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@ -83,7 +83,7 @@ $ bitcoin-cli getwalletinfo
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}
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}
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```
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> :book: ***What is a Bitcoin wallet?*** A Bitcoin wallet is the digital equivalent of a physical wallet. It stores information on the amount of bitcoins you have and where it's located (addresses), as well as the ways you can use to spend it. Spending physical money is intuitive, but to spend Bitcoin, users need to provide the correct _private key_. We will explain this in more detail throughout the course, but what you should know for now is that this public-private key dynamic is part of what makes Bitcoin secure and trustless. Your key pair information is saved in the `wallet.dat` file, in addition to data about preferences and transactions. For the most part, you won't have to worry about that private key: `bitcoind` will use it when it's needed. However, this makes the `wallet.dat` file extremely important: if you lose it, you lose your private keys, and if you lose your private keys, you lose your funds!
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> 📖 ***What is a Bitcoin wallet?*** A Bitcoin wallet is the digital equivalent of a physical wallet. It stores information on the amount of bitcoins you have and where it's located (addresses), as well as the ways you can use to spend it. Spending physical money is intuitive, but to spend Bitcoin, users need to provide the correct _private key_. We will explain this in more detail throughout the course, but what you should know for now is that this public-private key dynamic is part of what makes Bitcoin secure and trustless. Your key pair information is saved in the `wallet.dat` file, in addition to data about preferences and transactions. For the most part, you won't have to worry about that private key: `bitcoind` will use it when it's needed. However, this makes the `wallet.dat` file extremely important: if you lose it, you lose your private keys, and if you lose your private keys, you lose your funds!
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You now have a Bitcoin wallet. But you can't receive funds with a wallet. For that you need an address, which is a specific repository for funds, derived from the private key information in your wallet: its one private key can generate many addresses.
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@ -123,7 +123,7 @@ Note that this address begins with an "tb1", which [means](https://en.bitcoin.it
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Take careful note of the address. You'll need to give it to whomever will be sending you funds.
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> :book: ***What is a Bitcoin address?*** A Bitcoin address is literally where you receive money. It's like an email address, but for funds. It's based on a public key, though different address schemes adjust that in different ways. Unlike an email address, a Bitcoin address should be considered single use: use it to receive funds just _once_. When you want to receive funds from someone else or at some other time, generate a new address. This is suggested in large part to improve your privacy. The whole blockchain is immutable, which means that explorers can look at long chains of transactions over time, making it possible to statistically determine who you and your contacts are, no matter how careful you are. If you keep reusing the same address, then this becomes even easier.
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> 📖 ***What is a Bitcoin address?*** A Bitcoin address is literally where you receive money. It's like an email address, but for funds. It's based on a public key, though different address schemes adjust that in different ways. Unlike an email address, a Bitcoin address should be considered single use: use it to receive funds just _once_. When you want to receive funds from someone else or at some other time, generate a new address. This is suggested in large part to improve your privacy. The whole blockchain is immutable, which means that explorers can look at long chains of transactions over time, making it possible to statistically determine who you and your contacts are, no matter how careful you are. If you keep reusing the same address, then this becomes even easier.
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By creating your first Bitcoin address, you've also begun to fill in your Bitcoin wallet. More precisely, you've begun to fill the `wallet.dat` file in the appropriate `~/.bitcoin/signet /wallets/` directory. With a single address in hand, you could jump straight [§3.6: Receiving a Transaction](03_6_Receiving_a_Transaction.md) and begin receiving funds. However, before we get there, we're going to briefly discuss backing up your wallet and a few optional wallet commands that you might want to use in the future.
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@ -8,7 +8,7 @@ Private keys are what make the Bitcoin world go round. They're used to generate
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The HD wallet, which is short for the Hierarchical Deterministic Wallet, was defined in [BIP-32](https://github.com/bitcoin/bips/blob/master/bip-0032.mediawiki). It's a hierarchical design where a single "seed" generates an extended private key, which includes not just the private key but also a "chain code" that can be used to create descendents of that key. The key and chain code can be used to deterministically generate chains of keys (and therefore addresses) for a variety of purposes. A Bitcoin HD wallet will typically have individual chains of keys (and addresses) for a variety of different address types. But, they can all be restored from that seed (or from that master extended private key) because of their determinism: the addresses are always created in the same way provided that you have the same starting points (your master extended private key and a specific index [0,1,...,n] for a specific type of address).
