The use of fee replacement in Bitcoin transactions skyrocketed in 2021
Wären Sie bereit, zu viel zu bezahlen, damit Ihre blockierte Bitcoin-Transaktion schneller verarbeitet wird? Die Daten zeigen, dass Sie es mit Sicherheit tun würden.
The use of Replace With Fee – a transaction feature on the Bitcoin network that allows the fee to be increased after the transaction is submitted – has more than doubled in 2021, which could be a sign that the adoption of Bitcoin is about to begin too Increased competition among users has resulted in their transactions in the next block.
Replace with Fee: The old hidden secret that some Bitcoiners are discovering today
According to statistics from Bitcoinops, the use of replace by fee transactions has so far increased from 14% to 28% this year.
The data shows that out of 144 Bitcoin blocks, almost a third of the transactions had used the fee increase option, first implemented in 2016, as GreenAddress (now Green Wallet) began to support this solution.
Chart showing the number of Bitcoin transactions with replacement by fee. Bitcoinops
The use of Replace By Fee did not have any far-reaching effects in the first few years of its existence. In 2018 it managed to beat the target of 5% of transactions and it would take another two years to reach 10% of BTC transactions usability.
History changed as early as the third quarter of 2020. The user base grew, the cryptocurrency boom hit the institutional world, and people started sending Bitcoin like crazy. The share of transactions with fee replacement reached 15% in October 2020, 20% in April 2021 and closed the year almost 30% with a high of 27.5%.
As the Bitcoin ecosystem grows, alternatives to improve the user experience are becoming increasingly popular
The trend is clear. The number of RBF transactions is increasing and does not seem to have a clear percentile limit in the short term.
On the flip side, the network has dropped well below the nearly 450,000 high in 2019 in terms of daily transactions processed. There are currently around 26,000 processed daily, which is already a nearly 20% increase in Bitcoin activity since June this year, when transactions fell to less than 200,000 a day amid a price recession.
Daily BTC-Transactions per day. Blockchain.com
RBF usage is an essential statistic in terms of usability as it shows a growing interest in fast transaction processing. As more and more companies begin to offer a bitcoin-friendly face, options like replace with fee or child pay for parents help create a more flexible system for users.
For example, a payment processor, an exchange or a service provider may require up to 6 block confirmations to accept a payment. Calculating fees is already something that many wallets automatically offer. Nevertheless, the use of Replace by Fee in the event of an error – and when a buyer is urgent – can save the user unexpectedly long waiting times.
And if paying more for a faster Bitcoin transaction seems offensive to your new Bitcoin-loving friend, maybe it would be a good idea to get them off the better-known ones NFTProjects and DeFi-Keep out of logs.
Source: Crypto News Deutsch