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100 sats \ 4 replies \ @Coinsreporter 8 Mar \ on: What are Bitcoin covenants? Explaining CTV and CheckTXHashVerify in simple terms bitcoin_beginners
So, you wanna say that covenants would serve as a condition for transactions on Bitcoin.
First of all, why do we need such conditions? Are we giving control to someone else? Or will covenants enhance the security of Bitcoin transactions? IMO, we don't need covenants.
No. Nobody can put conditions on your bitcoin address under your keys. You set up your new covenant address (like a taproot or any other) and just for that address you set the conditions for Bitcoin that will be received there- how bitcoins send to that address can be spend - to which addresses they can go from there - conditions for one hop into the future. Lets say they can go to three addresses. And on those addresses you can set conditions again (if they all CTV addresses). You can make whole trees of transactions from there. That would be definitely useful for lightning. CTV is the simplest covenant implementation. We don’t need anything more complicated than that. Fuck the shitcoiners, they trying to mud the water.
Also im a retard and you should get more technical info on it.
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Conditions: I need to send you money. Other condition, you need to send me money. Situation addressed. ;)
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That's what I was saying. There's no need to put 'no reason condition'.
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Yes, I was agreeing.
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