Bitcoin RBF (Replace-by-Fee) and CPFP (Child-Pays-for-Parent) are two mechanisms that enable users to replace an unconfirmed Bitcoin transaction with a new version, offering a higher transaction fee for faster processing. These techniques are particularly useful when you want to adjust the fees of a Bitcoin transaction after it has been broadcast to the network or when you have a pending, unconfirmed transaction.
Before You Start #
1. Make sure you have a pending or unconfirmed Bitcoin transaction for adjusting fees after broadcasting to the network.
2. To ensure compatibility with these features, please make sure your SecuX wallet is up to date with SecuX Firmware Update on App Store or Google Play.
What’s Replace-by-Fee (RBF): #
Replace-by-Fee is a feature that enables users to replace a previously broadcast Bitcoin transaction with a new one that includes a higher transaction fee. It is a way to increase the chances of your transaction being confirmed quickly, especially during periods of network congestion.
Here’s how RBF works:
- You initially broadcast a Bitcoin transaction to the network, but it has a low transaction fee, and you’re concerned that it may take a long time to confirm.
- With RBF, you can create a new version of the same transaction with a higher fee.
- You broadcast this new transaction to the network.
- Miners in the network, motivated by the higher fee, are more likely to include the new transaction in a block instead of the old one.
- This effectively “replaces” the old transaction with the new one, increasing the likelihood of it getting confirmed faster.
What’s Child-Pays-for-Parent (CPFP): #
Child-Pays-for-Parent (CPFP) is a Bitcoin transaction technique to accelerate the confirmation of a low-fee, unconfirmed Bitcoin transaction by creating a new transaction with a higher fee, making it more enticing for miners.
Here’s how CPFP works:
- You have a Bitcoin transaction that remains unconfirmed because it has a low fee.
- To accelerate its confirmation, you create a new transaction (child) with a higher fee, encouraging miners to confirm both the new and the original (parent).
- Since miners will prioritize transactions with higher fees, they may include the child transaction in a block to maximize their earnings.
- Miners will see the child transaction as an incentive to also confirm the parent transaction because they can’t spend the child’s output until the parent is confirmed.
Select Bitcoin Account #
1. Select Bitcoin on the left menu bar.
2. Select the account you want to accelerate the confirmation of the Bitcoin transactions.
Speed Up #
1. If a transaction can be sped up, a Speed Up button will appear. Click on Speed Up to expedite the transaction.
2. After reviewing the required transaction fee, tap Next Step.
Verify Transaction on Device #
1. Review the receiving address, transaction amount, and transaction fee on your device. If all details are correct, press Next to proceed.
2. To verify the transaction, press AUTHORIZE. If you wish to go back and edit transaction information, press CANCEL.
Final Confirmation #
1. After authorizing the transaction on the device, the final step of confirmation will be displayed on the SecuXess webpage.
2. Before proceeding with the Speed Up, please verify all transaction details once again. It’s important to note that once the transaction is confirmed and sent, it CANNOT be reversed or canceled.
3. Press Send to complete the transaction.
Transaction Results #
1. You will be notified of the transaction results to be either completed or invalid.
2. Copy and save the transaction ID for your records.
3. You can also click on Detail to see transaction details on the blockchain network or click Close to return.
