How to fix low fee issue

[Haputa]

Hello,

A few weeks ago I have sent a transaction with Multibit HD to my Kraken account with a very low fee.
Transaction ID: (3bf2e0fdd4a9ad01b83c679f83c247d019ecfa6f18c4fd075978b2c47075200a)

At the time I had no understanding what the fee means, now I realise it was to low and the transaction got stuck because of it. I have since then imported my Multibit wallet to Electrum and Electrum correctly states the transaction as 'Low fee'.

What is the best way to get this transaction unstuck now? Bumping through viabtc.com doens't seem to work these days.

I would very much appreciate any help, since I have been struggeling with this one for quite a while already.


Kind regards,
Haputa

[xdrpx]

There are a couple of ways you can do this. This is how I'd do it in Electrum:

1) Replace by fee - In electrum there's the ability to go to "If fee is too low" or "Always" from Fee preferences in Tools. This would've then let you select 'Replacable' to allowed you to later on replace the fee of your existing transaction. Could you check if Mycelium allows this feature? I'm not sure since I haven't used that wallet. I believe I was able to do this in electrum by right clicking on the unconfirmed transaction -> selecting increase fee --> then setting a higher fee or using electrum's dynamic fee that was already set.

2) This is possible now if you're receiving the funds - Child-pays-for-parent  - In the 'History' section right click on the transaction that is unconfirmed and then selected Child pays for parent -> increase the fee this time to a suitable fee (calculate it from here: https://bitcoinfees.earn.com/) -> Sign and broadcast the transaction.

3) By using a transaction accelerator like confirmtx, viabtc's tx accelerator or antpools tx accelerator. I've accelerated your transaction on confirmtx and antpool's accelerator. It might get confirmed in upcoming blocks when they include your tx in their block that is mined. If you can't wait for this option to have your tx confirmed, follow option 2 if you're receiving the funds.

Edit: Updated post after confirmation.

[Haputa]

There are a couple of ways you can do this. This is how I'd do it in Electrum:

1) Replace by fee - In electrum there's the ability to go to "If fee is too low" or "Always" from Fee preferences in Tools. This would've then let you select 'Replacable' to allowed you to later on replace the fee of your existing transaction. Could you check if Mycelium allows this feature? I'm not sure since I haven't used that wallet. I believe I was able to do this in electrum by right clicking on the unconfirmed transaction -> selecting increase fee --> then setting a higher fee or using electrum's dynamic fee that was already set.

2) This is possible now if you're receiving the funds - Child-pays-for-parent  - In the 'History' section right click on the transaction that is unconfirmed and then selected Child pays for parent -> increase the fee this time to a suitable fee (calculate it from here: https://bitcoinfees.earn.com/) -> Sign and broadcast the transaction.

3) By using a transaction accelerator like confirmtx, viabtc's tx accelerator or antpools tx accelerator. I've accelerated your transaction on confirmtx and antpool's accelerator. It might get confirmed in upcoming blocks when they include your tx in their block that is mined. If you can't wait for this option to have your tx confirmed, follow option 2 if you're receiving the funds.

Edit: Updated post after confirmation.

Hello xdrpx and thanks for your reply!

1) If I read correctly, RBF is an option I can activate for future transactions? I will definitely look into this and making sure I have a high enough fee for any of my future transactions. I work with Electrum, not with Mycelium. When I right-click on the unconfirmed transaction, I don't see the 'selecting increase fee' option.

2) I am the receiver of the funds, but on the Kraken account. When I right click on the unconfirmed transaction in Electrum, I do see the 'Child Pays For Parent' option, though. Should I try this out?

3) Thank you for accelerating my transaction. I have tried so myself through ViaBTC, but could never get through. I did read somewhere that this form of 'bumping' is overcrowded a lot these days. I could wait a bit to see if this works for me, though.

Thanks again for helping me here!

