However, is it possible to use RBF to change the value of the transaction or zero value (in case of cancellation)?
Yes, there is no restriction on transactions only changing the fee. In fact, that's not possible in general, as increasing the fee implies at least one of:
- Adding an additional input
- Reducing or removing an output
The former may not be possible (e.g. if a wallet already has all its inputs in flight), and the latter typically involves reducing the amount sent as change back to the sender. Since the protocol has (intentionally) no way of knowing which output is change, the latter is inherently in conflict with a hypothetical "only fee changes allowed in RBF" policy.
So, RBF can be used for any transaction replacement whatsoever. Typical usage is just fee bumping (where non-change outputs remain the same), but the protocol has no way of enforcing this, and thus RBF recipients need to be aware that unconfirmed transactions may be replaced with another that doesn't pay the same people at all. In fact, this is true in general, as unconfirmed funds in Bitcoin are generally not secure - RBF or not.
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