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> :book: ***What is a BIP?*** A BIP is a Bitcoin Improvement Proposal. It's an in-depth suggestion for a change to the Bitcoin Core code. Often, when a BIP has been sufficiently discussed and updated, it will become an actual part of the Bitcoin Core code. BIP-32 is one of many examples.
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> 📖 ***What is a BIP?*** A BIP is a Bitcoin Improvement Proposal. It's an in-depth suggestion for a change to the Bitcoin Core code. Often, when a BIP has been sufficiently discussed and updated, it will become an actual part of the Bitcoin Core code. BIP-32 is one of many examples.
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## Understand Descriptor Wallets
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@ -16,15 +16,15 @@ Most of this course presumes that you're working entirely from a single node whe
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HD wallets offered a big step forward for managing this sort of interoperability, because they allowed you to load a single seed (or master extended private key) into a new wallet rather than having to move over a whole bag of keys. A few formats have been introduced to make it easy to move HD wallets, starting with seed phrases and the `xpub` and `xprv` formats. But they quickly proved inadequate. Seed phrases only defined the seed, not what it was used for. The `xprv` (and `xpub`) improved on that by defining the root of an HD tree, but they were very specific to a certain type of address. When a new address type was created, a new format was needed, resulting in the `yprv` and `ypub` formats. Then a third address type resulted in the creation of `zprv` and `zpub`. The system was quickly growing unmanageable. A new format was needed that described not just the extended keys, but also which address types they would be used to create. Because if you didn't have that, a new wallet would have to test a master extended public key against _every possible type of address_ and that was going to be very inefficient and time-consuming and still introduced the likelihood of losing funds.
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> :book: **What is a seed phase?** A collection of mnemonic words can define a seed. That seed is then used to generate an extended private key. Seed phrases are not currently used by Bitcoin Core, but they are in wide use in the larger Bitcoin ecosystem.
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> 📖 **What is a seed phase?** A collection of mnemonic words can define a seed. That seed is then used to generate an extended private key. Seed phrases are not currently used by Bitcoin Core, but they are in wide use in the larger Bitcoin ecosystem.
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> :book: ***What is xprv?*** Xprv stands for extended private key. This is the combination of a private key and a chain code. It's a private key that a whole sequence of children private keys can be derived from.
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> 📖 ***What is xprv?*** Xprv stands for extended private key. This is the combination of a private key and a chain code. It's a private key that a whole sequence of children private keys can be derived from.
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> :book: ***What is xpub?*** Xpub stands for extended public key. This is the combination of a public key and a chain code. It's a public key that a whole sequence of children public keys can be derived from.
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> 📖 ***What is xpub?*** Xpub stands for extended public key. This is the combination of a public key and a chain code. It's a public key that a whole sequence of children public keys can be derived from.
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Enter, at last, the descriptor wallet. A descriptor wallet collects together "output descriptors" (sometimes called "wallet descriptors") which each either define one address or for a special "ranged descriptor" a whole array of addresses, each at a separate index. They do so through the specification of a format that includes: a function (which defines how to unlock the Bitcoin at the address), a derivation path (which defines the purpose of an address, which mostly links it to a specific standard), either the master extended public key or the master extended private key, and a checksum to make sure that nothing has been corrupted.
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> :book: ***What is a Derivation Path?*** When you have hierarchical keys, you need to be able to define individual keys as descendents of the master key. For example `[0]` is the 0th key of the master key, `[0/1]` is the first son of the 0th key, `[0/1/1]` is the first grandson of the first son of the 0th key. Some keys also contain a `'` or `h` after the number, to show they're hardened, which protects them from a specific attack that could otherwise be used to derive a private key from a public key. You don't need to worry about the specifics, other than the fact that a derivation path like `[0/1/1/0/0]` describes a path down through a hierarchical tree and that descriptor wallets run specific calculations to deterministically determine the right address for a specific position in a tree. A derivation path defines a key, which means that a key represents a derivation path. They're equivalent.
