Bitcoin Core 24, the long-awaited and controversial upgrade, was activated on November 26th, opening the door to a Bitcoin memory pool that acts as a waiting room for unconfirmed transactions.
The memory pool activates full Replace-by-Fee (RBF) logic. This is how a node either accepts or rejects conflicting transactions if the price of one transaction is high.
Prior to this upgrade, Bitcoin Core nodes implemented “opt-in RBF” logic. With this logic, miners replaced conflicting transactions in the memory pool if they were notified that the transaction was replaceable. The RBF standard was introduced in 2016 and enabled on the Bitcoin network through the BIP 125 update. Before RBF, memory pools accepted transactions on a first-come, first-served basis.
The new release, on the other hand, features full RBF, causing controversy in the Bitcoin community for fears that zero-confirmation transactions will become obsolete. I feel it helps and causes zero-confirmation applications like Muun to disable functionality for thousands of users.
According to Appolo co-founder Thomas Fahrer, the introduction of full RBF into Bitcoin will increase the risk of zero-confirmation transactions.
#bitcoin Core 24.0 has been released.
There are many controversies about this.
Industry giants, new features impacting network scalability and security.
I’m talking about the mempoolfullrbf configuration option.
Let’s break it down as simply as possible. 🧵 👇
— Tom ⚡ (@thomas_fahrer) November 25, 2022
Zero-confirmation loosely translates to blockchain accepting Bitcoin transactions prior to verification by miners. In most cases, these transactions are not only safe, but also useful. Upgrading will adversely affect these types of transactions. This is because miners will be able to easily replace them with higher fee transactions.
For example, the Muun wallet packages unconfirmed transactions into blocks to create submarine swaps, enabling massive lightning payments.
The purpose of the full exchange mechanism with fees is to raise transaction fees. This will not only benefit miners, but will set the industry standard for the blockchain fee market. Merchants and Bitcoin ATMs that rely on zero-confirmation transactions to meet customer needs for online commerce feel that RBF reduces the credibility of their business. The community speculates that the core developers want all transactions to be RBF by default.
According to Synonym CEO John Carvalho, “RBF has only made BTC spending more dangerous for retailers and businesses.”
when asked to provide Evidence of RBF double paymentCarvalho cited zero-confirmation transactions as offering an incentive to protect networks from potential Sybil attacks. is unsafe and only benefits merchants for a limited period of time.