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What is Pay to Script Hash (P2SH)?

What is Pay to Script Hash (P2SH)?



P2SH (Pay to Script Hash) is an simple way to a scriptpubkey as a simple Bitcoin scrip address.

P2SH has the advantage that the fine does not necessarily have to know how to build such a script. It just has to know how building a script that first verifies the script and then uses the script to verify the claim itself works.

Pay to script HASH (P2SH) transactions were standardized in BIP 16. They allow transactions to be sent to a script HASH (Address starting with 3) E.G. 3EKTNHQD7RIAE6UZMJ2ZIFT9YGRRKSGZQZ. Instead of a public key HASH ( Addresses starting with1). E.G. 14QVILJFDGAP4EEHNDYJBEGQ.

To spend bitcoins sent via P2SH the recipient must provide the script match in the script cash and data which makes the script evaluation to true.

In P2SH payments we refer to the hash of the redeem script as the script pub key.

Find out more at cryptoversal.com.

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