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Electrum wallet takes a stand on proposed full RBF in Bitcoin

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Key facts:
  • According to Electrum, a BTC payment must be confirmed by the network before it is considered complete.

  • There is an array of developers for and against adding Full RBF to Bitcoin.

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Electrum, one of the Bitcoin wallets with the longest history in the ecosystem, let its Twitter account show its support for the proposal to add Full RBF to the Bitcoin protocol.

In a tweet referencing the popular bitcoiner saying “if it’s not your keys, it’s not your coins,” the Electrum team added, “if it’s not confirmed, it’s not your coins either.”

Full RBF is a proposal to add to the Bitcoin protocol the ability for a user to replace the fee paid for a transaction. The purpose of this procedure is to expedite payment and have the transaction added to a block more quickly.. Note that once the payment has already been confirmed, the RBF has no effect.

The substitution of a transaction by the Commission is already possible in Bitcoinbut it is an option that is up to wallet creators to offer or not offer to their users. If Full RBF is enabled, the ability to replace fees will be available to all Bitcoin users, regardless of the wallet wallet they use to interact with the network and make payments.

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The debate over whether or not to add the full RBF to Bitcoin.

Bitcoin developers have been debating for several weeks whether or not to add Full RBF to Bitcoin’s code and, if so, how and when it would be most appropriate to do so. There is a group of developers in favor of Full RBF who argue that. its implementation can prevent vulnerabilities in attack vectors in the future.

There is also a group of developers opposed to Full RBF, who argue that this initiative would make it impossible for merchants and platforms to accept payments without confirmationsas they currently do. Their position is based on the fact that if a merchant accepts an unconfirmed payment, someone could use the RBF to reverse the payment or make a double charge.

Bottom line, Full RBF would make it easier to scam these platforms.. Therefore, those who receive payments without confirmation should abandon this practice and always wait at least 10 minutes for payment confirmation.

CryptoNews recently published an article explaining in more detail the entire debate that has taken place so far in reference to the implementation of the Full RBF. This media also reported a announcement by developer Peter Todd, which will offer excessively high fees to miners accepting transactions with Full RBF once this protocol is added to Bitcoin.

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