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> 📖 ***What is a Derivation Path?*** When you have hierarchical keys, you need to be able to define individual keys as descendents of the master key. For example `[0]` is the 0th key of the master key, `[0/1]` is the first son of the 0th key, `[0/1/1]` is the first grandson of the first son of the 0th key. Some keys also contain a `'` or `h` after the number, to show they're hardened, which protects them from a specific attack that could otherwise be used to derive a private key from a public key. You don't need to worry about the specifics, other than the fact that a derivation path like `[0/1/1/0/0]` describes a path down through a hierarchical tree and that descriptor wallets run specific calculations to deterministically determine the right address for a specific position in a tree. A derivation path defines a key, which means that a key represents a derivation path. They're equivalent.
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The derivation path allows you to calculate the right key from the master extended key, but it's the introduction of functions into descriptors that makes them particularly powerful, because they allows descriptors to serve a number of different types of past, present, and future addresses (which we'll meet in [§3.5](03_5_Understanding_the_Address.md)).
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@ -266,7 +266,7 @@ $ bitcoin-cli deriveaddresses "wpkh([e18dae20/84h/1h/0h]tpubDC4ujMbsd9REzpGk3gnT
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```
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This example shows the derivation of addresses from the BIP-84 ranged descriptor up through index "2". If you check this against the addresses created in [§3.3](03_3_Setting_Up_Your_Wallet.md), you'll see they're just the same. Which is of course the whole point of descriptors! They are deterministically derived in the same way every time. The main purpose of this function would be to export addresses to other services (for example, if you wanted to export watch-only addresses to another wallet-app).
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> :book: ***What is a watch-only address?*** A watch-only address allows you to watch for transactions related to an address (or to a whole family of addresses if you used a ranged descriptor), but not to spend funds on those addresses.
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> 📖 ***What is a watch-only address?*** A watch-only address allows you to watch for transactions related to an address (or to a whole family of addresses if you used a ranged descriptor), but not to spend funds on those addresses.
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## Import a Descriptor
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@ -294,7 +294,7 @@ We've now unlocked the full power of descriptors by both importing and exporting
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Descriptors let you pass public keys and private keys among wallets, but more than that, they allow you to precisely and correctly define addresses and derive addresses of a lot of different sorts from a standardized description format. They're the heart of Bitcoin Core's descriptor wallets.
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> :fire: ***What is the power of descriptors?*** Descriptors allow you to import and export keys and addresses. That's great if you want to move between different wallets. As a developer, they also allow you to build up the precise sort of addresses that you're interested in creating.
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> 🔥 ***What is the power of descriptors?*** Descriptors allow you to import and export keys and addresses. That's great if you want to move between different wallets. As a developer, they also allow you to build up the precise sort of addresses that you're interested in creating.
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## What's Next?
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@ -22,7 +22,7 @@ SegWit came out of the Blocksize War of the '10s, where Bitcoin developers and u
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The specifics aren't that important. What is important is that P2WPKH, and a few other SegWit addresses that we'll meet shortly, are the default type of address; when you created an address in [§3.3](03_3_Setting_Up_Your_Wallet.md), you created a P2WPKH.
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> :book: **What is a fork?** A fork is a change to the Bitcoin protocol. This isn't a change to how one application (like Bitcoin Core) works, it's a change to how all of the members of the Bitcoin network agree to interact with each other. A hard fork makes new transactions incompatible with old transactions. It essentially creates two versions of Bitcoin (and most often has been used to actually create a new cryptocurrency). A soft fork ensures that old transactions remain compatible.
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> 📖 **What is a fork?** A fork is a change to the Bitcoin protocol. This isn't a change to how one application (like Bitcoin Core) works, it's a change to how all of the members of the Bitcoin network agree to interact with each other. A hard fork makes new transactions incompatible with old transactions. It essentially creates two versions of Bitcoin (and most often has been used to actually create a new cryptocurrency). A soft fork ensures that old transactions remain compatible.
