Replace-by-fee (RBF), explained

What is the replace-by-fee (RBF) policy?

The Bitcoin network’s replace-by-fee (RBF) policy enables users to replace pending (unconfirmed) transactions with new ones with higher transaction costs. 

The RBF policy was proposed in BIP 125 and introduced as a feature in the Bitcoin protocol with the release of Bitcoin Core version 0.12.0, which was released in February 2016.

On Nov. 23, 2023, a Bitcoin user made a transaction at 9:59 am UTC, paying an exceptionally high transaction fee of $3.1 million for transferring 139.42 Bitcoin (BTC). To put it in perspective, the user overpaid 119,980 times the typical transaction fee.

High transaction fee selection

The sender may have purposefully selected a high transaction charge in an attempt to get a quicker confirmation or because they misjudged the fee. 

RBF policy

Users may substitute a higher-fee transaction for an unconfirmed transaction under the replace-by-fee policy.

Sender’s unawareness

It’s possible that the sender was not paying close attention to the network circumstances or was not wholly aware of the consequences of their actions.

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