Topic: Bitcoin open source wallets that support replace-by-fee (RBF) - page 2. (Read 1327 times)

151 sat/vbyte is at very tip of the mempool but it is not a highest fee rate used in waiting transactions in mempool currently or last 24 hours. The highest values are somewhere from 250 to 300 sat/vbyte (last 24 hours).

By mentioning 151 sat/vbyte, you are making newbies panic. They actually can get a confirmation in a next one to two blocks with 70+ or 80+ (80+ is better choice) sat/vbyte.

• https://jochen-hoenicke.de/queue/#BTC%20(default%20mempool),24h,weight
• https://mempool.space/graphs/mempool#24h

First they should not use wallets in online accounts that are custodial wallets usually. With such wallets, they don't have Coin control feature so sure not have choice to control fee rate too.

• Reminder: do not keep your money in online accounts

RBF makes bitcoin transaction to be easy, you do not need to have frustration of stuck transaction after you have used low fee. If the fee used is low when the mempool is congested, you can pump the fee.

The mempool is at 151 sat/vbyte now. Because of RBF, I can use a fee rate of 20 to 30 sat/vbyte or lower fee rate and still be able to pump the fee if no confirmation within the time I am expecting.

People should not be using wallets that do not support RBF.

Transactions of 1 sat/vbyte are getting confirmed today, but there is nothing bad to still use a wallet that support opt-in RBF so that you will be able to pump the fee in times of mempool congestion. The mempool can get congested at anytime, RBF is very useful.


Instead of unwanted stuck transaction, you will be able to pump the fee if using any of these wallets.

Do not mind me that I was using Electrum seed phrase to test it, actually I can use opt-in RBF on Electrum directly, which means importing it on Bluewallet is not necessary. But I was still surprised that there is such limit.

I used the seed phrase that was generated from Electrum directly it shows this:





But while I used a BIP39 seed phrase, it shows this:





Another disadvantage is when your incoming transaction is still not confirmed, if you use BIP 39 seed phrase, you will see pump fee, but which is the use of CPFP.

     



Nothing like that if you import Electrum seed phrase. But also not necessary because that can be done directly on Electrum:




Also that CPFP can be done on all wallet that supports spending of unconfirmed transaction.

Personally, I did not have any problems in the past, but I know many cases in which fraudulent operations took place, the basis of which was that a buyer was ignorant of the basics of the protocol and did not bother to seek the help of an experimenter. Perhaps it is fortunate for those who use the wallets of the trading platforms because the transaction does not appear on their applications until after at least two network confirmations, but this remains impractical in the case of urgency since the transaction cannot be accelerated using the wallet of the platform. This may be one of the reasons for the rise in the use of altcoins (USDT in particular).

I don't understand why would they want to limit the user this way but you're probably right. I just tried to send some funds from my Bluewallet, and both (bump and cancel) buttons are showing.

This is what I did. I import Electrum seed phrase on Bluewallet, I made the transaction on Electrum for testing. I saw the transaction on Bluewallet and I click on the transaction for me to be able to pump the fee, I did not see pump fee and cancel transaction. This is what I saw:



I checked the settings to know if RBF is by default or not but I did not see anything. This makes me think that it is by default. But I was unable to pump the fee.

Or maybe it is because I did not broadcast the transaction on Bluewallet. I do not know yet. I will make transaction on Bluewallet directly to know if it is because of it or not.

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Edit:

To be able to pump the fee, the image supposed to be like this as I saw it from the Twitter video that Lucius posted as it includes 'pump fee' below which can be clicked on the pump the fee

In fact, it is "Bump fee" if we are to be precise, and that is what it says on the sample screen you posted

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The matter should have been quite simple if you want to bump the fee of your transaction, the RBF option is enabled and you have enough funds to increase the fee. I've never had that wallet, but here's their little tutorial -> BlueWallet RBF

Before, if I receive bitcoin even from a stranger, provided if the transaction does not support RBF and the person uses high fee for it in a way the transaction can be included in the next block most probably, I can accept 0 confirmation. But after I have been reading about full RBF on this forum, I have changed my decision about that. At least, I prefer 1 confirmation now.

If the transaction supports RBF, I too accept 1 confirmation. If the amount sent is very high, I will wait until 6 confirmations too just like you.

Exactly. Thanks for providing that. @dansus021, if you follow Leo's comment, this image will appear:



Click on 'Options'.



Click on 'Pump fee'.

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I was thinking I will be able to pump the fee on mobile Bluewallet, but unfortunately I was not able to. Or is there anything I am getting wrong?

I would just like to add that the procedure does not end with choosing a new fee and signing the transaction, but the final step is to send the transaction by clicking on the "broadcast" button. I know it seems simple and logical, but some users simply overlook the final step and wonder why that option doesn't work for them.

You can use RBF on Electrum for Android.

