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Partially Signed Bitcoin Transactions (PSBT)

A Partially Signed Bitcoin Transaction (PSBT) is a bitcoin standard that facilitates portability of unsigned transactions, which allows multiple parties to easily sign the same transaction. This is most useful when multiple parties wish to add inputs to the same transaction. PSBT was introduced by BIP 174, and allows users to more easily sign transactions on a cold storage device and then broadcast the signed transction from a device connected to the internet.

Imagine several board members of a corporation are all required to contribute funds to a transaction, and would like to do so in one transaction, to ensure that no member bails out and to save on fees. PSBT allows all members to easily sign their portion of the transaction without worrying that the transaction could be changed in transit or that the funds could be stolen.