Increasing the TX Fee on Someone Else's Transaction?
395 sats \ 4 comments \ @nerd2ninja 7 Jun 2023 bitcoin
@petertodd I feel like you're a useful ping for this. Were you fee bumping other people's transactions when you were incentivizing full rbf or only your own? Do you need full rbf in order to do this?
The reason I'm asking, is because I'm seeing people talk about how their exchange withdraw is pending for a long time in the mempool, and if its possible, I'd like to be able to recommend a method to fee bump their withdraw tx.
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131 sats \ 3 replies \ @Scroogey 7 Jun 2023
In this case (where you have the private key of the recipient of the stuck transaction), you can use 'Child Pays for Parent', i.e. you simply spend the unconfirmed output (to yourself) with a high fee. To get the high fee of the child transaction, the miner must include the parent transaction. No RBF is needed.
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1 sat \ 2 replies \ @nerd2ninja OP 7 Jun 2023
Okay so specifically as the receiver you can do this. Neat.
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232 sats \ 0 replies \ @anon1 7 Jun 2023
One issue you could face with this method for your specific case (withdraw from exchange) is if the exchange withdraw transaction is very large in terms of vBytes (contains many other withdraws to other customers), it could be very expensive to do child pays for parent because you are having to pay for everyone's withdraws to confirm, not just yours.
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0 sats \ 0 replies \ @DarthCoin 7 Jun 2023
Yes, Electrum, Sparrow and Bitcoin Core can do that easily.
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