Bitcoin Core Developer Peter Todd says ‘wait For 6 Confirmations After BIP 91 Activates’

Bitcoin core developer peter todd : Wait For 6 Confirmations After BIP 91 Activates

Bitcoin core developer peter todd, Advices users not to accept transactions with less than 6 confirmations After BIP 91 Activates.

Bip19 which was reached and agreed by about 81% of miners have come into agreement to be activated.

Todd quoted that

if/when BIP 91 activates, there’s a high chance it’ll lead to multiple reorganizations. Do not trust one confirmation transactions for now; wait for six+ confirmations.

While keen about the problem that the activation might cause todd stated that problems that issues that are likely to occur such as double spending and other related problems will be fixed after the activation and adaptation of BIP91, which might not last up to hours or days, so users should not be worried about it.

With exceptions of
1) If you can use other means (eg legal system) to secure payment.
2) More technical users who can monitor chain in detail.
3) Situations where actual losses in the event of non-payment are tolerable (e.g. purchase of items like music with zero marginal cost).


Want to know more about peter todd?

Peter Todd is a Bitcoin Core developer and an advisor to Coinkite.

Todd submitted his first bit of code to Bitcoin Core in April 2012, and today is #11 in terms of total commits to Core’s GitHub repo.

BIP 65 added “a new opcode (OP_CHECKLOCKTIMEVERIFY) for the Bitcoin scripting system that allows a transaction output to be made unspendable until some point in the future.”
In simpler terms, OP_CHECKLOCKTIMEVERIFY allows you to send money that cannot be spent until a specified future date.

Opt-in Full Replace-by-Fee Signaling (BIP 125)

BIP 125 explained opt-in full-RBF. Transaction fees are rising and opt-in full-RBF allows senders with stuck transactions to send a new transaction with a higher fee. Opt-in RBF was merged in Bitcoin Core version 0.12

BIP 63

A BIP by Todd titled “Stealth Addresses” has been assigned BIP #63 but has yet to be published.