In the first part of this article, we looked at how to correctly set the commission amount when sending a transaction, so that the transaction was completed within the desired time frame and as quickly as possible. We also paid attention to tracking of your transaction status. But there are situations when your payment has already been sent, and the commission was chosen incorrectly, which entailed delaying the completion of the transaction.
But is there any way to change the situation when the payment is already sent?
Increased demand naturally led to a slowdown in processing. If you mind waiting, sure, there is an alternative advise on action. If it occurred that the transaction is already sent and doesn’t get confirmation for too long, there are several ways to receive first confirmation. Look through the offered options below to find a suitable one for you or to make your decision whether speed is worth risking.
– Replace by fee is the method which allows to replace the existing transaction with a new one by increasing the fee. This option can be set as default for the wallet or be enabled deliberately. “Replace” transaction uses the same coins as the old one (doesn’t spend the funds twice) sent to the same wallet, thus won’t be considered as fraud or double-spend and will attract miners by the increased fee amount. When rising the fee, the transaction is then rebroadcast according to the renewed fee amount, confirmed and added to the block.
When ‘the replace’ transaction gets 5-6 confirmations, it can not be reversed or changed. It can only become a problem for persons who accept this 0-confirmation transactions or suppliers who provide goods or services not waiting for at least 1 confirmation.
This method may look complicated, however on practice some people prefer this feature to be enabled in the wallet interface. It can help to pick-up low fees transactions in some situations.
– Unconfirmed coins: There exists an option to spend unconfirmed coins that you are planning to receive. You should keep in mind that some wallets opt in receiving the unconfirmed coins by default, others don`t. In this case the outputs, even if the inputs are unconfirmed, can be spent, although they will not confirm until the input is confirmed. The main problem is that you can proceed with further chain of transactions and if the initial one went wrong, this will result in the chain of unconfirmed transactions.
If we speak about safety of your wallet and you want to decrease the risk of getting unconfirmed coins, you can enable the priority to accept only confirmed coins in your wallet or enable the coin control feature.
– Transaction Accelerators: Being linked to the mining pools, they can add the delayed transaction ID which includes at least of 0.0001 BTC/KB fee to the list of ready to mining in the next block transactions. You get a chance to get confirmation faster, as your transaction is pushed through the mining pools the accelerator partners with.
There are different types of accelerators: free, free up to particular limit (for instance, 100 free transactions per hour) or paid upfront. Paid accelerators are usually used for extreme cases, for example, zero or low fee transactions or in case of urgent necessity to complete the transaction.
– Double-spending: As Bitcoin is digital money and not cash it implies the possibility of being copied and rebroadcasted which results in spending the same BTC amount twice.
In this case, the user gets the same transaction sent with higher fee. Though similar to RBF but actually being invalid. The calculation goes on the fact that the second transaction should be mined quicker because of the higher fee amount. As a result, when the second transaction with the higher fee is mined quicker, then the first one will be considered as invalid. But in case the first transaction actually managed to get confirmation prior to the second one when they were both in the pool, then everything will happen vice versa and the second one will be considered invalid.
There are occasions when both of the transactions get confirmation simultaneously. And they start the race for the next confirmations. We understand that one of them is definitely invalid and until they are ‘on race’ each of them risks to be canceled. So, we should better wait for 3 confirmations to make sure which of them is valid.
In practice, wallets are actually made to avoid double-spend transactions.
– Child pays for parent: This option allows you to operate incoming but unconfirmed coins (the change from the first outgoing transaction). The essence of this method is in contradiction with the second method of accepting unconfirmed coins. In this case the user generates a new transaction to one of his personal addresses in the wallet but with the fees high enough to cover also the initial outgoing transaction. The miner may be interested in a new transaction, but the matter is that it can not be done until initial transaction is confirmed.
Of course, it is always better to run the transaction smoothly just from the start adjusting the appropriate commission. However, the offered ways are your options to master your transactions and decide how long each of them should take if something went wrong and you are not ready for waiting. We wish you success in your Bitcoin operations!