Author: Erik Aronesty 2022-12-01 22:03:55
Published on: 2022-12-01T22:03:55+00:00
Daniel Lipshitz, the CEO of GAP600, a company that guarantees zero confirmed Bitcoin and other crypto transactions, has expressed concern about the impact of full RBF (Replace-By-Fee) becoming default enabled and significantly adopted. GAP600's guarantee enables its customers to recognize zero-conf deposits, and it reimburses its clients' value of the transaction if it gets double-spent. However, with full RBF, this use case will be forced to move to a different chain, with lightning being just another option. GAP600 clients are primarily payment processors and non-custodial liquidity providers, and statistics show that as of the end of November 2022, GAP600 processed around 15 million transactions with a cumulative value of $2.3 billion. The company is currently seeing approximately 1.5 million transactions queried per month. While the market seems to be fully aware of the risks of zero-conf, there is no wallet, exchange or custodian that accepts zero conf without having some sort of solution in place. Despite this, the convention of miner preferences is changing quickly since miners are squeezed for cash and want to capture every nickel, with bounties for full RBF being posted every day. In light of this, it is suggested to continue doing business as usual, managing risk, waiting for confirmations if the risk is too high, and using lightning if possible. According to the writer, no other coin or chain offers a safer way to do business than lightning over bitcoin.
Updated on: 2023-06-16T01:07:06.212780+00:00