How Bitcoin P2SH Scripts Enable Multisig and Time-Locked Transactions

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Pay-to-Script-Hash (P2SH) is Bitcoin's foundational programmability layer, allowing complex spending conditions to be hidden behind a compact 20-byte hash. It operates in two phases: first verifying the hash of a redeem script, then executing that script to confirm spending conditions are met. A common real-world use case is 2-of-3 multisignature custody, where any two of three designated parties must sign to authorize a transaction, reducing single points of failure. P2SH also supports time-locked scripts, enabling use cases such as inheritance planning where funds become accessible only after a set period. This technical overview is drawn from an excerpt of the upcoming book 'Mastering Taproot,' which covers Bitcoin script engineering from P2SH through to Taproot.

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