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Author Topic: What is bitcoin Lock time?  (Read 47 times)
Belayer
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December 20, 2017, 02:59:05 PM
 #1

Hi there,

I'm curious as to what lock time means? Also you can see from my transaction as listed below, it has a lock time, and a mining block. However i'm not sure what this means, as its been unconfirmed for over a day.

https://blockchain.info/tx/7cf0883a4a24664a1c77fdd465782f0d7c962b7942daa4408f3083ea659aef6a

Thanks in advance to any explanations
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pebwindkraft
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December 20, 2017, 04:07:48 PM
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from Andreas' book "Mastering Bitcoin":
Locktime, or more technically nLockTime, is the part of a transaction which indicates the earliest time or earliest block when that transaction may be added to the block chain.

We are currently at ~500283, so behind the value in the tx (500114). So the tx is good to be processed by a miner.
I see 200 Bytes per Satoshi, also a "good" value, but based on "https://bitcoinfees.earn.com" I guess it will take even longer then the displayed 3-120 blocks...
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December 20, 2017, 05:17:33 PM
 #3

Hi there,

I'm curious as to what lock time means? Also you can see from my transaction as listed below, it has a lock time, and a mining block. However i'm not sure what this means, as its been unconfirmed for over a day.

https://blockchain.info/tx/7cf0883a4a24664a1c77fdd465782f0d7c962b7942daa4408f3083ea659aef6a

Thanks in advance to any explanations

The Bitcoin transaction lock time is the time at which a particular transaction can be added to the blockchain. This is the earliest time that miners can include the transaction in their hashing of the Merkle root to attach it in the latest block to the blockchain.

There are two specific types of transaction locktime. Firstly when the locktime figure is less than 500 million it is interpreted as a blockheight and miners therefore have to wait until that block height has been reached before attempting to include it in a block.
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