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On this episode of “Bitcoin, Defined,” hosts Aaron van Wirdum and Sjors Provoost revisit the replace-by-fee (RBF) node coverage. As they talked about in episode 65, the upcoming Bitcoin Core launch — Bitcoin Core 24.0 — contains the choice to change on “full RBF,” however this has since brought on some commotion within the Bitcoin neighborhood. Van Wirdum and Provoost clarify what this commotion has been about and spotlight among the new arguments for and towards full RBF.
RBF has been the subject of an earlier “Bitcoin, Defined” episode, subsequently, van Wirdum and Provoost don’t go into an in-depth rationalization on what RBF is precisely or the way it works. Nonetheless, they do briefly summarize its most necessary facets.
Van Wirdum and Provoost then go on to elucidate why Bitcoin Core builders initially determined to incorporate this function, they usually talk about among the current arguments for and towards full RBF. These embrace the impact of RBF on “pinning assaults” — a sort of assault that’s particularly related for the Lightning Community and different Layer 2 protocols — the relative security of accepting unconfirmed transactions at the moment, privacy-related arguments regarding the “opt-in” flag that RBF transactions at the moment use, the detrimental results of monitoring the community for potential double spends and extra.
Van Wirdum and Provoost additionally talk about the professionals and cons of together with RBF as an non-obligatory function and thus letting node operators resolve for themselves how their node offers with conflicting unconfirmed transactions. Provoost outlines why, in some circumstances, giving customers extra choices may have detrimental results on the well being of the Bitcoin community, and considers whether or not the choice to incorporate the RBF choice is such a case.
Lastly, van Wirdum and Provoost briefly talk about an initiative by full-RBF advocate Peter Todd to incentivize miners to use full-RBF logic to their transaction choice.