Quick input, you may want to change the URL for Bitcoinfees. Omit the www part like https://bitcoinfees.info this. The site doesn't work otherwise.
Also, the explanation isn't really "in layman's terms" per se. CPFP is where you tell miners to mine your latest transaction that you created with the unconfirmed transaction by giving them a higher fee, this, in return confirms your unconfirmed transaction.
Thanks for the write-up.
Topic: Child Pays for Parent - page 2. (Read 537 times)
Doesn't the topic title sound cool?
CPFP- Child Pays for Parent
Imagine, you are selling your artworks through online and accepting bitcoin as payment. You have sold an artwork and received payment with bitcoin. Since the buyer has paid a lower fee, the transaction is stuck on the blockchain, no confirmation yet. What can you do? Ask buyer to send the transaction again with higher fee (RBF)? You may not ask him, or you may not get contacted with him if you need the BTC urgently.
Here's CPFP method to help you out.
When buyer have sent the BTC, your balance is updated with the amount with unconfirmed.
Since you need to send someone or you want to hold the BTC on your another address or since unconfirmed tx is not good, you can follow this method.
Send an amount of BTC (including the unconfirmed input) to another of your address using the maximum fee for being included at the next block. You can get the fee here- https://bitcoinfees.info/
You have paid highest required fee, miners will now give your transaction more priority than others. When they will check, validate and confirm your transaction, they will forcefully include the previous unconfirmed tx from your buyer as well.
So, what's the child and parent things here? When you send BTC, there will always be two terms, one is input(where BTC comes from) and output (where it is heading to). From input, you are creating an output. Input is the parent of the output
Hope it was so easy for you to understand. Don't hesitate to ask a question.
If my explanation was wrong, I request the senior member to correct me. I'm a learner here, not for a long time.
Correction
CPFP- Child Pays for Parent
Imagine, you are selling your artworks through online and accepting bitcoin as payment. You have sold an artwork and received payment with bitcoin. Since the buyer has paid a lower fee, the transaction is stuck on the blockchain, no confirmation yet. What can you do? Ask buyer to send the transaction again with higher fee (RBF)? You may not ask him, or you may not get contacted with him if you need the BTC urgently.
Here's CPFP method to help you out.
When buyer have sent the BTC, your balance is updated with the amount with unconfirmed.
Since you need to send someone or you want to hold the BTC on your another address or since unconfirmed tx is not good, you can follow this method.
Send an amount of BTC (including the unconfirmed input) to another of your address using the maximum fee for being included at the next block. You can get the fee here- https://bitcoinfees.info/
You have paid highest required fee, miners will now give your transaction more priority than others. When they will check, validate and confirm your transaction, they will forcefully include the previous unconfirmed tx from your buyer as well.
So, what's the child and parent things here? When you send BTC, there will always be two terms, one is input(where BTC comes from) and output (where it is heading to). From input, you are creating an output. Input is the parent of the output
Hope it was so easy for you to understand. Don't hesitate to ask a question.
If my explanation was wrong, I request the senior member to correct me. I'm a learner here, not for a long time.
Correction
the biggest problem you will face for using CPFP is when the wallet software that you are using doesn't have the feature to allow you to spend unconfirmed transactions. if it doesn't then you will have to use CPFP with unconventional ways such as creating the transaction yourself and signing through console,....
and usually if the wallet has that option it also has the CPFP option too in which case you should trust that it takes care of fee calculation and suggests the appropriate one (no need to use a website to guess the fees that are in most cases doing a very poor job).
and usually if the wallet has that option it also has the CPFP option too in which case you should trust that it takes care of fee calculation and suggests the appropriate one (no need to use a website to guess the fees that are in most cases doing a very poor job).
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