Bitcoin Core 24 comes with the RBF standard, a feature that allows users to exchange unconfirmed BTC transactions with high-fee alternative transactions.
The highly anticipated Bitcoin Core 24 is now live
Bitcoin Core 24 is a long-awaited but controversial upgrade. cryptocoin.com As we have reported, this upgrade was activated on November 26th. Thus, it opened the door to the Bitcoin memory pool, which would act as a waiting room for unconfirmed transactions. The memory pool will enable full RBF (Feed Swap) logic, a way for nodes to accept or reject conflicting transactions if a transaction has a high fee.
Prior to this upgrade, Bitcoin Core nodes implemented ‘opt-in RBF’ logic, in which miners swapped a conflicting transaction in the memory pool if that transaction was marked as swappable. The developer team introduced the RBF standard in 2016. Enabled on Bitcoin Network with BIP 125 update. Before RBF, the memory pool accepted transactions on a first seen basis.
There are also criticisms of the upgrade
Meanwhile, the new version comes with fears of nullifying the Bitcoin community’s zero-confirmation transactions. As such, it arguably includes a Full-RBF. Also, many of the critics suggest that the new feature will encourage double-spending attacks. They think it will cause zero approval apps like Muun to disable the feature for thousands of users. Bringing full RBF to Bitcoin is problematic, according to Appolo co-founder Thomas Fahrer. Because it will increase the risk of encountering double spending attacks when accepting such payments. So it makes zero confirmation transactions more risky.
#Bitcoin Core 24.0 was just released.
This one comes with a lot of controversy.
A new feature effecting big industry players, the networks scalability and security.
I'm talking about the mempoolfullrbf configuration option.
Let me break it down as simply as I can. 🧵 👇
— Tom⚡ (@thomas_fahrer) November 25, 2022
Zero confirmation roughly means that the blockchain accepts a Bitcoin transaction before it is confirmed by miners. In most cases, these transactions are not only safe, but also useful. Upgrading negatively impacts such operations. Because miners will now easily exchange them for higher fee transactions. For example, the Muun wallet packs unconfirmed transactions into blocks to create submarine swaps. Thus, it makes possible very fast payments in bulk.
The purpose of the Full Fee Swap mechanism is to increase transaction fees. This will not only benefit miners, but will set an industry standard for Blockchain’s fee market. Traders and Bitcoin ATMs who rely on zero confirmation transactions to meet customer needs for online transactions say RBF will make their businesses less reliable. So this leads some of the community to speculate that core developers are trying to RBF all operations by default.
According to Synonym CEO John Carvalho, RBF will only make spending BTC more dangerous for users. When asked to provide evidence that RBF is double-spending, Carvalho states that zero confirmation transactions provide incentives to protect the network from a potential Sybil attack. Nearly the entire community voted NO, with most members detailing their zero approval process. It will also be profitable for traders only for a limited time.
