Replacing Bitcoin Transactions: Community Responses to Opt-In Replace-By-Fee
A new addition to Bitcoin Core called Opt-In Replace-by-Fee allows transactions to be flagged as replaceable, and actually replaced, until the transaction gets confirmed in the next block. Opt-In RBF is a change to the memory pool and network relay code and gives wallets the option to add a signal to transactions that gives permission for full nodes to....
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The heated debate in the Bitcoin community throughout the past months not only concerns the block size dispute. Another technical change at the center of conflict is replace-by-fee, a version of which was included in the latest release of Bitcoin Core – while the next version of Bitcoin Classic will have no replace-by-fee at all. An often-heard criticism against replace-by-fee is that it creates new problems while it doesn't really solve any existing ones. But that criticism is questionable. What is replace-by-fee? Replace-by-fee is a mempool policy. Mempools are collections of unconfirmed....
Ever since bitcoin entered the limelight, it has been receiving mixed responses. Opinions are divided about it. Some are confident about bitcoin growing big to replace conventional fiat currency, while others believe that it will gradually fade into oblivion. Amongst all these opinions and forecasts going back and forth, one latest prediction stands out. This prediction is from none other than the famous Winklevoss twins who took Facebook to court. According to their prediction, bitcoin is going to replace fiat currency completely by the year 2025 to create a cashless society. With their....
Dan Nathan, the founder of Risk Reversal Advisors, says that the U.S. government will not keep allowing corporations like Elon Musk’s Tesla to replace dollars with bitcoin. They won’t “let the dollar fall away from being the reserve currency for the world,” which could happen if corporations keep replacing dollars in their balance sheets with bitcoin. US Government Will Not Let Bitcoin Replace Dollars, Says Risk Reversal Advisors’ Chief Dan Nathan offered his view on the future of bitcoin in an interview with CNBC last week. His comments followed the news of....
Deconstructing the layers of Bitcoin’s architecture shows that it already has the structure to replace our fiat system.
As of this weekend, GreenAddress is the first Bitcoin wallet to include a replace-by-fee option. With it, users can increase fees on their transactions with the click of a button--a feature welcomed by some, as it increases the likelihood a miner will include a transaction in a block. This can help transactions get “unstuck” in case of heavy transaction load, and benefits fee market dynamics. Others dispute the feature; critics fear that replace-by-fee could harm reliability of unconfirmed transactions, as payments can in some cases be reverted. To test the feature, GreenAddress enabled a....