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BCH Bolsters Instant Transactions

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Well before bitcoin cash existed, zero confirmation discussion has been talked about in the cryptocurrency space. There have been, in the early days, many heated debates on whether or not it is safe to accept bitcoin transactions without a miner confirmation.

These transactions are broadcasted throughout the network’s nodes but they are not etched into the blockchain. Until the miner mines a block which contains the specific transaction, a confirmation or blockchain record doesn’t happen.

The topic is controversial as some believe the idea of instant transaction opens merchants up to double spend attacks. Double spend means spending the same transacted bitcoin twice before the miner confirms the transaction’s first confirmation.

The average time is traditionally ten minutes on the Bitcoin Core (BTC) blockchain. This time can be extended to days when blocks are full. The bitcoin cash chain has a wait time of ten minutes and blocks are never full. For this reason, lots of BCH supporters believe bitcoin cash is a perfect network to start the widespread use of zero-confirmation transactions.

Bitcoin Cash Moves Towards zero-Confirmation Adoption

Individuals think BCH is the pet for zero-confirmation transactions and here are three fundamental reasons why-

  1. BCH has removed Replace-by-Fee (RBF).  It a contentious piece of code that allows an unconfirmed transaction to be replaced by one that’s similar. However, it comes with a higher fee.
  2. There is plenty of room for transactions even with low fees
  3. Since the BCH hard fork this past November, confirmation times are always consistent.

Before bitcoin cash was even born, about 4 years ago, Gavin Andresen and Tom Harding wrote a code, This code created a relay for the BTC network which would prevent double spend attacks. This patch would allow the use of zero-confirmations in a much safer manner.

This code was merged into the Bitcoin Core software but later it was removed by Core developers. Core developers who removed Andresen and Harding’s patch from the equation then started claiming that zero-confirmation transactions were not safe. The Bitcoin Cash community believes that zero-confirmation transactions are reliable and secure.

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