Hello,
I am trying to understand nLockTime. I believe it is an optional attribute, normally not set, on transactions.
https://en.bitcoin.it/wiki/Protocol_specificationIf all TxIn inputs have final (0xffffffff) sequence numbers then lock_time is irrelevant. Otherwise, the transaction may not be added to a block until after lock_time (see NLockTime).
Were NLockTime points to
https://en.bitcoin.it/wiki/NLockTimenLockTime is a parameter that can be attached to a transaction, that mandates a minimal time (specified in either unix time or block height), that before this time, the transaction cannot be accepted into a block.
I thought I understood, but then I read discussions here, however then I read the following from
https://greenaddress.it/en/faq/:
But! We have solved this issue by providing nLockTime transactions which essentially make deposits 'expire' after some time, which allows redeeming them without our intervention after this pre-set period of time. It is enabled by default when you have email notifications and two factor enabled.
This allows you to keep your ease of mind even in case GreenAddress.it disappears with its keys.
It also means that every time the funds expire the user has to re-transfer them. This can be automated on login and notified in advance via email or manually done.
Which rather confuses me. Just how does this work?
Thanks