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March 15, 2017, 04:58:27 AM |
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RBF is replace by fee, it works like this: you make a transaction with X satoshi/byte as fee and mark it as opt-in RBF. in other words your transaction is telling anyone who sees it, this transaction is an opt-in RBF.
then because there were other transactions out there which were paying higher fees than your X s/b, yours didn't confirm.
so you create another transaction and bump the fees up to X+Y s/b and broadcast it.
- if you had regular tx without RBF and created a new tx with X+Y s/b fee, nodes would have rejected it because it is a double spend and they already had the other tx in their mempool. - but with RBF if nodes have implemented this option, they don't see the second tx as a double spend they simply replace the old one with the new one.
and remember that an RBF transaction is not a double spend because the outputs are the same only the fee changes.
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