Monday, April 5th 2021 - Issue #964

Transactions, mempools, and "redoing" transactions

I know many of you are relatively new to this rag, and by extension (I assume) Bitcoin. With that in mind, I figured today would be a good day to get back to our roots of pushing freaks toward information that does a good job of explaining Bitcoin for the layman. Here is a great piece from the Braiins team (disclaimer: a sponsor of the rag and pod) that explains what happens when you send a transaction and how you may be able to "redo" your transaction if it gets stuck in Mempools.

If you're interested in learning more about this process, I highly recommend you peep this explainer. You will better understand Bitcoin after reading it.

The thing I took from this particular piece is the potential for individuals building Bitcoin wallet software to improve UI/UX to better communicate what is happening when a user sends a transaction. Everything from the construction of the transaction to choosing the fee to attach to the transaction to better understanding what is happening to your transaction as it is waiting to be included in a block. No easy feat. Especially when you consider the different ways in which individuals use bitcoin and the different address structures that exist.

How can wallets better communicate the necessary fee for transactions with different time preferences? How do wallets communicate the specific address type individuals are using and their limits/capabilities when that user eventually goes to spend? Do your users even know there are different address types that enable lower fee and different capabilities for a bitcoin transaction? These are variables that many just getting into bitcoin, and even many who have been in the game for a while, do not understand. Better communication via high quality user interfaces and direct education of users is necessary to help bridge this gap. In the meantime, grow your know in regards to the Mempool and replacement transactions by reading this post from Braiins.

Final thought...

The mini me's first cold has been very snotty.

Looking to buy bitcoin with ease? Download the Cash App, use the code "stackingsats", get $10 and Cash App will send $10 to our friends at OWLS Lacrosse.

If you'd like to set up a one-on-one chat to learn more about Bitcoin I offer consulting services for an hourly fee. Please feel free to respond to this email if you're interested.

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Marty's Ƀent - April 5th, 2021 - Issue #964

Transactions, mempools, and "redoing" transactions

Older messages

The Sat Standard - Bitcoin Weekly - April 3 2021

Marty's Ƀent - April 2nd, 2021 - Issue #963

Marty's Ƀent - April 1st, 2021 - Issue #962

Marty's Ƀent - April 1st, 2021 - Issue #961

Marty's Ƀent - March 30th, 2021 - Issue #960

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