Author: Mark Friedenbach 2015-05-08 23:58:20
Published on: 2015-05-08T23:58:20+00:00
In a future where fees dominate, replace-by-fee is not an opt-in feature. Transactions are created with a range of fees presented by the wallet, and the lowest fee is broadcasted first. If the transaction is not accepted, higher fee versions are released. Users can opt-out and send no-fee or base-fee-only transactions but this should not be the default. On the receiving end, local policy controls how much fee is spent trying to obtain confirmations before alerting the user if there are fees available in the hot wallet to do this. The receiving wallet then adds its own fees via a spend if it thinks insufficient fees were provided to get a confirmation. This should all be automated as long as there is a hot wallet on the receiving end. The block size cannot increase enough to cover every single use by everyone in the world, so we will have to transition into an economy where at least one side has to pay up for a transaction to get confirmation. It will be easier to deal with the issue now rather than later. There are already solutions to this waiting to be deployed as default policy to bitcoind, including replace-by-fee and child-pays-for-parent.
Updated on: 2023-06-09T20:05:21.935790+00:00