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### The Rest of the Addresses
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@ -8,7 +8,7 @@ To do anything more, you need to get some money. On signet this is done through
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To use a faucet, you'll usually need to go to a URL and copy and paste in your address. Afterward, a transaction will be created that sends money from the faucet to you.
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> :book: ***What is a transaction?*** A transaction is a bitcoin exchange. The owner of some bitcoins uses his private key to access those coins, then locks the transaction using the recipient's public key, at least for a P2WPKH transaction.
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> 📖 ***What is a transaction?*** A transaction is a bitcoin exchange. The owner of some bitcoins uses his private key to access those coins, then locks the transaction using the recipient's public key, at least for a P2WPKH transaction.
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> :link: **SIGNET vs MAINNET:** Sadly, there are no faucets in real life. If you were playing on the mainnet, you'd need to go and actually buy bitcoins at a bitcoin exchange or ATM, or you'd need to get someone to send them to you. Signet life is much easier.
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@ -23,9 +23,9 @@ But wait, there's no balance yet!?
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Welcome to the world of Bitcoin latency. The problem is that your transaction hasn't yet been recorded in a block!
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> :book: ***What is a block?*** Transactions are transmitted across the network and gathered into blocks by miners. These blocks are secured with a mathematical proof-of-work, which proves that computing power has been expended as part of the block creation. It's that proof-of-work (multiplied over many blocks, each built atop the last) that ultimately keeps Bitcoin secure.
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> 📖 ***What is a block?*** Transactions are transmitted across the network and gathered into blocks by miners. These blocks are secured with a mathematical proof-of-work, which proves that computing power has been expended as part of the block creation. It's that proof-of-work (multiplied over many blocks, each built atop the last) that ultimately keeps Bitcoin secure.
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> :book: ***What is a miner?*** A miner is a participant of the Bitcoin network who works to create blocks. It's a paying job: when a miner successfully creates a block, they are paid a one-time reward plus the fees for the transactions in his block. Mining is big business. Miners tend to run on special hardware, accelerated in ways that make it more likely that they'll be able to create blocks. They also tend to be part of mining pools, where the miners all agree to share out the rewards when one of them successfully creates a block.
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> 📖 ***What is a miner?*** A miner is a participant of the Bitcoin network who works to create blocks. It's a paying job: when a miner successfully creates a block, they are paid a one-time reward plus the fees for the transactions in his block. Mining is big business. Miners tend to run on special hardware, accelerated in ways that make it more likely that they'll be able to create blocks. They also tend to be part of mining pools, where the miners all agree to share out the rewards when one of them successfully creates a block.
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You might have to wait patiently for those funds. Some faucets have a waiting queue before they'll distribute funds, and in any case it takes 10 minutes to make every block, even if a faucet sent a transaction immediately, it might take 10 minutes to arrive. Eventually, however, you should see funds:
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```
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@ -33,13 +33,13 @@ $ bitcoin-cli getbalance
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0.00500090
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```
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> :book: **Is Ten Minutes the Rule?** Ten minutes is the average amount of time it should take to generate a Bitcoin block. On Signet, it's pretty close to the rule, because the whole point of Signet is to have a regular, reliable testing environment. On Mainnet, the block time depends on when someone can randomly solve the tough proof-of-work problem that allows them to create a block. Sometimes it might take 30 minutes to generate a block, and then suddenly two more arrive a few minutes later each. Over time, the difficulty of the proof-of-work problem is moved up or down to bring the average back to 10 minutes per block.
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> 📖 **Is Ten Minutes the Rule?** Ten minutes is the average amount of time it should take to generate a Bitcoin block. On Signet, it's pretty close to the rule, because the whole point of Signet is to have a regular, reliable testing environment. On Mainnet, the block time depends on when someone can randomly solve the tough proof-of-work problem that allows them to create a block. Sometimes it might take 30 minutes to generate a block, and then suddenly two more arrive a few minutes later each. Over time, the difficulty of the proof-of-work problem is moved up or down to bring the average back to 10 minutes per block.
