Last updated on December 25th 2024
In case you find yourself losing sleep over your bitcoin transaction stuck for days in the mempool due to either a high fee rate environment or other circumstances, don't panic you are about to find a solution, here are three practical easy things you can do to solve the problem.
1. Replace by fee(RBF), if you are the sender,
2. Child pay for parent(CPFP), if you are the receiver
3. Transaction Accelerator at mempool.space (For Sender and Receiver)
1. To use number one: replace by fee(RBF), you simply need to go on the transaction and replace it using the bump the fee feature(in some wallets), make sure the new fee is higher this time so miners can be willing to process the transaction faster for you. but what if your wallet software does not support RBF? this is where the second solution comes in, CPFP(child pay for parent.
2. To use CPFP, you need to be the receiver of the transaction. the step is also simple just send the unconfirmed amount that is stuck to an address you the receiver fully control(could be same receiving wallet) with a higher fee rate that miners will be willing to confirm the first stuck transaction and then confirm the second you are about to create. The reason being is miners cannot confirm the fresh(second) transaction without confirming the previous one, so if the second transaction fee is high enough miners will process both transactions (first and second) no problem. But what if RBF and CPFP don't work for you?
3. Well if you tried both previous options and they don't work for you, you may want to try the mempool accelerator service, it may cost a bit more but here is how it works: you simply look for the transaction on the mempool by pasting the transaction ID at the ''search'' button and click on "accelerate"(find Tx ID in your sender wallet). It will show you the lightning invoice so you can pay for the service, you can also use Gpay(google pay) for payment as well. After paying your transaction will be prioritized to be processed in the next block or second next block coming up.
I hope this saved you some sleep! Share it with a friend experiencing difficulties processing their Bitcoin transactions, also feel free to zap me some sats at piecover@walletofsatoshi.com
Thank you!