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Bitcoin Core 24.0 is now available

Every release of Bitcoin Core is always a big event. It is the Wallet par excellence, so each of its releases is always accompanied by excitement and curiosity.

We recounted a few days ago How to create a Bitcoin Cold Wallet all precisely with Bitcoin Core, a quick and practical guide on how to make a Cold Wallet to secure your funds.

A few days later we get a new version, Bitcoin Core 24.0.

The release of new versions is not frequent, in fact the previous one , Bitcoin Core 23.0, was released over 7 months ago, so each new release deserves the space and attention that such an important event for Bitcoin deserves.

What’s new

The update focused especially on a “New option for transaction replacement policies” or the ways in which a user/sender has the ability to change a submitted and unverified transaction, to replace it with an alternative version by paying higher fees.

Practical example :

Sending 0.01 Bitcoin to a recipient, it goes into mempool to be verified; until an initial verification of the transaction starts, it is possible to modify the transaction by forwarding a new one with a higher fee cost, this is called Replace-by-fee (RBF) and is an option in many wallets.

While this can be useful in many cases, example to speed up a transaction or to change an incorrect amount, at the same time it can also be used as a denial of a transaction.

Example of negation:

You send 0.01 BTC with a fee 1.0 sat/vB to a recipient. As soon as it is forwarded it goes into mempool and is visible to the recipient; the recipient accepts the transaction even if it is not confirmed, a fairly common practice among sellers to avoid waiting for blockchain verification (on average every 10 minutes), here is where at this point the transaction can be modified by the sender by entering a lower amount, e.g. 0.00000001 and a higher fees cost e.g. 4.0 sat/vB. Now you will have 2 transactions but only 1 will be the one that will be verified and entered into Blockchain becoming a real transaction (UXTO), and it is (generally) the one with the higher fees. The recipient at this point may have the receipt of funds totally cancelled.

What is being prepared with this new release is an enablement (currently not by default but soon expected) of full-RBF.

Since then, there has been discussion about completely removing the first-seen simplification and allowing users to replace any of their older unconfirmed transactions with newer transactions, a feature called full-RBF.

https://github.com/bitcoin/bitcoin/blob/master/doc/release-notes/release-notes-24.0.md

How to Upgrade

If you have installed Bitcoin Core 23.0 della nostra guida from our guide you can easily perform the update.

All you have to do is close the wallet and wait for it to close, then just run the new executable (the file can be downloaded from bitcoincore.org) and the update is done. Simple.

BtcInOutAlert, 24 November 2022

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