What Is the Primary Argument for Enabling Full RBF by Default in Node Software?
The primary argument for enabling Full RBF by default is that it enforces economic reality and improves fee market efficiency. Proponents argue that 0-conf transactions were never truly secure, and Full RBF forces users and merchants to acknowledge this by waiting for confirmations or adopting Layer 2 solutions.
By allowing any transaction to be replaced by a higher-fee version, it ensures miners always select the most profitable transactions, leading to a more competitive and responsive fee market.
Glossar
Node
Entity ⎊ A Node is an individual participant computer that validates transactions, maintains a copy of the ledger, and contributes to the overall security and decentralization of the cryptocurrency Network.
RBF
Policy ⎊ RBF (Replace-by-Fee) is a protocol feature that allows a user to replace an unconfirmed transaction in the mempool with a new transaction that includes a higher transaction fee.
Full Rbf
Derivation ⎊ Full Rbf, within cryptocurrency options and financial derivatives, signifies a complete representation of the risk-neutral density function, crucial for pricing and hedging exotic options.
Fee Market Efficiency
Pricing ⎊ Fee Market Efficiency describes the optimal functioning of a blockchain's mechanism for determining the cost of including a transaction in the next block.