Stuck transactions may be confirmed after several days, but sometimes waiting isn’cpfp bitcoin miner an option. The procedure described here should not be used by beginners trying to clear a stuck transaction of significant value. Doing so can lead to loss of money.
This article describes a practical technique for creating and clearing a stuck transaction, but using this technique effectively takes practice and understanding. To get the most out of it, consider following the article as written and only commit a trivial amount of money. If any step describes a concept that doesn’t make sense, find a way to understand it. Leave a comment at the bottom of the article.
For demonstration purposes, this guide instructs you to enter a private key into a live Web form. An attacker can intercept this information and steal funds. Private keys should generally only be handled within a safe computing environment. However, given the small amounts of money involved in this demo, the risk is minor. A description of a more secure alternative appears before the conclusions to this post. When to Use This Method You can clear a stuck transaction with the method described here whenever you control one or more of its outputs.
If you don’t control at least one output, the network won’t permit you to complete the necessary steps. Fortunately, you will control at least one output in many situations. If you are the payee, then by definition you’ll control one output at least. However, even a payer controls one output in many transactions due to the need to collect change. In other words, use the method here when a transaction is stuck, you own at least one output, replace-by-fee is not an option, and your wallet doesn’t support child-pays-for-parent. Why Transactions Become Stuck The most common reason for a stuck transaction is that it carries a fee that was set too low. Bitcoin transaction fees can be difficult to understand because they touch on many concepts.
An important number to keep in mind is your transaction’s fee density. In Bitcoin’s early days, fees represented a negligible fraction of miner revenue. Fees make up an increasingly large part of total revenue, so miners try to optimize the fees they collect from every block. Pending transactions are selected by first sorting them in reverse order of fee density.