BIP 370 guide covering its Deployed status, v2 global/input/output fields, modifiable flags, locktime, unique identity, roles, compatibility and tests.
This guide explains BIP 370 PSBT Version 2 in plain English. It covers the problem behind the BIP, why it matters and whether the proposal is part of Bitcoin today.
BIP 370 PSBT Version 2: Version two stores transaction version, fallback locktime, input count, output count and modifiable flags globally. Counts must match the actual maps and duplicate keys remain invalid.
A node operator is checking BIP 370 PSBT Version 2. The global version field must be present and equal two. Validate amounts, scripts and totals independently before deciding fees or intent.
The BIP is Deployed, Applications and Specification. The global version field must be present and equal two; PSBT_GLOBAL_UNSIGNED_TX must be absent.
Version two stores transaction version, fallback locktime, input count, output count and modifiable flags globally. Counts must match the actual maps and duplicate keys remain invalid.
Each input carries previous txid and output index, with optional sequence and required height- or time-based locktime. Decode byte order and bounds exactly.
Each output stores its satoshi amount and script in its output map. Validate amounts, scripts and totals independently before deciding fees or intent.
Flags declare whether inputs or outputs can change and whether SIGHASH_SINGLE pairings need preservation. Once commitments or signatures constrain modification, constructors must stop unsafe edits.
A v2 proposal’s identity depends on its constructed unsigned transaction state. Creator, Constructor, Updater, Signer and Extractor must each validate the fields they consume and preserve unknown keys.
Developers test the proposal with made-up data on an isolated test network. They check normal cases and deliberately invalid cases. Different implementations should reach the same result before anyone relies on the proposal.
BIP 370 PSBT Version 2: Version two stores transaction version, fallback locktime, input count, output count and modifiable flags globally.
The BIP is Deployed, Applications and Specification. The global version field must be present and equal two.
Version two stores transaction version, fallback locktime, input count, output count and modifiable flags globally.
Each input carries previous txid and output index, with optional sequence and required height- or time-based locktime.
PSBTv2 enables coordinated construction that PSBTv0 could not express, but that flexibility changes the trust model. Every mutation, role transition, locktime and final transaction must be explicitly verified.
Check the current specification status and the documentation for the exact implementation you operate before moving production funds or changing a mining node.
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