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Your questions about cryptocurrency answered

How does first seen replace by fee work?

How does first seen replace by fee work?

First-Seen-Safe RBF This is the RBF mentioned previously regarding double spends. Using this RBF, the sender may only replace the transaction if the new transaction pays all the same outputs as the first one. This RBF was created specifically to counter erroneous claims that RBF made double spend attacks easier.

How does replace-by-fee work?

Replace-by-fee, or RBF, means that you are replacing one version of an unconfirmed transaction with a new version that pays a higher fee. As a result of increasing the fee, your transaction will now become more attractive to the miners and has a higher chance to be confirmed faster.

What is RBF transaction?

In Bitcoin, RBF stands for Replace-by-Fee. A Bitcoin transaction can be designated as RBF in order to allow the sender to replace this transaction with another similar transaction which pays a higher fee. This mechanism exists to allow users to respond if the network becomes congested and fees rise unexpectedly.

How do I use RBF protocol?

Quote from video: Right click on it and say child pays for parent. So basically what this is going to do is create another transaction that sends these unconfirmed funds back to ourselves.

What is a child pays for parent transaction?

Child-Pays-for-Parent is a transaction mechanism with a similar purpose as Replace-by-Fee (RBF). While RBF allows the sender to speed up a transaction’s confirmation, Child-Pays-for-Parent allows the recipient to speed up the transaction’s confirmation.

Does trust Wallet support RBF?

Trust Wallet does not support RBF. You can try to import your recovery phrase/private key to those wallets if you wish to do so.

Does ledger support RBF?

Ledger Wallet doesn’t support RBF but you can do Child Pays For Parent: Make a transaction to your address 3M6EhQL3QUQHAFkSPH3vLc3VDCrJKP3iMv with amount 0.011 , set a fee rate, preview the transaction and check and confirm the transaction only if one of the inputs is 0.01187067 BTC.

Can minors use exodus wallet?

It is free for downloads and is easy to set up, the ideal wallet for a crypto newbie like your child. In addition, the fact that Exodus is a non-custodial wallet makes it easy for your child to choose it as an investment wallet, confident that no one else has access to the private keys but them.

Can a 14 year old have a crypto wallet?

New Policy. As of July 25, 2017, you must be 18 or older to access Coinbase services. All underage Coinbase users who opened accounts under our old policy will be notified of this change and will be given ample opportunity to remove funds from their accounts before the accounts are closed.

Which crypto wallet is best?

The 6 Best Crypto Wallets

  • Best Crypto Wallet for Beginners. Coinbase Wallet. Jump to details. …
  • Best Bitcoin Wallet. Electrum. …
  • Best Crypto Wallet for Altcoins. Exodus. …
  • Best Crypto Wallet for Security. Trezor Model T. …
  • Best Cold Wallet That Costs Less. Ledger Nano X. …
  • Best Hot Wallet for Ethereum and Web3 Compatibility. MetaMask.

Can I buy Bitcoin for my child?

Gifting Crypto for Kids

All reputable securities exchanges in the U.S. require investors to be at least 18 years or older to invest; crypto is no different. Children are not allowed to buy, sell or trade securities of any kind until they reach the age of maturity.

Which crypto wallet has lowest fees?

Binance tops our list of crypto exchanges with lowest fees. It has a 24-hour trading volume of $917 million, which makes it the largest exchange in the world. Binance supports over 380 cryptocurrency and fiat currency pairs.

Do I really need a crypto wallet?

If you want to invest in cryptocurrency, you should invest in a wallet. That noted, if you’re just dipping a toe, services such as PayPal and Robinhood allow you to buy a coin or fractions of a coin and store it on their servers. These are custodial wallets, however, where you don’t hold the private key.

What is the oldest Bitcoin wallet?

According to blockchain tracker Whale Alert, an ancient wallet containing 50 Bitcoins has been activated for the first time in almost 12 1/2 years. The block was mined on Nov. 22, 2009, just months after the very first Bitcoin transaction that took place in January 2009.

How do I cancel a Bitcoin unconfirmed transaction?

No, we’re unable to cancel or reverse your transaction. Even many advanced cryptocurrency users can recall an incident when they failed to double-check their transaction details and they accidentally sent funds to the wrong recipient, or sent the wrong amount.

Why is my bitcoin transaction still unconfirmed?

Every time someone spends bitcoin, it has first been sent into what’s called the memory pool or “mempool,” where transactions wait for confirmation from miners before they can become an official part of the digital ledger known as the blockchain.

How can I speed up my bitcoin transaction?

Accelerators such as BTC Nitro work by reminding the miners about your transaction. They rebroadcast your transaction to several Bitcoin nodes and re-queue them to speed up the confirmation process. The rebroadcasting happens through public blockchain nodes as well as accelerator-owned nodes.

How do I turn off RBF in Exodus?

Go to Settings. Tap Replace-by-fee. Uncheck the Enabled option. Tap OK.

How do I double spend bitcoins?

Double-spending occurs when someone alters a blockchain network and inserts a special one that allows them to reacquire a cryptocurrency. Double-spending can happen, but it is more likely that a cryptocurrency is stolen from a wallet that wasn’t adequately protected and secured.

Can you reverse a crypto transaction?

No. Once confirmed, transactions in crypto are permanent. They can’t be canceled, altered, or reversed. No one can cancel or reverse transactions once they have been written to the blockchain; i.e., confirmed.

Why does Bitcoin take so long to confirm?

Every bitcoin transaction that’s sent flows into what’s called the mempool (short for memory pool) before it can be confirmed by miners. When there’s a dramatic spike in transaction activity, the mempool can become congested because so many transactions are waiting to be included in the next block.

What is the longest a Bitcoin transaction can take?

What’s the longest time that a BTC transaction can take? The minimum time for a Bitcoin transaction is 2 minutes, according to the recorded timestamps , and the maximum is 6:02 hours. Official data notes that the confirmation time with a 99.98% probability is somewhere between 7 minutes and 3:44 hours.

How long does a BTC withdrawal take?

approximately 2 hours

Automated Withdrawals

In most cases, BTC withdrawals normally should take approximately 2 hours, subject to network conditions.

How long is BTC unconfirmed?

within 24 hours

An unconfirmed bitcoin transaction occurs when a given transaction fails to receive a confirmation on the blockchain within 24 hours. All bitcoin transactions must be confirmed by miners. They need a minimum of three confirmations to be considered fully confirmed.

Will unconfirmed Bitcoin transaction be returned?

A Bitcoin user can’t reverse a Bitcoin transaction after confirmation. However, they can cancel a transaction if unconfirmed. A Bitcoin transaction is unconfirmed if the blockchain doesn’t approve it within 24 hours. Miners must confirm every transaction via the mining process.

Can Bitcoin transactions be traced?

Bitcoin transactions can be traced, as demonstrated by the recent bust in Manhattan as well as last year’s Colonial Pipeline hack, in which authorities were able to recoup some of the ransom payment from the attackers.

Can a Bitcoin transaction fail?

In most cases, the cryptocurrency transactions you send will confirm normally without any problems. There are some circumstances, however, that may lead a transaction to be unsuccessful and fail. When this happens, the transaction is considered rejected.

Why does Bitcoin take so long to transfer?

The transactions are considered to be unconfirmed or pending until a miner confirms the transaction. A new block is mined every 10 minutes on average. That is, bitcoin transactions cannot be processed instantly. When there are more transactions to be processed in the network, it takes longer to process the transaction.