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Definition: Bitcoin smart contract

A programmable application that is executed on the Bitcoin network. Bitcoin scripts are sometimes called smart contracts because they can be programmed to perform such functions as requiring multiple parties to sign off on a transaction or wait a certain amount of time before coins are spendable. An enhancement to Bitcoin in 2021 added code that makes the scripts more capable (see Taproot); however, Bitcoin does not have anywhere near the versatility of Ethereum, which was created as a smart contract platform. See Bitcoin Script, Bitcoin transaction, smart contract, Bitcoin and Ethereum.