[2016-12-02] Child-Pays-For-Parent: Bitcoin transactions now confirmed in second

[tyz]

Child-Pays-For-Parent: Bitcoin transactions now confirmed in seconds

The torment of waiting hours for a Bitcoin transactions to confirm is officially over, thanks to a little-known trick called ‘child-pays-for-parent’ (CPFP).

A Reddit post by user super3 Friday states that if a transaction is sitting idle due to a low (or ‘standard’) fee, a CPFP transaction may be created to speed it up – drastically.

An unnamed developer reportedly confirmed the validity of the trick, which can be used with a variety of popular wallets.

http://bitcoinist.com/bitcoin-transactions-confirmed-seconds/

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[monocolor]

Child-Pays-For-Parent: Bitcoin transactions now confirmed in seconds

The torment of waiting hours for a Bitcoin transactions to confirm is officially over, thanks to a little-known trick called ‘child-pays-for-parent’ (CPFP).

A Reddit post by user super3 Friday states that if a transaction is sitting idle due to a low (or ‘standard’) fee, a CPFP transaction may be created to speed it up – drastically.

An unnamed developer reportedly confirmed the validity of the trick, which can be used with a variety of popular wallets.

http://bitcoinist.com/bitcoin-transactions-confirmed-seconds/

Interesting concept. However, this means it basically create an unconfirmed sidechain. If the first tx is eventually rejected (no one can guarantee it is a valid one), then all the tx stack on top of it becomes invalid. So I am not sure it can really solve the speed issue.

[notthematrix]

Child-Pays-For-Parent: Bitcoin transactions now confirmed in seconds

The torment of waiting hours for a Bitcoin transactions to confirm is officially over, thanks to a little-known trick called ‘child-pays-for-parent’ (CPFP).

A Reddit post by user super3 Friday states that if a transaction is sitting idle due to a low (or ‘standard’) fee, a CPFP transaction may be created to speed it up – drastically.

An unnamed developer reportedly confirmed the validity of the trick, which can be used with a variety of popular wallets.

http://bitcoinist.com/bitcoin-transactions-confirmed-seconds/

Interesting concept. However, this means it basically create an unconfirmed sidechain. If the first tx is eventually rejected (no one can guarantee it is a valid one), then all the tx stack on top of it becomes invalid. So I am not sure it can really solve the speed issue.

No it does not get passed the mempool only when first confirmation is done the transaction is added the the blockchain , replacing a transaction with a other in mempool does not make a difference for the load of the blockchain it self...

[affordableweb]

I tried this on a transaction stuck being sent from Electrum and it actually worked. I had the 2nd transaction set with a super high fee and it came through in 30 minutes after more than 12 hours being stuck