Author: Eric Voskuil 2017-01-05 07:45:18
Published on: 2017-01-05T07:45:18+00:00
In a recent discussion on the Bitcoin development mailing list, several members proposed ways for merchants to ensure the validity of transactions without running their own full node. One suggestion was to use wallet services with centralized verification in watch-only mode, such as Copay. However, another member suggested connecting to the mempool of each miner and checking whether they have the transaction ID in their mempool. They provided links to various mining services' APIs that can be used for this purpose. If all services return "True" and do not engage in replace-by-fee (RBF), then the transaction is considered valid and likely to be confirmed soon. However, if any service returns "False," then there may be a double spend floating around, and it is best to wait before considering the payment valid. The issue of mining centralization increasing the security of zero confirmations was also discussed. However, some members expressed concerns about relying on web services for payment validation, as it poses significant security risks to the Bitcoin network.
Updated on: 2023-06-11T04:55:23.524804+00:00