Bitcoin locktime is a transaction feature that lets users schedule when their Bitcoin is spendable. It’s essential for time-based automation, payment channels, and security systems like Lightning. While not commonly used by everyday users, it provides programmable options for developers and advanced users who want more control. Understanding and using locktime responsibly adds a valuable layer of timing-based defense and functionality to Bitcoin transactions.
Q1: What does Bitcoin locktime do?
A1: Delays transaction confirmation until a set time/block
Q2: Which feature is made possible with locktime?
A2: Time-delayed payments or transaction scheduling
Q3: What’s a key difference between absolute and relative locktime?
A3: Relative locktime depends on previous transaction timing
Q4: Why is locktime important in the Lightning Network?
A4: It supports secure channel closures and penalty mechanisms