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### Gain Confidence in Your Money
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You can use `bitcoin-cli getbalance "*" [n]`, where you replace `[n]` with an integer, to see if a confirmed balance is 'n' blocks deep.
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> :book: ***What is block depth?*** After a block is built and confirmed, another block is built on top of it, and another ... Because this is a stochastic process, there's some chance for reversal when a block is still new. Therefore, a block has to be buried several blocks deep in a chain before you can feel totally confident in your funds. Since each of those blocks tends to be built in an average of 10 minutes, it usually takes about an hour for a confirmed transaction to receive six blocks deep, which is the measure for full confidence in Bitcoin.
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> 📖 ***What is block depth?*** After a block is built and confirmed, another block is built on top of it, and another ... Because this is a stochastic process, there's some chance for reversal when a block is still new. Therefore, a block has to be buried several blocks deep in a chain before you can feel totally confident in your funds. Since each of those blocks tends to be built in an average of 10 minutes, it usually takes about an hour for a confirmed transaction to receive six blocks deep, which is the measure for full confidence in Bitcoin.
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The following shows that our transactions have been confirmed one time, but not twice:
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```
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@ -145,7 +145,7 @@ $ bitcoin-cli listunspent
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```
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Note that bitcoins are not just a homogeneous mess of cash jammed into your pocket. Each individual transaction that you receive or that you send is placed into the immutable blockchain ledger, in a block. You can see these individual transactions when you look at your unspent money. This means that bitcoin spending isn't quite as anonymous as you'd think. Though the addresses are fairly private, transactions can be examined as they go in and out of addresses. This makes privacy vulnerable to statistical analysis. It also introduces some potential non-fungibility to bitcoins, as you can track back through series of transactions, even if you can't track a specific "bitcoin".
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> :book: ***Why are all of these bitcoin amounts in decimals?*** Bitcoins are produced slowly, and so there are relatively few in circulation. As a result, each bitcoin over on the mainnet is worth quite a bit (~ $67,000 at the time of this writing). This means that people usually work in fractional amounts. In fact, the .005 in Signet coins would be worth about $300 if they were on the mainnet. For this reason, names have appeared for smaller amounts of bitcoins, including millibitcoins or mBTCs (one-thousandth of a bitcoin), microbitcoins or bits or μBTCs (one-millionth of a bitcoin), and satoshis (one hundred millionth of a bitcoin).
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> 📖 ***Why are all of these bitcoin amounts in decimals?*** Bitcoins are produced slowly, and so there are relatively few in circulation. As a result, each bitcoin over on the mainnet is worth quite a bit (~ $67,000 at the time of this writing). This means that people usually work in fractional amounts. In fact, the .005 in Signet coins would be worth about $300 if they were on the mainnet. For this reason, names have appeared for smaller amounts of bitcoins, including millibitcoins or mBTCs (one-thousandth of a bitcoin), microbitcoins or bits or μBTCs (one-millionth of a bitcoin), and satoshis (one hundred millionth of a bitcoin).
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## Examine Your Transaction
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@ -21,7 +21,7 @@ tb1qhed3ausdjr6crntypcqjv6l2n2vtv2qv7dednu
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```
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You can then use this variable in other commands which require the address (or do similar for any other complex output). The rest of this tutorial will use this style of saving information to variables when it's practical.
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> :book: ***When is it not practical to use command-line variables?*** Command-line variables aren't practical if you need to use the information somewhere other than on the command line. For example, saving an address may not actually be useful if you're just going to have to send it to someone else in an email. In addition, some future commands will output JSON objects instead of simple information, and variables can't be used to capture that information ... at least not without a _little_ more work.
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> 📖 ***When is it not practical to use command-line variables?*** Command-line variables aren't practical if you need to use the information somewhere other than on the command line. For example, saving an address may not actually be useful if you're just going to have to send it to someone else in an email. In addition, some future commands will output JSON objects instead of simple information, and variables can't be used to capture that information ... at least not without a _little_ more work.
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## Summary: Using Command-Line Variables
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@ -235,7 +235,7 @@ Why would you do this? Mainly to sweep a wallet.
