Covenants in the Bitcoin space generate diverse opinions. Some see them as revolutionary tools enhancing transaction flexibility and efficiency, while others express concerns about their complexity and potential risks, likening them to dangerous innovations. The term is vague, with various proposals that substantially differ in functionality. A proper definition of a Bitcoin covenant indicates they can impose limitations on how and when bitcoins can be spent, even necessitating future transactions to adhere to similar restrictions, complicating consensus validity. This has sparked contention regarding their implementation and implications for Bitcoin transaction protocols.
Covenants spark intense debate in the Bitcoin community, with opinions ranging from being revolutionary to a source of substantial risk.
The term 'covenant' in Bitcoin refers to script features allowing new restrictions on how transactions are spent, igniting a spectrum of interpretations.
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