Author: Jeff Garzik 2015-06-19 21:15:21
Published on: 2015-06-19T21:15:21+00:00
The discussion is about the best-effort double spend detection and its impact on bitcoin adoption. The purpose of bitcoin is to provide security to insecure and possibly double-spent transactions through confirmations. There are concerns about the irresponsible behavior of miners in adopting full-RBF, which could harm bitcoin adoption by reducing or removing the ability for online or POS merchants to accept bitcoin payments. However, retail POS merchants should not be accepting vanilla Bitcoin payments as it does not guarantee the irreversibility of a transaction until it has been buried several blocks deep in the chain. Retail merchants should be requiring a co-signature from a mutually trusted co-signer that vows never to sign a double-spend. This technology has not yet permeated the ecosystem, but zero-conf transactions have been irreversible enough so far, although it was never promised and should not be relied upon. Jeff Garzik, a Bitcoin core developer and open-source evangelist, is part of the discussion.
Updated on: 2023-06-09T23:51:24.375273+00:00