Now, find out the combined size of both your transaction. This is the crucial part! To determine the fee go to and look up their dynamic recommendation. Additionally, make sure to add an appropriate fee for the transaction. Go on and enter one of your receiving addresses in the “Pay to” field. Otherwise, skip the next step and come back to it after reading on. If the input contains sufficient coins for covering the fees of the transaction as described below, you’re good to go. Notice that usually Electrum determines the inputs automatically and hides the “From” field. This will take you to the “Send” tab where the “From” field already includes the correct input. Selecting the coins from the unconfirmed transactions for spending

Now, go to the “Coins” tab, select the corresponding hash, right-click and select “Spend from Address”įigure 3.

Checking the unconfirmed transaction’s details for outputs to yourself In this case 12qqWu8SGbBNrXUdkjC31TqGUngjcuxzv1 (it is blue and not yellow here, because I’ve already selected it for copy&paste)įigure 2. Transactions to yourself that acted as change will be marked yellow. Select your transaction and open up the details.

First, find out if an output of the transaction went to yourself (the change).

So, let’s see how to speed things up as the sender using the Electrum wallet:

You can see this by looking at transaction details and checking the outputs. This is because most of the time some amount of the transaction gets back to you as “change”. (for determining an appropriate fee read on) But even if you are the sender, you can most likely use the method. If you are on the receiving side of an unconfirmed transaction, it’s trivial to apply the method: Just spend some of the received coins (or send to yourself) with an extra juicy fee. If the fee of the second transaction is high enough to compensate for both transactions, miners will willingly do this. For miners to confirm it they will also have to include the previous, unconfirmed transaction into the block. This transaction should have an elevated fee. The basic idea is to create a new transaction which uses part of your unconfirmed transaction as an input. Therefore, I offer a more detailed step by step how-to here. However, applying the method in the practice with Electrum was somewhat tricky. I found some pretty decent descriptions of the method here and here. “ as the name implies, spending an unconfirmed transaction will cause miners to consider confirming the parent transaction in order to get the fees from the child transaction included in the same block.”įor me, only the last method was practicable and this will often be the case. If it takes too long to confirm, you can resend it using a higher fee and it wont be rejected as a double-spend. Basically, you can flag your transaction as “replaceable by fee” before submission. Not all clients support this, but the current Electrum version does. Also, even when your submission goes through you’ll have to wait until their pool mines a block. Your best chance is to submit your transaction at the beginning of an hour. In general this works, but they accept only 100 transactions per hour. Otherwise, your new transaction will be declined as “double-spending”. This can take an arbitrarily amount of time, i.e. This is inconvenient, because you have to stop broadcasting your transaction and then wait until the nodes forget about it. Manually removing the transaction from the wallet and double-spending it.So I started reading up on solutions and came along quite a few: After a few hours, I lost my hope that the issue will resolve itself. It proposed a way too low fee for the transaction and since I never had to change the default in the past, I just submitted it. My transaction was stuck for more than 24 hours because my wallet software, Electrum, was outdated. Recently, I experienced this case myself. It is even possible that it will never get confirmed. Sometimes, however, the fee you’ve assigned is too low and your transaction will take very long. Miners will make sure to include it in the next block, because in the end it’s all about the money!

The invisible hand takes care of this issue: By adding higher processing fees to your transaction you can make sure that it receives higher priority. Fortunately, the bitcoin network is based on market principles. The time until a transaction is confirmed can therefore become rather long. The consequence in the current system is that not all submitted transactions can be processed quickly. There is a lot of debate whether this should be changed. Because the size of each mined block is fixed to 1MB, the amount of transactions per block is limited. While this is good news, it also has its downsides. The amount of transactions per day is increasing and is at an all times high: Bitcoin is becoming more and more popular.

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