Author: Prayank 2021-05-01 16:59:14
Published on: 2021-05-01T16:59:14+00:00
Jeremy Rubin shared a link with Prayank which explains the concept of a "fee-only" wallet. The feature could be useful in the long term since it allows users to arrange bumps using a separate wallet if their main wallet keys are offline without disturbing any on-chain dependents. Additionally, it can be cheaper than actual RBF because users are not subject to the feerate improvement rule that forces payment for bumps on all transaction data. Rubin suggests creating a system where someone can make a market via LN for someone to get their TX included by a particular date, abstracting the whole system better so that users can fee bump without having to create any direct on-chain traffic and a sponsor vector can be offered across several transactions by a service provider.Prayank raised concerns about different estimations used in wallets, explorers, and other Bitcoin projects. He compared this to BTCUSD order book on any exchange, stating that it is misleading because many users think a transaction with a fee rate of 1-5 sat/vByte will be included in one week or a transaction with X sat/VByte will be included in Y time, which is not true. Prayank suggested that instead of predicting something difficult, wallets should follow a three-step approach: show mempool stats, leave the fee rate for the user to decide, and use different algorithms for automated bidding. Such RBF algos can be helpful when Bitcoin wallets are open in the background, especially for mobile wallets where users can receive a notification every time a transaction is replaced with a new fee rate automatically.
Updated on: 2023-06-14T20:37:19.207659+00:00