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Enabling Fee-Based Modification Using the Bitcoin-Core Command Line
Exchange-for-fee (RBF) is an attractive feature that allows users to incentivize Ethereum network testers to secure the network by paying them a fee for their work. If you are not familiar with RBF, this article will help you enable it in your Bitcoin-Core wallet.
Why Exchange for Fee?
Before we dive into how to enable RBF on Bitcoin-Core, let’s quickly discuss why it is important:
- Reviewer Incentive: By paying a fee for their work, RBF incentivizes reviewers to protect the network, reducing the chance of spam blocking and promoting a healthy ecosystem.
- Spam Reduction: By incentivizing more reviewers to participate, the number of spam blockers decreases, making the network safer and more reliable.
Enable fee-based swapping on Bitcoin-Core
To enable paid swapping using the Bitcoin-Core command line, you will need to:
- Download Bitcoin Core Wallet: You can download the Bitcoin Core wallet from the official website.
- Run Bitcoin Core Wallet: After downloading, run your wallet by running bitcoincore (without the quotes).
- Set RBF with the “-C” option. The –cutoff and –criterio options allow you to replace Bitcoin-Core with a fee. Here is an example command:
bitcoincore --cutoff=1000000 --criterion="fee > 1" -C
This command sets a $1000 threshold fee and enables RBF. The --cutoff option specifies the maximum block fee that should be considered "cut off", while the --criterion option specifies the condition under which the validation fee is considered too low.
- Set the "-r" option to enable the "replace_by_fee" flag to "true". Here is an example command:
bitcoincore -C --cutoff=1000000 --criterion="fee > 1" -r
This command allows you to change the Bitcoin-Core fee.
Note:
Be sure to execute these commands with caution, as they change the configuration of Bitcoin Core. Be aware of the potential security implications and back up your wallet before making any changes.
By following the steps below, you have successfully enabled exchange for fees via the command line of your Bitcoin-Core wallet. This feature is now live and its benefits will be felt by all participants in the Ethereum network.