Bitcoin: How can a replace occur with a tx with lower fee and feerate?
Understanding the replacement of the transaction in Bitcoin
Bitcoin’s consensus algorithm, work proof (Pow), is the dorsal spine of the network for several years. However, with the growing demand for faster transaction times and lower rates, some miners have begun to explore alternative consensus algorithms, known as stake proof (POS) or Delegated Participation Proof (DPOS). In this article, we will delve into how transaction replacement occurs in Bitcoin with reduced rates and feereret.
SEGWIT WITNESS (SEGWIT)
One of the main factors that contribute to the reduced rates is the implementation of the segwit witness, a light version of Bitcoin’s traditional transaction code. SEGWIT significantly reduces computational requirements for transaction verification, making it faster and more energy efficient.
Transaction replacement mechanism
When a replacement transaction is started at a lowest fee and feereret than the original transaction, it means that the miner has chosen to spend less computing power on the new transaction check. In this scenario, the original transaction rates are paid by the sender and the replacement transaction rates are limited.
Here is how it works:
- Original Transaction : A user sends a higher rate transaction (for example, 50 BTC) than necessary.
- Substitution Transaction : The same sender begins a new transaction with lower rates (eg 20 BTC).
- Mineiro chooses to replace
:
* The miner selects the original transaction and the reservation for future use, maintaining the property of the replacement transaction.
* The miner calculates the reduced rate based on the remaining balance of his mining pool.
Substitution transaction criteria
To determine if a transaction should be replaced by one with lower rates, miners must meet specific criteria:
- Remaining equilibrium : The remaining balance of the sender on the network (ie the amount of currencies they spent) minus the original transaction rate.
- Mineiro profit : If the miner calculates his potential profit by replacing the transaction and exceeding a certain limit (eg, 0.01 BTC), they will choose to replace.
Effect on the order of the transaction
When a replacement transaction is done, you need priority on the original transaction in blockchain. This ensures that transactions with lower rates are performed first, potentially causing congestion reduction and faster transaction times.
Conclusion
In short, Bitcoin consensus algorithm can accommodate low and feature transactions by implementing Segwit, which reduces computational requirements for transaction verification. When a substitution transaction is started at lower rates than the original, the miner has chosen to spend less computing power on the new transaction check. The lowest resulting rates are paid by the sender, allowing them to maintain the property of the transaction replaced while still receiving their rewards in the form of block reward.
This mechanism allows miners to optimize the performance of their mining pool and reduce congestion without sacrificing safety or decentralization. As Bitcoin continues to evolve, this dynamic will play a crucial role in the formation of the network’s future.
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