Author: Peter Todd 2014-04-26 19:37:59
Published on: 2014-04-26T19:37:59+00:00
Peter Todd proposed a mechanism that is similar to Jeremy Spilman's micropayment channel, used for a single payment. He explained that the seller won't hand over the goods until they have a valid transaction signed by the buyer sending them the escrowed funds, and the nLockTime deadline is sufficiently far away that the probability of not being able to get the transaction mined in time is low. This mechanism prevents the buyer from always waiting to get their money back. However, ten days prior to this proposal, Reddit user RubenSomsen suggested a similar idea on Mycelium where users can temporarily lock their bitcoins in a 2-of-2 transaction with a potential buyer before meeting.
Updated on: 2023-06-08T21:44:19.712093+00:00