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@ -12,23 +12,155 @@ Multisignatures were great for the very specific case of jointly holding funds a
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PSBTs may initially look sort of the same because they have a single overlapping bit of functionality, the ability to jointly sign a transaction, but they were created for a totally different use case. They recognize the need for multiple programs to jointly create a PSBT for a number of different reasons, and they provide a standardized format for doing so. They're especially useful for use cases involving hardware wallets (for which, see §7.3).
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In the previous chapter, the mechanisms you learned for signing a multisig transactions and passing it between multiple recipients were very specific to `bitcoin-cli` (and somewhat haphazard, witness the "error" messages you received for a transaction not signed by sufficient signers). In this chapter, you can expect the PSBT methodologies to be more programatically standardized, as they were explicitly created to pass unfinished transactions between multiple parties.
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In the previous chapter, the mechanisms you learned for signing a multisig transactions and passing it between multiple recipients were implementation-dependent upon `bitcoin-cli` (and somewhat haphazard, witness the "error" messages you received for a transaction not signed by sufficient signers). In this chapter, you can expect the PSBT methodologies to be more programatically standardized, as they were explicitly created to pass unfinished transactions between multiple parties.
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> :book: ***What is a PSBT?*** As the name suggests, a PSBT is a transaction that has not been fully signed. That's important, because once a transaction is signed, its content is logged in. There's an abstracted methodology for putting them together that describes the collaboration (and standardizes it). A *Creator* proposes a transaction; one or more *Updaters* supplement it; and one or more *Signers* authenticate it; before a *Finalizer* and *Extracter* turn it into a transaction.
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PSBTs do their work ...
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## Create a PSBT the Old-Fashioned Way
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The easiest way to create a PSBT is to take an existing transaction and to use `converttopsbt` to turn it into a PSBT.
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The easiest way to create a PSBT is to take an existing transaction and to use `converttopsbt` to turn it into a PSBT. This is certainly not the _best_ way since it requires you to make a transaction for one format (a raw transaction) then convert it to another (PSBT), but if you've got old software that can only generate raw transaction, you may need to use it.
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You just create your raw transaction normally:
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```
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$ utxo_txid_1=$(bitcoin-cli listunspent | jq -r '.[0] | .txid')
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$ utxo_vout_1=$(bitcoin-cli listunspent | jq -r '.[0] | .vout')
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$ utxo_txid_2=$(bitcoin-cli listunspent | jq -r '.[1] | .txid')
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$ utxo_vout_2=$(bitcoin-cli listunspent | jq -r '.[1] | .vout')
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$ echo $utxo_txid_1 $utxo_vout_1 $utxo_txid_2 $utxo_vout_2
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c6de60427b28d8ec8102e49771e5d0348fc3ef6a5bf02eb864ec745105a6951b 1 8748eff5f12ca886e3603d9e30227dcb3f0332e0706c4322fec96001f7c7f41c 0
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$ recipient=tb1qcaedd724gts3aug73m78c7nfsv9d8zs9q6h2kd
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$ rawtxhex=$(bitcoin-cli -named createrawtransaction inputs='''[ { "txid": "'$utxo_txid_1'", "vout": '$utxo_vout_1' }, { "txid": "'$utxo_txid_2'", "vout": '$utxo_vout_2' } ]''' outputs='''{ "'$recipient'": 0.000008 }''')
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```
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Then you convert it:
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```
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$ psbt=$(bitcoin-cli -named converttopsbt hexstring=$rawtxhex)
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$ echo $psbt
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cHNidP8BAHsCAAAAAhuVpgVRdOxkuC7wW2rvw4800OVxl+QCgezYKHtCYN7GAQAAAAD/////HPTH9wFgyf4iQ2xw4DIDP8t9IjCePWDjhqgs8fXvSIcAAAAAAP////8BIAMAAAAAAAAWABTHctb5VULhHvEejvx8emmDCtOKBQAAAAAAAAAA
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```
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You'll note that the PSBT encoding looks very different from the transaction hex.
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We'll start looking at the contents of that PSBT shortly, but for a moment there are two other ways that you can create a PSBT.
