- 03.02.2020

P2sh bitcoin address

p2sh bitcoin addressP2SH Address Format. P2SH addresses are structured similarly to P2PKH, but start with a 3 instead of a 1, for example. A P2SH address always begins with a '3', instead of a '1' as in P2PKH addresses. This is because P2SH addresses have a version byte prefix of.

Bitcoin must remain free.

A script is p2sh bitcoin address a list of p2sh bitcoin address instructions that accompany each executed transaction; the script governs how the next person wanting to spend the sent bitcoins can gain access to them.

Scripts accompanying outputs in transactions are called PubKey Scripts they are also known as p2sh bitcoin address scriptswhich are known in code as scriptPubKey.

P2sh bitcoin address

Recipients of the sent bitcoins will then generate a signature script also known as an p2sh bitcoin address scriptwhich is a p2sh bitcoin address of data parameters that are generated by the spender which is used to satisfy a PubKey Script.

Signature scripts are called scriptSig in code.

P2sh bitcoin address

For continue reading, when Alice decides to initiate a transaction with Bob, p2sh bitcoin address output contains an amount of bitcoins that is spendable p2sh bitcoin address condition p2sh bitcoin address the this web page laid out by the p2sh bitcoin address PubKey Script are satisfied.

With P2SH transactions, the locking script is replaced with continue reading redeem script hash. This p2sh bitcoin address derives from a redeem script, which functions similarly to the PubKey Script in that it too also contains conditions that must be satisfied before the go here can be spent.

Bitcoin Lesson - Script

When a transaction attempting to spend the UTXO is later initiated, the input must contain the PubKey Script that contains the redeem script hash and the unlocking script. In P2SH transactions, the script that houses the conditions for spending the output, which is the redeem script, is not presented in the locking p2sh bitcoin address.

P2sh bitcoin address

Instead, p2sh bitcoin address the hash the redeem script hash is included in the locking script, the redeem script itself is presented as part of the unlocking script when the output is spent. This has the effect of, as Andresen noted in BIP 16, of moving p2sh bitcoin address responsibility for supplying the conditions to redeem a transaction from the sender of the funds p2sh bitcoin address the p2sh bitcoin address.

Source: Bitcoin.

P2sh bitcoin address

The P2SH transaction type produces a number of advantages, such p2sh bitcoin address The sender can fund any arbitrary redeem script without knowing what the spending p2sh bitcoin address attached to wallet address 2020 asimi script are.

This is an appropriate result, because the sender of the transaction p2sh bitcoin address not care how sent funds will be spent in the future.

P2sh bitcoin address

This is an issue for the recipient, who does care p2sh bitcoin address conditions for further spending. Reduced transaction fee for the sender of the funds.

P2sh bitcoin address

Transaction fees are directly proportional to the size of a transaction, and a cryptographic hash of a fixed length allows p2sh bitcoin address p2sh bitcoin address to send funds to any arbitrary redeem script without worrying about paying higher fees. In other words, the burden of constructing the script and p2sh bitcoin address the transaction fee of a long script is shifted to the recipient.

A common implementation of the P2SH function is the p2sh bitcoin address address script.

Dissecting a P2PKH Bitcoin Transaction down to the last Byte

This script requires that a transaction possess more than one digital signature in order to prove ownership, and by extension spend funds.

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