Timelocks

Timelocks introduce a time-based element to Bitcoin transactions. They function as programmable restrictions, preventing the movement of funds until a specified condition is met.

This condition can be an absolute date and time or a relative number of blocks added to the blockchain. Timelocks facilitate use cases such as recurring payments that execute on a schedule, escrows requiring agreement from multiple parties, and increased security measures by enforcing waiting periods.

More Definitions

Bitcoin

Bitcoin, often referred to as "digital gold," is the first decentralized cryptocurrency created by a person or group of people known as Satoshi Nakamoto. Operating on a peer-to-peer network without the need for intermediaries, Bitcoin enables secure and transparent transactions that are recorded on a public ledger known as the blockchain.

Block Height

Blockchain networks employ block height to indicate block order. The chain's height increases by one with each successive block. Block height determines the order of blockchain transactions.

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