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## Create a PSBT the Hard Way
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## Create a PSBT the Easy Way
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The first methodology for creating a PSBT without going through another format is the PSBT-equivalent of `createrawtransaction`. It's called `createpsbt` and it gives you maximal control at the cost of maximal labor and the maximal opportunity for error.
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The command should look quite familiar:
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```
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$ psbt_1=$(bitcoin-cli -named createpsbt inputs='''[ { "txid": "'$utxo_txid_1'", "vout": '$utxo_vout_1' }, { "txid": "'$utxo_txid_2'", "vout": '$utxo_vout_2' } ]''' outputs='''{ "'$recipient'": 0.000008 }''')
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```
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The Bitcoin Core team made sure it worked exactly like `createrawtransaction`, so you don't actually need to do anything different here.
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And to verify, the PSBT that's produced is just the same:
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```
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$ echo $psbt_1
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cHNidP8BAHsCAAAAAhuVpgVRdOxkuC7wW2rvw4800OVxl+QCgezYKHtCYN7GAQAAAAD/////HPTH9wFgyf4iQ2xw4DIDP8t9IjCePWDjhqgs8fXvSIcAAAAAAP////8BIAMAAAAAAAAWABTHctb5VULhHvEejvx8emmDCtOKBQAAAAAAAAAA
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$ if [ "$psbt" == "$psbt_1" ]; then echo "Strings are equal"; else echo "Strings are not equal"; fi
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Strings are equal
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```
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## Examine a PSBT
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So what does your PSBT actually look like. You can assess that with the `decodepsbt` command:
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```
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$ bitcoin-cli -named decodepsbt psbt=$psbt
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{
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"tx": {
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"txid": "7380bbb8cf17cf411aed5704e8cd348c2f5451fbf6f6da7d66e69f2dcc39887e",
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"hash": "7380bbb8cf17cf411aed5704e8cd348c2f5451fbf6f6da7d66e69f2dcc39887e",
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"version": 2,
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"size": 123,
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"vsize": 123,
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"weight": 492,
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"locktime": 0,
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"vin": [
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{
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"txid": "c6de60427b28d8ec8102e49771e5d0348fc3ef6a5bf02eb864ec745105a6951b",
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"vout": 1,
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"scriptSig": {
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"asm": "",
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"hex": ""
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},
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"sequence": 4294967295
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},
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{
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"txid": "8748eff5f12ca886e3603d9e30227dcb3f0332e0706c4322fec96001f7c7f41c",
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"vout": 0,
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"scriptSig": {
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"asm": "",
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"hex": ""
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},
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"sequence": 4294967295
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}
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],
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"vout": [
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{
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"value": 0.00000800,
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"n": 0,
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"scriptPubKey": {
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"asm": "0 c772d6f95542e11ef11e8efc7c7a69830ad38a05",
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"hex": "0014c772d6f95542e11ef11e8efc7c7a69830ad38a05",
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"reqSigs": 1,
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"type": "witness_v0_keyhash",
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"addresses": [
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"tb1qcaedd724gts3aug73m78c7nfsv9d8zs9q6h2kd"
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]
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}
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}
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]
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},
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"unknown": {
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},
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"inputs": [
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{
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},
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{
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}
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],
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"outputs": [
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{
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}
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]
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}
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```
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You can also use the `analyzepsbt` command to look at its current state:
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```
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standup@btctest20:~$ bitcoin-cli -named analyzepsbt psbt=$psbt
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{
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"inputs": [
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{
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"has_utxo": false,
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"is_final": false,
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"next": "updater"
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},
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{
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"has_utxo": false,
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"is_final": false,
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"next": "updater"
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}
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],
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"next": "updater"
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}
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```
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## Update a PSBT
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## Create a PSBT the Easy Way
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If you think that there should be a command that's the equivalent of `fundrawtransaction`, you'll be pleased to know there is.
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$ bitcoin-cli -named walletcreatefundedpsbt inputs='''[ { "txid": "'$utxo_txid_1'", "vout": '$utxo_vout_1' }, { "txid": "'$utxo_txid_2'", "vout": '$utxo_vout_2' } ]''' outputs='''{ "'$recipient'": 0.000008 }'''
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{
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"psbt": "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",
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"fee": 0.00042300,
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"changepos": 1
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}
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## Sign a PSBT
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## Summary: Creating a Partially Signed Bitcoin Transaction
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