The Binding of Satan, Revelation Chapter 20 Verses 1-3 (NASB)

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    And I saw an ANGEL coming down from HEAVEN
Who this ANGEL is, we aren't told, but given the task he is to perform, he must be very strong like the archangel, Michael (Revelation 12:7, Daniel 10:10-17, Daniel 12:1-4, Jude 5-9-16).

The phrase 'coming down from HEAVEN' implies that this takes place on the earth. Recall that since Revelation 12:9, where archangel Michael threw 'the great dragon' down to the earth, the devil (dragon) has been relegated to doing his dirty work down here (Revelation 12:10).
    having (1) the KEY of the ABYSS and
When you have the KEY, you control who goes in or who comes out. More than that, the KEY carries with it the AUTHORITY to do the binding of the devil.

The ABYSS is a temporary place of incarceration for demons. As with the rest of the Revelation, it is both physical and symbolic. Physically, past scholars have indicated that the ABYSS was in the depths of the ocean. That thought has some merit, as we have previously made the case that water is the container of spirits. It was not a coincidence that "THE FLOOD" was used to purge the earth of evil mankind during Noah's time (Genesis 7:6-24).

From a symbolic or spiritual viewpoint, the ABYSS was an awful place even for demons. The demons who were operating on the earth in Jesus' time begged Jesus to not send them to the ABYSS (Luke 8:26-31-39). During the fifth trumpet (Revelation 9:1-12), some of the demons from the bottomless pit were released back onto the earth. Whether their leader, Abaddon (Revelation 9:11) came back with them is not known. We do know that the devil will be bound and spend 1000 years in the ABYSS.
    a (2) GREAT CHAIN in his hand.
That this is a GREAT CHAIN implies that it is stronger than any evil prank or evil accusation the devil can concoct. When one reads the scriptures, we become aware that evil demons comes in varying strengths. The disciples were surprised that they were unable to take authority (due to lack of faith, Jesus said) over some demons (Matthew 17:14-21). Here we have the leader of the demonic world, and obviously he has much evil within him. As Isaiah 14:1-14-23 puts it, this devil (king of Babylon) thought himself as powerful as God. Thus it will take a GREAT CHAIN to hold him.

From a duality viewpoint, it is difficult to know what the GREAT CHAIN is physically. Many scholars say this is symbolic only; yet, strong binding forces at a molecular level could act like a GREAT CHAIN.  Physicists are well aware how "sticky" water molecules are......just try to create a perfectly dry container. It is near impossible on earth.

Symbolically, it is much easier to accept that the GREAT CHAIN is that which stops evil from existing/controlling the earth. Believers should be well aware of their STAND against evil (Ephesians 6:10-11-20). Individually, we know that we can bind and lose things on earth (and in heaven - Matthew 16:13-19-20). But to bind the devil will take an ANGEL with a GREAT CHAIN.
    And he LAID HOLD of
The 'he' refers to the angel coming down from heaven in the previous verse. We have one angel LAYING HOLD of another angel. That the devil can be captured indicates that he is finite and not omnipresent, even though we sometimes feel that is not the case.

Symbolically, this indicates that evil, even as the devil is the embodiment of all evil, can be corralled; but it isn't easy. Humanly, we couldn't have LAID HOLD of the devil; thankfully it is Christ who strengthens and establishes us. It is Christ and his angel(s) who do that for us (1 Peter 5:6-11).
There is no doubt whom the angel LAID HOLD of. These four names also are used in Revelation 12:9.
    and BOUND him for a THOUSAND YEARS,
The angel uses the GREAT CHAIN to BIND the devil. The relevance of this is that the DRAGON, the SERPENT of old, who is the DEVIL and SATAN is going to be controlled and restricted in the abyss. No more will he be able to prowl around the earth trying to deceive humans.

There is much discussion in commentaries whether the THOUSAND YEARS means a 1,000 years or just a long period of time. Considering how precisely time is given elsewhere in the Revelation (for example Revelation 8:1; Revelation 9:5; Revelation 11:3; Revelation 11:11 and so on), and that this exact time is used six times in verses 2-7 of this chapter, indicates this is a literal THOUSAND YEARS. Now having stated that, given all that has happened to the earth and solar system (Revelation 8:12 and Revelation 16:17-20), time may not be measured as now. That is, day lengths may be altered. We will just have to wait and see.
    and THREW him into the ABYSS, and SHUT IT and SEALED IT over him,
Again, this confirms that the devil is finite. Something that is infinite or omnipresent cannot be contained or THROWN. In a way, the angel sent by God is rather rude, not only is the devil thrown into the ABYSS, but the angel SHUTS the ABYSS and SEALS it over the devil's head. All this is written to make it absolutely clear to the reader that the devil will not be able to affect anything on the earth for the next 1000 years.

Some commentaries try to explain where the ABYSS is.  Some think it is at the bottom of the ocean. That may be, given the case we have already made in this study that water is the "container of spirits". Others think it may be at the center of the earth. But from a spiritual viewpoint, the ABYSS may be right under our feet (Romans 16:17-20). Be aware, though, from the Romans portion of scripture, that it is GOD or his designated angel, in this case, who crushes Satan under your feet.
    so that he should not DECEIVE THE NATIONS any longer, UNTIL the THOUSAND YEARS were completed;
This is not the end of the devil or Satan (see verse 10). He just is inhibited from DECEIVING the NATIONS, meaning the unbelieving peoples. Furthermore, there is no indication that SEALING UP the devil in any way removes the evil nature from mankind.  Rather, the sinful nature of mankind is merely repressed. During the THOUSAND YEARS, there will be a lot of "good people" on this earth. At least that is how it will appear to others.  How often do we hear today that a person is a "good person" implying that they probably will go to heaven and not to hell.  Yet after the THOUSAND YEARS, the latent evil in the "good person" will have a chance to realign itself with the devil again (verses 7 - 10). The astute reader already knows that the ONLY WAY to avoid hell is to have one's name in the Book of Life (verse 15).  And, incidentally, LIFE begins with Jesus Christ (John 14:1-6-11).

That there are NATIONS, implies that there will be political boundaries during the 1000 years. It will be a peaceful time but not a lala land or utopia environment. There probably will be work to do as the sin curse (Genesis 3:17-21) still remains upon the land until this earth is destroyed (Revelation 21:1).
    AFTER these things he must be RELEASED for a short time.
Here is one of the few times in the Revelation that the timing is not precise. It is just a 'short time'.  As a finite created being, the devil is kept in the dark about how much time (Revelation 12:12) he will have to perform his deceptions again.
 "Scripture taken from the NEW AMERICAN STANDARD BIBLE®, © Copyright The Lockman Foundation, 1960, 1962, 1963, 1968, 1971, 1972, 1973, 1975, 1977, 1995 Used by permission."

References to the Revelation of Jesus Christ are in bold italics. All other references are in bold only