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To send coins the easy way, make sure your transaction defaults are rationale, get an address, and send coins there. That's why they call it easy! Besides using `sendtoaddress`, you can also use `sendall`, but only if you want to empty a wallet!
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> :fire: ***What is the power of sending coins the easy way?***
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> 🔥 ***What is the power of sending coins the easy way?***
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> _The advantages._ It's easy. You don't have to worry about arcane things like UTXOs. You don't have to calculate transaction fees by hand, so you're not likely to make mistakes that cost you large amount`s of money. If your sole goal is to sit down at your computer and send some money, this is the way to go.
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@ -6,7 +6,7 @@ You're now ready to create Bitcoin raw transactions. This allows you to send mon
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Before you dive into actually creating raw transactions, you should make sure you understand how a Bitcoin transaction works. It's all about the UTXOs.
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> :book: ***What is a UTXO?*** When you receive cash in your Bitcoin wallet, it appears as an individual transaction: a singular blob. Each of these transactions is called a Unspent Transaction Output (UTXO). It doesn't matter if various payments were made to the same address or to multiple addresses: each incoming transaction remains distinct in your wallet as a UTXO.
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> 📖 ***What is a UTXO?*** When you receive cash in your Bitcoin wallet, it appears as an individual transaction: a singular blob. Each of these transactions is called a Unspent Transaction Output (UTXO). It doesn't matter if various payments were made to the same address or to multiple addresses: each incoming transaction remains distinct in your wallet as a UTXO.
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When you create a new outgoing transaction, you gather together one or more UTXOs, each of which represents a blob of money that you received. You use these as inputs for a new transaction. Together their amount must equal what you want to spend _or more_. Then, you generate one or more outputs, which give the money represented by the inputs to one or more people. This creates new UTXOs for the recipients, which may then use _those_ to fund future transactions.
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@ -11,7 +11,7 @@ $ sudo apt-get install jq
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If that works, you're done!
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> :book: ***What is JQ?*** The repository explains it best, saying "jq is like sed for JSON data - you can use it to slice and filter and map and transform structured data with the same ease that sed, awk, grep and friends let you play with text."
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> 📖 ***What is JQ?*** The repository explains it best, saying "jq is like sed for JSON data - you can use it to slice and filter and map and transform structured data with the same ease that sed, awk, grep and friends let you play with text."
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Otherwise, you can download JQ from a [Github repository](https://stedolan.github.io/jq/). Just download a binary for Linux, OS X, or Windows, as appropriate.
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@ -207,7 +207,7 @@ This also might be a good time to revisit a blockchain explorer, so that you can
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To send coins with raw transactions, you need to create a raw transaction with one or more inputs (to have sufficient funds) and one or more outputs (to retrieve change). Then, you can follow your normal procedure of using `createrawtransaction` with named arguments and JQ, as laid out in previous sections.
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> :fire: ***What is the power of sending coins with raw transactions?***
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> 🔥 ***What is the power of sending coins with raw transactions?***
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> _The advantages._ It gives you the best control. If your goal is to write a more intricate Bitcoin script or program, you'll probably use raw transactions so that you know exactly what's going on. That is also the _safest_ situation in which to use raw transactions, because you can programmatically ensure that you don't make mistakes.
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@ -244,7 +244,7 @@ $ bitcoin-cli -named fundrawtransaction hexstring=$nolock
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If you must send funds with raw transactions then `fundrawtransaction` gives you a nice alternative where fees, inputs, and outputs are calculated for you, so you don't accidentally lose a bunch of money.
