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Aaron Koenig 06 December The number of transactions on the Bitcoin network has steadily increased over the years. This means more blocks are filling up. Miners typically pick the transactions that pay the most fees and include these in their blocks first. If the transaction is outbid again, it has to wait until the next block. This can lead to a suboptimal user experience.
Transactions with too low a fee can take hours or even days to confirm, and sometimes never confirm at all. Since miners had spare space in their blocks anyways, they normally included these transactions in the first block they mined. In fact, transactions with lower fees or even no fee at all were often included as well. With the increased competition for block space, a fixed 0. While even a low fee transaction will probably confirm eventually, it can take a while.
If you want to have your transaction confirmed faster, the obvious solution is to include a higher fee. If your wallet by default includes an insufficient fee, you may be able to adjust the fee manually, either as part of the wallet settings, or when you send a transaction. If you need the payment to go through in the next block or two, you need to pay a higher fee. For less urgent payments, you can include a lower fee; it will just take a bit longer to confirm.
These days, most wallets support dynamic fees. Based on data from the Bitcoin network, these wallets automatically include a fee that is estimated to have a transaction included in the next block, or maybe in one of the first blocks after that.
Some wallets also let you choose the fee priority. Again, higher fees let your transactions confirm faster, lower fees could make it take a bit longer. If transactions from your wallet are often delayed during peak hours, and you have no option to adjust to higher priority fees, your wallet is most likely outdated. Check if there is an update available, or switch to a new wallet. If you do switch to a new wallet, you of course need to transfer funds from your old wallet to your new wallet.
It will probably arrive eventually — even if the fee is low. If you are in a rush, some wallets allow you to export your private keys or the private key seed, and then import them into the new wallet.
This requires no transaction on the Bitcoin network. From the new wallet, you can immediately start transacting. This lets you re-send the same transaction, but with a higher fee. In most cases, when the same transaction is re-sent over the network, but with a higher fee, the new transaction is rejected by the network.
Bitcoin nodes typically consider this new transaction a double spend, and will therefore not accept or relay it. But when sending a transaction using Opt-In RBF, you essentially tell the network you may re-send that same transaction later on, but with a higher fee. As a result, most Bitcoin nodes will accept the new transaction in favor of the older one; allowing the new transaction to jump the queue.
Whether your new transaction will be included in the very next block does depend on which miner mines that next block: However, enough miners support the option to, in all likelihood, have your transaction included in one of the next couple blocks.
Opt-In RBF is currently supported by two wallets: Depending on the wallet, you may need to enable Opt-In RBF in the settings menu before you send the first transaction.
You can spend this change in a next transaction. Some wallets let you spend this change even while it is still unconfirmed, so you can send this change to yourself in a new transaction. This time, make sure to include a high enough fee to compensate for the original low fee transaction. A miner should pick up the whole set of transactions and confirm them all at once. If your wallet does not let you select which bitcoins to spend exactly — meaning you cannot specifically spend the unconfirmed change — you can try spending all funds in the wallet to yourself; this should include the change.
But enough of them do to probably have your transaction confirmed in one of the next blocks. However, publicly available wallets currently do not support this as an option. Otherwise, you may just have to wait either until the transaction confirms or until the bitcoins reappear in your wallet. If your wallet allows spending unconfirmed transactions, this can be solved with CPFP as well.
Much like as mentioned before, you can re-spend the unconfirmed, incoming bitcoins to yourself, including a fee high enough to compensate for the initial low fee transaction. If the new fee is sufficient, the transaction should typically confirm within a couple of blocks. If so, he can re-send the transaction with a higher fee. But here is what you can do today to keep your own transaction from getting stuck. Try increasing the fee If you want to have your transaction confirmed faster, the obvious solution is to include a higher fee.
Check if your wallet includes dynamic fees These days, most wallets support dynamic fees. Consider switching wallets If you do switch to a new wallet, you of course need to transfer funds from your old wallet to your new wallet.