Bitcoin Core has released version 29.0, marking a historic milestone by making Full Replace-by-Fee (Full-RBF) the network standard and concluding a technical debate that dates back to Satoshi Nakamoto’s era. This significant update removes the ability to disable Full-RBF, fundamentally changing how Bitcoin transactions are processed.
The release notes confirm that “starting with v28.0, the -mempoolfullrbf startup option was set to default to 1. With widespread adoption of this policy, users no longer benefit from disabling it, so the option has been removed, making full replace-by-fee the standard behavior.”
Understanding Full-RBF and Its Impact
Full Replace-by-Fee allows any unconfirmed transaction in the mempool to be replaced by a new transaction with a higher fee. This capability is particularly relevant as Bitcoin’s price holds strong at $84,024, leading to increased network activity and fee competition.
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Historical Context and Evolution
The journey to Full-RBF adoption spans over a decade, beginning with Satoshi Nakamoto’s initial discussion of transaction replacement in December 2010. Bitcoin developer Peter Todd became a prominent advocate for RBF in 2013, arguing it would solve the persistent issue of stuck transactions during periods of network congestion.
Impact on Zero-Confirmation Transactions
The implementation of Full-RBF has significant implications for merchants who relied on zero-confirmation (0-conf) transactions. While some businesses considered 0-conf acceptable for small payments, Core developers maintained that such transactions were never truly secure against double-spending attempts.
Frequently Asked Questions
What is Full-RBF?
Full Replace-by-Fee is a policy allowing users to replace unconfirmed transactions by broadcasting new versions with higher fees, regardless of whether the original transaction was marked as replaceable.
How does this affect merchants?
Merchants who previously accepted zero-confirmation transactions will need to adjust their payment acceptance policies or implement alternative solutions like the Lightning Network for instant payments.
What are the benefits of Full-RBF?
Full-RBF provides greater flexibility in fee management, helps prevent stuck transactions, and aligns with Bitcoin’s fee market dynamics.
As Bitcoin continues to evolve, this standardization of Full-RBF represents a significant step toward a more efficient and market-driven transaction fee system. The change reflects the network’s maturation and its focus on long-term sustainability over short-term convenience.
