Author: Raystonn 2015-05-08 20:51:52
Published on: 2015-05-08T20:51:52+00:00
Transactions in Bitcoin do not expire, but wallets can choose to release a transaction with a higher fee if it is online and replace-by-fee is sufficiently deployed. A proposal was made by Raystonn to create all transactions with an expiration time starting with a low fee, then replacing them with new transactions that have a higher fee as time passes. Users can choose the fee curve they desire based on the transaction priority they want to advertise to the network. This way, transactions are not left hanging for days or hours. Aaron Voisine, the co-founder and CEO of breadwallet.com, supports Gavin's 20Mb block proposal and believes that placing hard limits on block size is disruptive and negatively impacts user experience. He suggests that when users pay too low a fee, they should see immediate failure or degraded performance and long delays in confirmation, but eventual success. Voisine thinks that increasing the 1Mb block size limit is the simplest way to avoid transactions propagating, hanging in limbo for days, and then failing. Improved transaction selection for blocks can also be encouraged to discourage low fees and create fee pressure, and this could involve hybrid priority/fee selection so low fee transactions see degraded performance instead of failure.
Updated on: 2023-06-09T19:34:23.213816+00:00