Instant Transactions on Bitcoin Cash | 0-Conf & RBF Simply Explained

If you have recently used Bitcoin to transfer money, You might realize Such a long waiting time for confirmation, It's really not suitable for use as currency If you want your transaction to be packaged in the next block, You have to wait for this transaction to be confirmed 1-6 times on the blockchain Waiting time varies from 10 minutes to 60 minutes Bitcoin transaction design It wasn't like this before Before 2015 Most Bitcoin transactions are instant This feature is called 0 confirmation I.e. 0 confirmed transaction At that time, using Bitcoin as a means of payment was much more convenient than it is now You just have to scan your phone Your transaction will be broadcast to the network Then it's over You don’t need to wait for multiple confirmations No need to worry about whether your transaction will be packaged in the next block At the time, unconfirmed transactions could be trusted Because the first broadcast transaction will be packaged into the next block If someone tries to initiate a double spend transaction I.e.

Send the same amount of money to the second address without confirmation The second transaction will be ignored by the network In this way, due to the loss of the ability to double spend or cancel the transaction Merchants can rest assured that this transaction will be confirmed in the next block And you don't have to wait Instant transactions are inherently reliable Until the Bitcoin Core team decided to introduce the so-called fee market strategy Keep small blocks At the same time, the handling fee will be increased to the upper limit of the fee that the user is willing to pay for security With increasing transaction fees and full blocks If your transaction fee is lower Your transaction may be stuck in the memory pool for several weeks To solve this problem Bitcoin core has added a new feature-Replace-By-Fee (RBF) This feature allows you to double spend your own transaction The original intention of RBF is When your transaction is stuck in the memory pool due to insufficient handling fees You can rebroadcast the transaction (replace the original one) by paying a higher fee This increases the possibility that the transaction will be packaged in the next block Unfortunately This approach ruined 0 confirmation With RBF When you use Bitcoin to buy a certain product You can leave the store Rebroadcast a transaction with a higher fee To transfer the money back to your own address Then you get back the money left after deducting the miner fee This forces merchants to only trust transactions that have been confirmed by the blockchain This is why we need to wait for a long time today If Bitcoin develops into a stored value system Not a currency Then waiting for confirmation time will not be a problem But for those who use Bitcoin daily Big trouble So the Bitcoin community split Those who wish to use Bitcoin as a currency initiated a hard fork (BCH) BCH branch removed RBF And expanded the block size Make 0 confirmation can still be used normally Currently 0 confirmation is still the most reliable on the decentralized blockchain And it’s a proven way of real-time transactions but As with most things in the cryptocurrency system In theory, as long as you use sufficient resources You can still find possible means of attack Technically Even if RBF is removed It is still possible to double spend a transaction If the buyer premeditated Good luck Also willing to spend a huge amount of resources It's still possible to double spend successfully The problem is Most double-spending transactions of this type are not worth the gain (it is difficult for an attacker to profit from it) Even so Most of the 0-confirmation transactions you make on the BCH chain are still very safe But if you want to sell Lamborghini or luxury homes to cryptocurrency bigwigs You should wait for a few confirmations.

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