The latest development in the Bitcoin ecosystem appears to be the source of some confusion within the community, with some Bitcoin users experiencing misinformation regarding the actual purpose of the changes. Bitcoin developers have been discussing the proposed changes for some time and describe both the motivation for the changes, and the implementation in some detail here.

To put it simply, CSV, or CHECKSEQUENCEVERIFY is a new opcode for use within the Bitcoin scripting system, essentially it is an amended version of an existing opcode known as NOP3. Bitcoin scripting provides a system which enables a variety of different parameters to be required before transferred bitcoins may be spent. A typical transaction between two parties has two requirements that must be fulfilled before its output is spendable; the public key must correspond to the destination address, and match the private key signature. Bitcoin scripts can also be used to require multiple signatures before a…



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