It’s not uncommon for a Bitcoin transaction to be broadcast and then sit unconfirmed for hours or even days. This often occurs when the transaction fee you initially set is too low given the current mempool market conditions. While the fee might have been reasonable when you first sent it, a surge in network activity can cause your transaction to become “stuck.” In this article, we’ll explore the options available to expedite the confirmation of such transactions.
CPFP (Child Pays For Parent)
CPFP is a technique where you essentially spend one of the “outputs” of your stuck transaction with a higher fee. The idea behind this is to increase the average fee of both transactions, making it more attractive to miners in the current market conditions.
To execute CPFP, your Bitcoin wallet must support the spending of unconfirmed “outputs.” You’ll also need to accurately calculate the fee for the new transaction to ensure that the combined average fee is sufficient. This can be done manually or with the help of a CPFP calculator.
The benefit of this method is its universality; it can be applied to all types of transactions. However, it does require some technical and mathematical knowledge, making it a bit complex.
RBF (Replace-by-Fee)
RBF is a node policy that allows an unconfirmed transaction to be replaced with another one that spends at least one of the same inputs and pays a higher transaction fee. To use RBF, the transaction must be marked with a flag that enables this option.
Most modern Bitcoin wallets support RBF. When creating a new transaction, make sure to enable the RBF option. It’s worth noting that in some cases, the value at certain outputs may need to decrease to accommodate the higher fee, which could be an issue if the other party expects a specific amount.
The advantage of this method is its simplicity, but it does require planning and marking the transaction as supporting RBF.
Transaction Accelerators
Certain Bitcoin mining pools offer a service to prioritize Bitcoin transactions in exchange for a fee. However, this service is often reserved for wholesale users or comes with a hefty price tag. For this reason, several websites collaborate with Bitcoin mining pools to provide transaction acceleration services. One notable platform is BitAccelerate, the pioneer in this field.
BitAccelerate offers a basic acceleration service for your transaction at no cost. If the basic acceleration isn’t sufficient or if you need even faster confirmation, the service provides a premium option, provided that the transaction meets all technical requirements.
In situations where the urgency of a Bitcoin transaction is critical, these methods can be invaluable. In this article, we’ve outlined three approaches to speeding up an unconfirmed Bitcoin transaction. Choose the one that best suits your needs, and you won’t have to endure unnecessary delays in confirmation.