What is replace-by-fee?

This thread explains it.

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).

ripper234

Posted 2013-05-09T15:53:28.427

Reputation: 25 192

1So basically it floods the mempool with multiple transactions that only differ by fee. It seems this creates more "noise" for miners than necessary. – Geremia – 2017-03-29T18:47:10.337

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. – Ammar Bandukwala – 2017-04-06T13:14:44.893

1If the fee is so high that makes sense for someone to mine on old blocks, surely it would also work for 1+-confirmations? – Janus Troelsen – 2017-07-03T11:01:18.127

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. – Jus12 – 2017-11-12T12:50:17.353

What is replace-by-fee?

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