A settlement design linking asset delivery to payment so one leg occurs only if the other does.
Delivery versus payment is best understood as part of a system rather than as an isolated definition. Its related coordinates show the mechanisms, incentives and historical records that give the term practical meaning.
Delivery versus payment belongs to the documented history and social layer around Bitcoin. Primary records can establish what was published, built or decided; motives, influence and later interpretation should remain separate from those verifiable facts.
Understanding Delivery versus payment helps distinguish a verifiable Bitcoin mechanism or historical record from slogans, products and market narratives.
For the clearest picture, read this entry together with Settlement risk, Institutional OTC desk, Institutional bitcoin custody, Probabilistic settlement finality. The reverse links also lead from Settlement risk.
Linked to related atlas coordinates
Grounded in a source record
Explains function and trade-offs
Part of the open Bitcoin knowledge graph