[ranochigo]

1) If I read correctly, RBF is an option I can activate for future transactions? I will definitely look into this and making sure I have a high enough fee for any of my future transactions. I work with Electrum, not with Mycelium. When I right-click on the unconfirmed transaction, I don't see the 'selecting increase fee' option.

Yup. You can't increase the fees on the transactions that you have already broadcasted. If you have the replace by fee option selected, you can create another transaction with a much higher fee to "replace" the current transaction that is in the mempool.

2) I am the receiver of the funds, but on the Kraken account. When I right click on the unconfirmed transaction in Electrum, I do see the 'Child Pays For Parent' option, though. Should I try this out?

Sure. Child pay for parents allows for child transaction (the transaction you are creating) to help to incentivise the miners to get the whole chain of transaction confirmed. This method will work as long as the transaction has an output to an address that you control. This does include a hefty fee however, since you are also effectively creating a new transaction.

[Haputa]

1) If I read correctly, RBF is an option I can activate for future transactions? I will definitely look into this and making sure I have a high enough fee for any of my future transactions. I work with Electrum, not with Mycelium. When I right-click on the unconfirmed transaction, I don't see the 'selecting increase fee' option.

Yup. You can't increase the fees on the transactions that you have already broadcasted. If you have the replace by fee option selected, you can create another transaction with a much higher fee to "replace" the current transaction that is in the mempool.

2) I am the receiver of the funds, but on the Kraken account. When I right click on the unconfirmed transaction in Electrum, I do see the 'Child Pays For Parent' option, though. Should I try this out?

Sure. Child pay for parents allows for child transaction (the transaction you are creating) to help to incentivise the miners to get the whole chain of transaction confirmed. This method will work as long as the transaction has an output to an address that you control. This does include a hefty fee however, since you are also effectively creating a new transaction.

Thanks for your reply, Ranochigo!

So for the CPFP option, could I assume the fee gets doubled? Or what would be an effective fee to unstuck the transaction?

Edit: To clarify, I mean to ask if a sufficient fee would get doubled. Not the original fee.

[BitMaxz]

1) If I read correctly, RBF is an option I can activate for future transactions? I will definitely look into this and making sure I have a high enough fee for any of my future transactions. I work with Electrum, not with Mycelium. When I right-click on the unconfirmed transaction, I don't see the 'selecting increase fee' option.

Yup. You can't increase the fees on the transactions that you have already broadcasted. If you have the replace by fee option selected, you can create another transaction with a much higher fee to "replace" the current transaction that is in the mempool.

2) I am the receiver of the funds, but on the Kraken account. When I right click on the unconfirmed transaction in Electrum, I do see the 'Child Pays For Parent' option, though. Should I try this out?

Sure. Child pay for parents allows for child transaction (the transaction you are creating) to help to incentivise the miners to get the whole chain of transaction confirmed. This method will work as long as the transaction has an output to an address that you control. This does include a hefty fee however, since you are also effectively creating a new transaction.

Thanks for your reply, Ranochigo!

So for the CPFP option, could I assume the fee gets doubled? Or what would be an effective fee to unstuck the transaction?

Edit: To clarify, I mean to ask if a sufficient fee would get doubled. Not the original fee.

Based on what i experience you don't need to pay double just use the default fee from http://bitcoinfees.earn.com/ that you can found below the chart and put it in your transaction fee per kb.
You can found it in tools>preferences> and put the default fee or just check the dynamic fee if you wanted to have slide option.
Make sure to slide it to the right to max just like what i did and send.
Your parent transaction should confirm sooner including your child transaction.

If the accelerate won't work you can also try my method here https://bitcointalk.org/index.php?topic=2684294.msg27423670#msg27423670

[Haputa]

I am happy to say that the transaction has been unstuck, using the CPFP option in Electrum. I used http://bitcoinfees.earn.com/ to find a fee that would take about 15 hours, and it did that almost to the minute.

Thanks to everyone who has replied and helped me in the proces!

-Haputa