Author: Mark Friedenbach 2015-06-20 01:09:53
Published on: 2015-06-20T01:09:53+00:00
The discussion revolves around the security concerns of retail transactions involving Bitcoin. The suggestion is for retail to use escrowed microchannel hubs, like what lightning provides, that enable untrusted instant payments instead of relying on single-signer zeroconf transactions which cannot be made safe. Retail merchants should require a co-signature from a mutually trusted co-signer to guarantee the irreversibility of a transaction. However, Andreas Petersson argues that requiring such measures would exclude 99.9% of potential users and is unnecessary as fraud frequency in Bitcoin transactions is much lower than cash. He also mentioned that 0-conf concerns were never a problem in practice except for 2-way ATMs. Waiting for a handful of confirmations was always recommended practice, especially for any online or automated system. Petersson also criticized RBF as implemented by F2Pool as it lowers Bitcoin's utility value.
Updated on: 2023-06-09T23:53:33.335320+00:00