When making a transaction, make sure the checkbox for "Final" is left blank (this is its default setting). This will enable RBF. Then, if you need to bump your fee, on the "History" tab you simply tap on your unconfirmed transaction, tab "Options" at the bottom left, and then select "Bump fee" and choose your new fee.

Whenever I receive bitcoin from a stranger (which would be someone that either I do not trust or that I don't know their name or their address), so far I have always waited for at least one confirmation prior to giving over anything of value, such as cash.. so it is up to them if they pay a higher fee in order that they do not have to wait for the one confirmation.

Of course, if the transaction was for something that I considered to be great value, then I might wait anywhere between 3 and 6 confirmations... but most of the time, I have been o.k. with waiting for 1 confirmation, and I always disclose that before accepting payment in bitcoin.. and surely if the person was  friend or a family member, then I would not need to worry about getting at least one confirmation before transferring the item of value (or money).

Maybe none of us are experts, so sometimes issues can end up coming up, and I have had some issues in the past when dealing with strangers in which mistakes had been made, and surely some people are more honest than other people in terms of correcting the mistake.. to the extent that the mistake had not either been intentional or that once the mistake had been discovered, then sometimes people might NOT end up doing "the right thing" in terms of rectifying the situation.

It also curious me is there an android wallet that support this method Im fine if the wallet is closed source because I'm gonna using it for Hot wallet not hold a long period of time.

I know the method only Child-Pays-For-Parent (CPFP) but I just know RBF on mempool space, by using Native segwit transaction is cheaper but still sometimes there is a spike 

Assuming if the mempool is congested, the person can just click on the transaction to accelerate it like on Electrum, it is very simple. Even if the person do not know how to accelerate it, he can come to this forum and ask. Like on Electrum, the transaction support RBF by default and we can instruct the person to just pump the fee easily.

There is nothing expensive about using RBF, just check the mempool to know the best fee rate that you can use. If not in a hurry, you can wait for the mempool to become decongested and the transaction would later be included in a block.

Recently, 1 sat/vbyte transactions are not getting confirmed since many days ago, but 4 to 5 sat/vbyte are getting confirmed. If the person needs the money urgently today, he can just set the fee to 4 sat/vbyte, which is not expensive at all.

Just one example, you can enable it on Electrum if you wanted to have this capability in your open source wallet.


Yeah, basically that's it, so there's a lot of benefits to enable this features on a wallet. And I guess it should be the norm for every bitcoin user. Because just like in recent months, the fees has been tremendously high, it used to be a minimum 1 sat/vByte, but due to ordinals in which the mempool has been clogged those normal fees that we are used to are stuck and many are complaining how to accelerate or bump the fee.

If they only knew this features on most of the open source wallet, then they won't have any headaches. The cons is that you will have to used more than usual fees. And looking at the mempool now, 1 sat/vByte is no longer viable for a quick confirmation.

I don't know if the wallet you are using supports this feature or not, but it is really useful when transaction fees fluctuate fast. In many cases, RBF can save confirmation time, it also helps you when you expect a fast transaction. But somehow you may have ignored it.

But to minimize the possibility of getting stuck on your transaction, then try to get recommended fees on several sites, it can be on mempool.space or also on blockchair.

If you always do peer-to-peer transactions, I advise you to get used to using the feature. An example is that you buy bitcoin from someone you do not know and send you the transaction with a small fee after you pay it. Through the CPFP feature, you can resend the amount in a new transaction to another address of yours. This will cost more fees, but a more secure transaction because as long as the transaction is not confirmed by the network, the sender can recover the bitcoins through the double-spend feature.
The Bitcoin protocol provides useful features. All it takes is your seed words. Unfortunately, most users are not aware of this because closed source wallets and trading platforms do not provide these features on the wallets that they offer. I think they should not be called wallets at all.

Yeah, but just remember that it might be expensive on your end to do RBF, reason being, based on my experienced,

(1) somehow you have been waiting long enough (in my case 5 days), so I have to do that with a higher fee because I wanted to get it confirmed right away as I can't no longer way, hence I have to increased it more than the initial fee

(2) if you are not in a hurry, don't used it, just saying.

(3) check mempool first so that you will know how much fee you need to pay in order for your transaction not to be stuck

I have not done this Replace by fee (RBF) but a friend of mine did it and told me that it was good and it made the transaction very fast. Really not everyone knows how to accelerate their transactions. In my own understand of the whole stuff is when the person uses low transaction fee with many blocks to verify the process, then the delay of unconfirmed occurred. But if the person set high transaction fee rate, then the transaction would be faster. When the transaction is slow as it is said, the person can check the mempool to track the movement of the coins.
Op thanks you for the information.

Pumping the fee would have been a better solution for this: Someone can help me accelerate stuck transaction

Learn how to unstuck your bitcoin transaction by using the right wallet, not the wallets that do not support opt-in RBF. Check the OP to know the wallets that support opt-in RBF.