Bitcoin Transaction fees, Is this possible?

DaftAjax

sr. member

Activity: 532

Merit: 284

Quote from: meanwords on December 13, 2017, 07:08:08 AM

Recently, I had a transaction which is stuck until now because of low fee. What if I do another transaction with high fee, will it speed up both transactions? or just the one with the high fee?

Not exactly, having low or high fee of transactions does not affect the speed of the transaction at all. It is just a network disruption, now don't panic that you might end up losing it because you won't. Hopefully the lightning network will do its job in times like this, or more like will it really be implemented in all platforms.

If it will continue to be stocked, eventually it will probably just going to be returned in your wallet.

And doing another transaction overlapping your unconfirmed transaction is not recommended as it may result an even slower transaction time, if not then worse.

Red-Apple

hero member

Activity: 1470

Merit: 655

Quote from: meanwords on December 13, 2017, 07:08:08 AM

Recently, I had a transaction which is stuck until now because of low fee. What if I do another transaction with high fee, will it speed up both transactions? or just the one with the high fee?

not necessarily.

making a new transaction depends on how that new transaction is.
for example if you are spending the same outputs as your first transaction then you are double spending it. if your transaction was not an RBF transaction then your new tx will be rejected by the nodes that have the first one. if it is an RBF transaction then those nodes that accept RBF transactions will replace your old one with the new one with higher fee. you will have a better chance in this case.

if you are spending the new created output, meaning the unconfirmed transtion, then you can pay a much higher fee to cover both transactions. this is called Child Pays for Parent (CPFP) and if a miner has implemented this feature they will mine both your transactions.

ikicha

full member

Activity: 788

Merit: 100

Try Tx Accelerator https://pool.viabtc.com/tools/txaccelerator/
If you sent too low fees, your transaction will be rejected by blockchain and refunded to your initial wallet
Try to use Tx Accelerator first, i hope it help you

meanwords

full member

Activity: 1624

Merit: 163

Recently, I had a transaction which is stuck until now because of low fee. What if I do another transaction with high fee, will it speed up both transactions? or just the one with the high fee?

Topic: Bitcoin Transaction fees, Is this possible? (Read 157 times)