Friday, December 2, 2022

Bitcoin Core 0.15.0 Released With ‘Fee Bumping’, Multiple Wallets

Bitcoin Core 0.15.0 Released With ‘Fee Bumping’, Multiple Wallets

Bitcoin Core, the original and still most popular Bitcoin client software, released version 0.15.0 this week. Designed with newcomer users in mind as well as veterans, it features easier SegWit address creation and “fee bumping options, and significantly faster block validation. It also introduces multiple wallets within a single installation.

Also read: Case Wallet Bitcoin Hardware Devices to Shut Down From November

Bitcoin Core’s New Fee Algorithm Saves Money

It’s clear Bitcoin Core developers have listened to community grumblings over high fees and delayed transactions. The 0.15.0 release has an improved fee calculation algorithm to save users money while ensuring miners still get their share.

Its fee estimator can now estimate up to 1,008 blocks into the future, instead of previous versions’ 25. Users can calculate the fee they pay by how urgent the transaction is, with a drop-down displaying a range of confirmation times. Have a non-urgent transaction? You can pay up to 80 percent less in fees.

“Fee bumping” is a way advanced users could replace the fee on an already-sent transaction, if it got stuck in unconfirmed limbo. With 0.15.0, there’s now a “Request Replace-By-Fee” graphical interface that’s accessible to novices as well. Senders can now set a deliberately-low fee, wait to see if it confirms, and simply “bump” to a higher fee if it doesn’t.

Bitcoin Core fee selector
Bitcoin Core fee selector

Multiple Wallets and Performance Boosts

Bitcoin Core can now handle multiple wallets in one installation, though this remains a new and expert feature for the moment. Users with command line knowledge can create several distinct wallet identities, such as one for business and one personal, with completely different private keys.

The new version also promises substantial performance improvements. It changes the format of the database that tracks spendable bitcoins, which will spend about 5-30 minutes updating the first time 0.15.0 launches.

The release notes promise 30-40 percent faster block validation and 10-20 percent less memory used on initial block download (IBD). Blocks of previously-seen transactions should validate 40-50 faster.

Do you run Bitcoin Core? What do you think of the latest update? Let’s hear your thoughts. 

Images via Bitcoin Core, Pixabay

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