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> :fire: ***What is the power of sending coins with automated raw transactions?***
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> 🔥 ***What is the power of sending coins with automated raw transactions?***
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> _The advantages._ It provides a nice balance. If you're sending funds by hand and `sendtoaddress` doesn't offer enough control for whatever reason, you can get some of the advantages of raw transactions without the dangers. This methodology should be used whenever possible if you're sending raw transactions by hand.
|
||||
|
||||
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@ -34,7 +34,7 @@ $ bitcoin-cli -named gettransaction txid=fa2ddf84a4a632586d435e10880a2921db6310d
|
||||
```
|
||||
A transaction can be considered stuck if it stays in this state for an extended amount of time. Not too many years ago, you could be sure that every transaction would go out _eventually_. But, that's no longer the case due to the increased usage of Bitcoin. Now, if a transaction is stuck too long, it will drop out of the mempool and then be lost from the Bitcoin network.
|
||||
|
||||
> :book: ***What is mempool?*** Mempool (or Memory Pool) is a pool of all unconfirmed transactions at a bitcoin node. These are the transactions that a node has received from the p2p network which are not yet included in a block. Each bitcoin node can have a slightly different set of transactions in its mempool: different transactions might have propogated to a specific node. This depends on when the node was last started and also its limits on how much it's willing to store. When a miner makes a block, he uses transactions from his mempool. Then, when a block is verified, all the miners remove the transactions it contains from their pools. As of Bitcoin 0.12, unconfirmed transactions can also expire from mempools if they're old enough, typically, 72 hours, and as of version 0.14.0 eviction time was increased to 2 weeks. Mining pools might have their own mempool-management mechanisms.
|
||||
> 📖 ***What is mempool?*** Mempool (or Memory Pool) is a pool of all unconfirmed transactions at a bitcoin node. These are the transactions that a node has received from the p2p network which are not yet included in a block. Each bitcoin node can have a slightly different set of transactions in its mempool: different transactions might have propogated to a specific node. This depends on when the node was last started and also its limits on how much it's willing to store. When a miner makes a block, he uses transactions from his mempool. Then, when a block is verified, all the miners remove the transactions it contains from their pools. As of Bitcoin 0.12, unconfirmed transactions can also expire from mempools if they're old enough, typically, 72 hours, and as of version 0.14.0 eviction time was increased to 2 weeks. Mining pools might have their own mempool-management mechanisms.
|
||||
|
||||
This list of all [unconfirmed transactions](https://blockchain.info/unconfirmed-transactions) might not match any individual machine's mempool, but it should (mostly) be a superset of them.
|
||||
|
||||
|
||||
@ -40,7 +40,7 @@ $ bitcoin-cli -named gettransaction txid=5b953a0bdfae0d11d20d195ea43ab7c31a5471d
|
||||
```
|
||||
The `bip125-replaceable` flag will stay `yes` until the transaction receives confirmations. At that point, it is no longer replaceable.
|
||||
|
||||
> :book: ***Should I trust transactions with no confirmations?*** No, never. This was true before RBF and it was true after RBF. Transactions must receive confirmations before they are trustworthy. This is especially true if a transaction is marked as `bip125-replaceable`, because then it can be ... replaced.
|
||||
> 📖 ***Should I trust transactions with no confirmations?*** No, never. This was true before RBF and it was true after RBF. Transactions must receive confirmations before they are trustworthy. This is especially true if a transaction is marked as `bip125-replaceable`, because then it can be ... replaced.
|
||||
|
||||
> :information_source: **NOTE — SEQUENCE:** This is the first use of the `nSequence` value in Bitcoin. You can set it between 1 and 0xffffffff-2 (4294967293) and enable RBF, but if you're not careful you can run up against the parallel use of `nSequence` for relative timelocks. We suggest always setting it to "1", which is what Bitcoin Core does, but the other option is to set it to a value between 0xf0000000 (4026531840) and 0xffffffff-2 (4294967293). Setting it to "1" effectively makes relative timelocks irrelevent and setting it to 0xf0000000 or higher deactivates them. This is all explained further in [§11.3: Using CSV in Scripts](11_3_Using_CSV_in_Scripts.md). For now, just choose one of the non-conflicting values for `nSequence`.
|
||||
|
||||
@ -65,7 +65,7 @@ The other thing to understand about RBF is that in order to use it, you must dou
|
||||
|
||||
Faced with this conflict, the miners will know to use the one with the higher fee, and they'll be incentivized to do so by that higher fee.
