How do timelocked transactions work?

[apogio]

Both of you refer to locktime. I was referring to OP_CHECKLOCKTIMEVERIFY. They are completely different.

Brilliant thanks! That's exactly what I was asking for. I now how lock time works. I've actually tested it and used it in real life for educational purposes. The other thing you mention is exactly what I wanted. I ll check it out.

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[hosseinimr93]

The other thing you mention is exactly what I wanted. I ll check it out.

If you want to use OP_CHECKLOCKTIMEVERIFY to lock output(s) of a transaction until a specified time/block height, you must create a timelocked address and that's what already discussed in this thread.
Take note that you can't send bitcoin to a regular address (a legacy or a bech32 address) and make the outputs locked until a specified time/block height.

[worldofcoins]

It will be rejected by mempool,

I tried to broadcast transactions before a valid date and got this error "the transaction was rejected by network rules. non-final"
This error above was the same in both cases of Block height and Date and Time.

I read that you can broadcast it 2 hours before it becomes valid (but never tested this).

I have set parameters today for hour 23:00, I'll try to broadcast the transaction around 21:10 and see if it's possible.

[o_e_l_e_o]

I tried to broadcast transactions before a valid date and got this error "the transaction was rejected by network rules. non-final"

This is the standard error for transactions with a timelock which has not yet expired.

I have set parameters today for hour 23:00, I'll try to broadcast the transaction around 21:10 and see if it's possible.

It's not possible. I already tested this earlier in this thread here: https://bitcointalk.org/index.php?topic=2415595.msg62920786#msg62920786. Your transaction's timelock must have reached the exact block height or the exact network adjusted time to be accepted by a node.

[worldofcoins]

It's not possible. I already tested this earlier in this thread here: https://bitcointalk.org/index.php?topic=2415595.msg62920786#msg62920786. Your transaction's timelock must have reached the exact block height or the exact network adjusted time to be accepted by a node.

You're correct. I tried broadcasting the transaction 1 hour before and it didn't work.

Edit: I did that on my local time. Does it mean Coinbin uses the local timezone?

[nc50lc]

Edit: I did that on my local time. Does it mean Coinbin uses the local timezone?

According to their source's javascript: "bootstrap-datetimepicker.min.js", the time picker uses "defaults={timeZone:"Etc/UTC",", AKA "UTC time zone".
Link to source: js/bootstrap-datetimepicker.min.js

Their service status page also uses the same timezone, link: https://status.coinb.in/

[o_e_l_e_o]

Edit: I did that on my local time. Does it mean Coinbin uses the local timezone?

It uses unix time, which is what the bitcoin network uses as well to avoid issues with timezones, otherwise many nodes would incorrectly reject blocks from elsewhere in the world since their timestamps could differ by many hours.

Unix time is based on UTC time. Most block explorers will also show times based in UTC for this reason. Unix time is the number of seconds since 00:00 on 1st January 1970, UTC.