- 10.03.2020

Bitcoin create p2sh address

bitcoin create p2sh addressBitcoin addresses can be created using open-source libraries based on with 1 prefix — Legacy address — case sensitive), P2SH (Addresses. They allow transactions to be sent to a script hash (address starting with 3) instead of ways without knowing anything about the details of how the security is set up. You just send bitcoins to the ~character P2SH address.

A specific unspent Bitcoin can actually have bitcoin create p2sh address whole range of different spending conditions attached to it, the most common being a typical P2PKH which just requires the recipient to provide a signature matching the public key hash.

Bitcoin create p2sh address

The Bitcoin Core 's developers realized that people were looking at the capabilities of Bitcoin's Script language and seeing a whole array of possibilities about what spending conditions you could attach to a Bitcoin output, to create much more elaborate transactions than just P2PKH transactions.

The core developers decided that instead of bitcoin create p2sh address senders put in long scripts into their scriptPubKey where spending conditions usually gothey would bitcoin create p2sh address each sender put in a hash of their spending conditions instead.

These spending conditions are known as the redeem script, and a P2SH funding transaction simply contains a hash of this redeem script in the scriptPubKey of the funding transaction. The redeem script itself is only revealed, checked against the redeem script hash, and evaluated during the spending transaction.

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Addresses[ edit ] BIP 13 specifies the address format. Its payment was bitcoin create p2sh address in block ; note that it was spent prior to the enforcement of BIP 16, so it's not a good example to understand P2SH.

How P2SH works? With P2SH transactions, the locking script is replaced with a redeem script hash.

Bitcoin create p2sh address

This hash derives from a bitcoin create p2sh address script, bitcoin create p2sh address functions similarly to the PubKey Script in that it too also contains conditions that must be satisfied before the output can learn more here spent.

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.

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In P2SH transactions, the script that houses the conditions for spending the output, which is the redeem script, is not presented in the locking script. Bitcoin create p2sh address, only the hash the bitcoin create p2sh address 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.

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This has the effect of, as Andresen noted in BIP 16, of moving the responsibility for supplying the conditions to redeem a transaction from the sender of the funds to the redeemer.

In the example, Bitcoin create p2sh address generates a redeem script, hashes the redeem script to produce the redeem script hash, and provides the hash to Alice.

Bitcoin create p2sh address

P2SH vs. To spend Bitcoin funds sent to this type of address, the recipient must use the private key associated with the public key hash specified in that address to create a digital signature, which is put into the scriptSig of a spending transaction, unlocking the funds.

Pay-to-Script Hash

This is because P2SH addresses have a version byte prefix of 0x05, instead of the 0x00 prefix in P2PKH addresses, and these come out as article source '3' and '1' after base58check encoding.

This has a number of advantages: The bitcoin create bitcoin create p2sh address address can fund any arbitrary redeem script without knowing what those spending conditions are. This makes sense because a sender largely visit web page not care about how their funds will be spent in the future — this is an issue for the recipient who cares about the conditions of further spending.

In the case of multisig transactions, continue reading sender can send funds without knowing bitcoin create p2sh address required public keys belonging to the recipient of a multisignature address, which are revealed only when the recipient is spending the funds.

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This increases security for the recipient. The sender can use a short, character address like the one above, instead of a long, unwieldy bitcoin create p2sh address containing details of a full redeem script.

bitcoin create p2sh address

Bitcoin create p2sh address

This lets a recipient put up just a short address on their payment page or message, reducing the chance of human errors in transcription. It lowers the transaction fees for the sender of funds. Transaction fees are proportional to bitcoin create p2sh address size of a transaction, and a fixed length hash lets the bitcoin create p2sh address send funds to any bitcoin create p2sh address redeem script without worrying about paying higher fees.

Pay to script hash

It is the responsibility of the recipient bitcoin address ofac creates the redeem script to determine how large their spending transaction will be and how much it will cost.

This is a small bitcoin create p2sh address create p2sh address at the moment since transaction costs are quite small, but they may be more important in the future as block rewards get smaller in Bitcoin. Valar morghulis video common implementation of the P2SH function is the multi-signature address script.

Bitcoin create p2sh address script requires that a transaction possess more than one digital signature in order to prove ownership, and by extension spend funds.

See Also bitcoin create p2sh address BitcoinWiki[ https://obzor-catalog.ru/address/who-owns-this-bitcoin-address.html ].

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