Author: Erik Aronesty 2022-10-19 14:45:44
Published on: 2022-10-19T14:45:44+00:00
Currently, Lightning payments account for about 15% of total bitcoin payments. There is a desire to increase adoption of Lightning, but there is a discussion on whether it should be done by disabling on-chain commerce. However, waiting for confirmation on-chain before shipping a product will not change, and there is no easy way to cancel or replace-by-fee (RBF) a transaction. The change is that in the rare event that an RBF transaction is received where the fee level means confirmation times will be slow, a merchant will have to wait a very long time for at least one confirmation. Merchants should alert users that the transaction may take longer than the BTC FX rate guarantee window and may require additional funds if FX rates change. Users with wallets that support RBF can now be encouraged to accelerate their transactions, depending on their wallet, to lock in FX rates. 0-conf is still a viable strategy for releasing an order as long as fees are high and it is likely to be included in the next block. Further fee analysis is needed to validate 0-conf and mitigate risks, but it is more "honest" to the true risks.
Updated on: 2023-06-16T01:01:08.249655+00:00