There's 2 way to do that, one is RBF enabled and the another one is double spend transaction (but it's need some requirement to do that). Here's the step if you want to do that using Electrum.
If you are using exchange or web wallet that doesn't have this feature, you don't have any way to do this. This is why it's better to hold your coins on hardware wallet and use electrum to make a transaction.
Using Electrum?
First this is for information only, not a way of illicit activity encouragement.
Try this:
1. Open your electrum wallet while online to sync and get the correct balance to make sure that all available inputs are valid.
2. Display 'coins' tab by clicking "
View->Show Coins", then disable your network connection (
you can do this online, but it's safer offline).
3. Enable "
Use Replace-By-Fee" and "
Edit fees manually" from "
Tools->Preference->Fees tab".
4. Create the 1sat/byte transaction by specifying which input to use from the 'coins' tab, right click to an "
output point(s)" with enough balance for your transaction and click "
spend".
5. You'll be transferred to the 'send' tab, input the test recipient's address and amount and the fee rate '1',
6. Click "
preview" then Click "
Sign" (
type your passphrase)
It must be signed.
7. Now Click "
Copy" and paste it on a text file, name that text file with something like "
1sat/byte signed RAW tx".
8. Close the preview window and select 'yes' when prompted to 'not to save'.
.
9. Now repeat 4-7 using the same "
output point(s)" but this time, set the fee to something higher and with different recipient address and paste on a different txt file with different name.
10. Last step is to broadcast the first 1sat/byte transaction (
the copied Signed RAW transaction hex) to any blockexplorer like
blockstream.info /
blockcypher.com.
After a while, you can broadcast the high-fee transaction and it will replace the low-fee transaction if it wasn't mined yet.
It will be accepted or rejected depending on the node where you have broadcast the first, I've used
blockstream.info for my test.