|
||||
|
||||
> :book: ***What is a double-spend?*** A double-spend occurs when someone sends the same electronic funds to two different people (or, to the same person twice, in two different transactions). This is a central problem for any e-cash system. It's solved in Bitcoin by the immutable ledger: once a transaction is sufficiently confirmed, no miners will verify transactions that reuse the same UTXO. However, it's possible to double-spend _before_ a transaction has been confirmed — which is why you always want one or more confirmations before you finalize a transaction. In the case of RBF, you purposefully double-spend because an initial transaction has stalled, and the miners accept your double-spend if you meet the specific criteria laid out by BIP 125.
|
||||
> 📖 ***What is a double-spend?*** A double-spend occurs when someone sends the same electronic funds to two different people (or, to the same person twice, in two different transactions). This is a central problem for any e-cash system. It's solved in Bitcoin by the immutable ledger: once a transaction is sufficiently confirmed, no miners will verify transactions that reuse the same UTXO. However, it's possible to double-spend _before_ a transaction has been confirmed — which is why you always want one or more confirmations before you finalize a transaction. In the case of RBF, you purposefully double-spend because an initial transaction has stalled, and the miners accept your double-spend if you meet the specific criteria laid out by BIP 125.
|
||||
|
||||
> :warning: **WARNING:** Some early discussions of this policy suggested that the `nSequence` number also be increased. This in fact was the intended use of `nSequence` in its original form. This is _not_ a part of the published policy in BIP 125. In fact, increasing your sequence number can accidentally lock your transaction with a relative timelock, unless you use sequence numbers in the range of 0xf0000000 (4026531840) to 0xffffffff-2 (4294967293).
|
||||
|
||||
@ -200,7 +200,7 @@ $ bitcoin-cli -named gettransaction txid=75208c5c8cbd83081a0085cd050fc7a4064d87c
|
||||
|
||||
If a transaction is stuck, and you don't want to wait for it to expire entirely, if you opted-in to RBF, then you can double-spend using RBF to create a replacement transaction (or just use `bumpfee`).
|
||||
|
||||
> :fire: ***What is the power of RBF?*** Obviously, RBF is very helpful if you created a transaction with too low of a fee and you need to get those funds through. However, the ability to generally replace unconfirmed transactions with updated ones has more power than just that (and is why you might want to continue using RBF with raw transactions, even following the advent of `bumpfee`).
|
||||
> 🔥 ***What is the power of RBF?*** Obviously, RBF is very helpful if you created a transaction with too low of a fee and you need to get those funds through. However, the ability to generally replace unconfirmed transactions with updated ones has more power than just that (and is why you might want to continue using RBF with raw transactions, even following the advent of `bumpfee`).
|
||||
|
||||
> For example, you might send a transaction, and then before it's confirmed, combine it with a second transaction. This allows you to compress multiple transactions down into a single one, decreasing overall fees. It might also offer benefits to privacy. There are other reasons to use RBF too, for smart contracts or transaction cut-throughs, as described in the [Opt-in RBF FAQ](https://bitcoincore.org/en/faq/optin_rbf/).
|
||||
|
||||
|
||||
@ -118,7 +118,7 @@ A _recipient_ could use CPFP even if he wasn't planning on immediately spending
|
||||
|
||||
You can take advantage of the CPFP incentives to free up funds that have been sent to you but have not been confirmed. Just use the unconfirmed transaction as UTXO and pay a higher-than-average transaction fee.
|
||||
|
||||
> :fire: ***What is the power of CPFP?*** Mostly, CPFP is just useful to get funds unstuck when you're the recipient and the sender isn't being helpful for whatever reason. It doesn't have the more powerful possibilities of RBF, but is an alternatve way to exert control over a transaction after it's been placed in the mempool, but before it's confirmed in a block.
|
||||
> 🔥 ***What is the power of CPFP?*** Mostly, CPFP is just useful to get funds unstuck when you're the recipient and the sender isn't being helpful for whatever reason. It doesn't have the more powerful possibilities of RBF, but is an alternatve way to exert control over a transaction after it's been placed in the mempool, but before it's confirmed in a block.
|
||||
|
||||
## What's Next?
|
||||
|
||||
|
||||
Loading…
x
Reference in New Issue
Block a user