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The Benefits And Drawbacks Of Change By Charge

02/06/2021
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On this episode of “The Van Wirdum Sjorsnado,” hosts Aaron van Wirdum and Sjors Provoost mentioned change by charge (RBF). RBF is a trick that lets unconfirmed transactions get replaced by conflicting transactions that embody a better charge.

With RBF, customers can basically bump a transaction charge to incentivize miners to incorporate the transaction in a block. Van Wirdum and Provoost defined the three benefits of RBF: the choice to “pace up” a transaction (one), which may in flip end in a simpler charge marketplace for block house (two), in addition to the potential to make extra environment friendly use of block house by updating transactions to incorporate extra recipients (three).

The principle drawback of RBF is that it makes it barely simpler to double-spend unconfirmed transactions, which was additionally on the root of final week’s “double spend” controversy that dominated headlines. Van Wirdum and Provoost mentioned some options to decrease this danger, together with “opt-in RBF” which is at present carried out in Bitcoin Core.

Lastly, Provoost defined intimately how opt-in RBF works in Bitcoin Core, and which circumstances have to be met earlier than a transaction is taken into account replaceable. He additionally famous some problems with this model of RBF, for instance within the context of the Lightning Community.

The submit The Benefits And Drawbacks Of Change By Charge appeared first on Bitcoin Journal.