Is the Age of 0 Confirmation Instant Transfers for BSV Transactions Gone? - DotWallet

Is the Age of 0 Confirmation Instant Transfers for BSV Transactions Gone?

Recently, we got feedback from a few users asking that why it is not instant transfer for BSV between mainstream wallets such as Money Button, Bitpie, Simply Cash, and DotWallet? There are also a diversity of soul searching questions: why the wallets promise 0 confirmation instant transfer, but the user still have to wait for 1 confirmation for the funds to arrive? Are these wallets secretly set up a barrier? When will it get back to normal again? Concerning those doubts, we will answer them one by one in this article!


1. Do the mainstream wallets no longer support 0 confirmation instant transfer?

After testing, we found that Money Button, Bitpie, Simply Cash, as well as DotWallet, all support BSV instant transfers between any two parties with 0 confirmation. All transactions are on chain. So these wallets still work normally for 0 confirmation instant transfers.


2. Then why is there the case that the funds do not arrive until one confirmation is done?

We found that those delayed situations only occurred when the user used certain wallets to transfer funds to the wallets mentioned above. Therefore, we specifically consulted our technical support team, and found that the transactions initiated by those certain wallets share a common feature: these transactions themselves or the historical transactions within those transactions will be [rejected] by the full node under the default configuration, so they will not have the access to the memory pool. As a result, they cannot be identified by the wallet service providers.


3. What kind of transactions will be [rejected] by the full node?

One type is the non-standard transactions (but not all non-standard transactions will be [rejected]). The non-standard transactions usually refer to those other than the standard ones (such as P2PKH, P2SH, P2PK). This type of transaction uses the non-standard transaction structure. It will be discarded because it cannot be identified or verified by the full node. The other type is the transactions that do not match the default configuration of the full node. This type of transactions may include both the standard and non-standard transactions. If the size of the transaction is too large, or the service fee is too low, then it might belong to this type of transactions. The last type is that the historical transactions within those transactions belong to the first two situations, then they will also be [rejected] by the full node;


4. How can this type of transactions be received by the wallet or other applications service providers?

The wallet and most applications service providers need to modify the default configuration of the full node in order to accept this type of transactions.

◆If the service requires the number of confirmations, then the miners also need to modify the default configuration of the full node so that they can pack this type of transactions. Meanwhile, if those miners have small computing power, then their chance to successfully mine a block will be small, and it will also take a long time for them to do so. Modifying the default configuration of the full node enables the miners to get these [extra transactions] miner fees, but at the same time, they also have to bear the additional risk of double spending and orphan blocks.

◆When those miners successfully mine the block containing these special transactions, that is, after at least 1 confirmation, such transactions will also be accepted by the full node under the default configuration. Only then the wallet and applications service providers whose full node is under the default configuration can also receive and confirm those transactions.

Thats the reason why some users need to wait for 1 confirmation for the funds to arrive when they transfer these special transactions to wallets like Money Button, Simply Cash, DotWallet, and Bitpie.


5. Are wallets like Money Button, Bitpie, DotWallet, and Simply Cash available to receive these transactions?

Since these wallets or applications follow the default configuration of the full node, they will not be able to receive these transactions unless there are miners in the ecosystem who are willing to pack them. The level of computing power of such miners will also directly affect the time needed for 1 confirmation (quick case: ten minutes, slow case: several hours or even more than one day). So for users who do not have high requirements for the transmission time, they can continue to do these special transactions. But for users who need the funds to arrive quickly, we would recommend them to be cautious about those transactions.


At last, please pay attention to this summary: Money Button, Bitpie, Simply Cash, DotWallet and most BSV applications still support 0 confirmation instant transfer. For these wallets and applications to accept the special transactions that might be rejected by the full node under the default configuration, 1 confirmation is needed for the funds to arrive.





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