Author: Daniel Lipshitz 2022-12-02 06:34:07
Published on: 2022-12-02T06:34:07+00:00
The CEO of GAP600, a company that guarantees zero confirmed Bitcoin and other crypto transactions, has written to the bitcoin-dev mailing list to express concern over the potential adoption of full Replace-by-Fee (RBF) as default. The company's guarantee enables its customers to recognise zero-conf deposits, and it reimburses clients if a transaction they confirmed gets double spent. However, if full RBF were to become dominant, zero-conf acceptance would become extremely difficult, which would impact significantly on GAP600's market share. The company processes around 1.5 million transactions per month, with a cumulative value of $2.3bn. Its clients are primarily payment processors and non-custodial liquidity providers. While some merchants have developed their own tools, GAP600 statistics are only a subset of the full use case. The market seems to be fully aware of the risks of zero-conf, and Daniel Lipshitz, the CEO of GAP600, does not know of any wallet, exchange or custodian who accepts zero-conf without having some sort of solution in place. While there are other considerations for bitcoin, Lipshitz urges stakeholders to take into account the major risk being placed on this significant market share when deciding whether to make full RBF default enabled and encouraging full adoption. In the meantime, he suggests businesses should continue doing business as usual, managing risk, waiting for confirmations if the risk is too high, and using lightning if possible.
Updated on: 2023-06-16T00:53:24.625666+00:00