explain how locktime and OP_CHECKLOCKTIMEVERIFY work – mulllhausen Oct 19 '15 at 13:03
3

nLocktime has always been standard and is used to prevent fee sniping.

OP_CHECKLOCKTIMEVERIFY is currently not implemented and is not enforced.

A non-standard transaction can be mined by a miner, but will not relay around the normal peer to peer network. A transaction who has a nLockTime which has not been passed is invalid, and won't be relayed or included in a block until this time has passed.

|improve this answer
  • Also related to fee sniping. – morsecoder Oct 20 '15 at 2:59
  • 1
    So if my understanding is correct nLickTime is another parameter which defines when the current transaction will enter the blockchain. On the other hand, OP_CHECKLOCKTIMEVERIFY is a script which gives us the ability to enter the transaction in the blockchain but to block the funds until a certain timestamp or block height. – angel limneos Oct 20 '15 at 9:27
  • A minimum time or block height before which a transaction is invalid, yes. – Anonymous Oct 20 '15 at 9:28

Your Answer

By clicking “Post Your Answer”, you agree to our terms of service, privacy policy and cookie policy

Not the answer you're looking for? Browse other questions tagged or ask your own question.