https://bitcointalk.org/index.php?topic=199947.0
Can anyone explain what replace-by-fee means?
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2 Answers
It's a method that allows replacing an already transmitted transaction by transmitting another transaction with a higher fee. This only works on transactions before they are signed by miners (0-confirmations).
answered May 9, 2013 at 15:59
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1So basically it floods the mempool with multiple transactions that only differ by fee. It seems this creates more "noise" for miners than necessary.– GeremiaMar 29, 2017 at 18:47
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1@Geremia the miner's are economically incentivized to discard the lower fee transaction. It should add more load to the network but shouldn't increase the size of the mempool. Apr 6, 2017 at 13:14
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1If the fee is so high that makes sense for someone to mine on old blocks, surely it would also work for 1+-confirmations? Jul 3, 2017 at 11:01
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Normally a miner will pick the one with the highest fee. Some explorers continue to show the older double spent even after the new one has been confirmed.– Jus12Nov 12, 2017 at 12:50
After 6 years, Now I want to tell you what is Replace by Fee :)
This feature was proposed in BIP125 and implemented in Bitcoin Core 0.12.0.
In simple words, by enabling (Replace By Fee) RBF in a transaction, if a transaction doesn't get mined, it can be resent by the sender with a higher mining fee with keeping the input data of the UTXO(Unspent Transaction Output) same as before.
