![]() View of canceled Bitcoin TX on the receiving wallet Conclusionīitcoin gives you numerous possibilities including managing how much you want to pay for your transaction depending on how fast you want it to be confirmed. On the receiving wallet after cancellation this transaction will look like on the image below. Result of the double-spend (cancellation) Double-spend with a higher feeĪfter “Sign” and “ Broadcast” you will see how original transaction is removed and new transaction appears for the amount of fee only. We have sent our tx with 1 sat/b and now we will double-spend it with 5 sat/byte. The new fee should be higher than original tx’s fee. Cancel transaction in Electrumįamiliar dialogue window will appear where you will be able to set new fee for the double-spent transaction. Right-click on the transaction and select “Cancel (double-spend)”. In this case when the order comes to original transaction, there is nothing left to be sent. In theory cancellation works the way that you basically resend same money to your wallet but with higher fee. ![]() All confirmed transactions are final on the Bitcoin network. Transaction can only be canceled if it’s NOT yet confirmed. If your transaction has been sent with RBF option (replace-by-fee), you have an option to cancel it. Resulting transaction after speed up Cancel transaction (Double-spend) ![]() You will see how your transaction move up in the line. On the picture above, we set ETA and bumped fee so that transaction confirmed within the next 2 blocks (~20 minutes). Again 3 options will be available – ETA, Mempool and static. Bump fee Electrum Bitcoin TXīump fee dialogue window will appear where you will be able to increase your transaction fee. Right click on the transaction and select “Increase fee”. This transaction above is 4.38Mb away from top and can take a while to confirm. For example, on the picture below we have a transaction with minimum fee of 1 sat/byte. If you have set a very low fee or network load increased and transaction is not confirming, you can bump fee to improve your transaction position in the mempool. Static Bitcoin fee in Electrum Speed up Bitcoin transaction Mempool option gives you better understanding about how busy Bitcoin network currently is and what fee will be best for your needs. You can also check current mempool load before setting the static fee. We recommend this only for advanced users who has the experience and knows which fee and during what times can result in required confirmation time. This is the option when you simply set the fee you want. In our experience it’s OK to set this type of fee if you are not in a hurry with your transaction and can wait up to 1 day. So, do not expect your transaction to confirm earlier than in few hours. And do not forget that all of them are low-fee transactions which will only occupy free space of every new block. On the image above we are going to enter the “line” 5Mb away from top or 5 blocks away from top. Imagine a line, of 1000 people where you can pay some fee to enter it at, say, 555 position or pay higher fee and enter the line at position 50. Mempool is the “line” of unconfirmed transactions and by setting Mempool fee option you are entering this line. But before you use this option, let’s understand what it means. On the picture below you can see how mempool fee setting drastically lowered the transaction fee. Mempool and Static fee options in Electrum Mempool Important! All times are estimated, meaning that if the Bitcoin network load increases dramatically, you transaction will take longer to confirm.īesides ETA, we have two other fee modification settings – Mempool and Static. You can lower the fee as little as to 25 blocks confirmation, and increase it up to 1 block confirmation. Right now, you can see the fee is set to 14.2 satoshis/byte and estimated confirmation is 10 blocks or 1 hour 40 minutes. This is where we can modify our fee depending on estimated confirmation time (ETA). If toggle on, this screen will go into advanced mode where you can see input/output address, change address and fee settings also. ![]() This is basically how much BTC/$ we want to send. Let’s explain what we see in this transaction summary window:
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