Author: Dario Sneidermanis 2015-06-21 02:11:49
Published on: 2015-06-21T02:11:49+00:00
Peter Todd, a Bitcoin developer, announced in June 2015 that F2Pool, which was the largest mining pool at the time with 21% of the hashing power, enabled full replace-by-fee (RBF) support after discussions with him. This change allows transactions to be replaced if a conflicting transaction pays a higher fee. In the short term, this change had little effect on users since wallet software for average users couldn't detect conditions where an unconfirmed transaction may be double-spent by the sender. However, it offered long-term advantages such as allowing users to more efficiently make transactions and pay lower fees. Nonetheless, no wallets supporting these features existed at the time.Users who used their own nodes to verify transactions were not affected much by this change. For businesses using payment processors or transaction APIs such as BitPay, Coinbase, or BlockCypher, accepting unconfirmed transactions is optional and these transactions may or may not be "guaranteed" by the payment processor even if double-spent.In addition to discussing RBF, Todd also talked about Jan Capkun's paper on Cryptology ePrint Archive Report 2015/578, which was published on June 10th, 2015. The paper can be accessed through the provided link. Todd also highlighted the serious problems with transaction processing contracts with miners, including their potential use in double-spending and how legal contracts give the advantage to non-anonymous miners in Western jurisdictions.As part of a discussion thread on the Bitcoin-development mailing list, an email from 'peter'[:-1]@petertodd.org containing a long string of characters is also included in the context.
Updated on: 2023-06-09T23:55:29.938998+00:00