CPFP- Child Pays For Parents | Explained

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This is a great method to have confirmed an unconfirmed transaction you are waiting to be confirmed. CPFP provides benefit to the receivers. Let me share with explanation what CPFP is and how does it work.

Imagine, you have received a payment of X amount of BTC. But because the sender has given a very low fee, it will take time to get confirmed and in some cases it can stuck for hours or days.

You as a receiver can get the transaction faster. Here's how?
When you receive a transaction, it's get added to your balance as unconfirmed transaction. You have to create a transaction including that amount with higher fee. When you will send the transaction (You can send yourself or others), because of higher fee, miners will include the transaction into new block and confirm the transaction, but for doing that, they will by default include the previous transaction which you have received earlier, Both the transaction will be included in the same block.

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4 hours ago, Kim K said:

Its a way sender makes me pay part of the transaction fees.

It'snot like that. People may send transaction with lower fee or they may do it unintentionally without knowing the current fee. In that case, the transaction may get stuck in the blockchain. If you the transaction earlier, you can use the CPFP method to pay the fee.

One thing to remember, if the fee is very low and transaction get stuck for long time, chance is miners will reject the transaction.

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45 minutes ago, Kim K said:

But the sender can actually rebroadcast the transaction from his end provided the transaction fees is low or sent unintentionally with low fees. That way he solely bears transaction fees and that makes it right. 

If i have to do CPFP, then i am paying for the sender. So long the sender has an option, and i am the one using the option i have as receiver, then i am helping the sender pay fees

It's possible that sender can increase the fee. Imagine, what can happen for paying extremely low fees? You may never receive the transaction, because of extremely low fees, miners will reject the transaction. Now, imagine a real life example- You have been hired by a person who have send you BTC with extremely low fees. You have done the work for what you have been hired, submitted the work as well but you didn't receive the money as your employer has done it objectively to commit fraud with you.

Now, you can boost the transaction as per CPFP, you don't have to wait for the cheater.

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Just now, Kim K said:

We are saying same thing. By not waiting for the cheater, i will have to pay part of the fees for sending the coin. So myself as a receiver paid part of the fees 

From your example, having this options is very good as the man might be waiting for reversal of transactions but with this, you pay and get your payment to the shame of the sender

Yeah, this is one of the cool feature of bitcoin  😲

It's very easy to reverse transaction in Paypal- chargeback while in bitcoin, it's very much impossible unless they have the chance of 51% attack.

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Just now, CryptoBry said:

What a nice name for this transaction. I was thinking this has something to do with children giving support to their parents who are already old and sick. anyway, good to see that there is an option like this

the name is like this because the transaction you are going to generate has been origin from the previous transaction. So, you are paying fee for your origin. that's why it's named CPFP- child pays for parents.

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What about an option where the receiver is the one that should pay the required fees...is there something like that? More like Shoppe or Lazada, eh? 

Not really because it's sender who pays the fee. In reality we can make it possible with CPFP but technically it's not true.

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4 minutes ago, CryptoBry said:

Hopefully, I am not going to need to activate this option but definitely if the amount of Bitcoin send to me can be big then there is no reason why I would not use this one.

There's nothing to activate option, it's simple as sending BTC as normal.

5 minutes ago, CryptoBry said:

Please share more here so we can learn many things. 

You can go through my profile and find out all the topics I have created, hopefully you will enjoy reading. Don't hesitate to ask anything which you don understand. I will try best.

[Consignee 2395]

Have seen this term couple of times, never thought of learning it though.

Is it possible on all the software wallet or only possible in core and electrum.

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Just now, Consignee said:

Have seen this term couple of times, never thought of learning it though.

Is it possible on all the software wallet or only possible in core and electrum.

I hope you found it learnable and in that case my hard work will be paid off.

Talking about which wallets have this feature - well I used them with bitcoin core and with Electrum. I have used blockchain wallet but they do not have thing for sure. And about the rest - I really do not have much idea. You can check their manuals or can ask someone else in here.

 

[Consignee 2395]

7 minutes ago, xBDT Script said:

I hope you found it learnable and in that case my hard work will be paid off.

Talking about which wallets have this feature - well I used them with bitcoin core and with Electrum. I have used blockchain wallet but they do not have thing for sure. And about the rest - I really do not have much idea. You can check their manuals or can ask someone else in here.

 

Thank you for the quick response and for your valueable time.

I will check tonight with electrum. Hopefully my transaction will not be stuck on the blockchain forever.

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Just now, Consignee said:

I will check tonight with electrum. Hopefully my transaction will not be stuck on the blockchain forever.

LOL no I do not think it will be.

A good time is to check when the network will be busy. Like when the Electrum will recommend you to pay say 15 sat/Byte or 20 sat/Byte then try it with 1 sat/Byte. You will see it will have this tip from top is something way over the 1MB it is like that then the tx will take long time to be confirmed but if you use the CPFP then it will get confirm if obviously you pay the fees the extra one.  

[cryptosix 1643]

Once on a time my transaction was stuckd for a day and someone has processed using third party  site.  It was for for free, but the transaction fee was low.

During that time the transaction fee was very high as the BTC was growing.

Thanks for the info, but no transactions are pending at this time.

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31 minutes ago, cryptosix said:

Once on a time my transaction was stuckd for a day and someone has processed using third party  site.  It was for for free, but the transaction fee was low.

When you send a transaction with lower fee, miners generally don't prioritize it when the network is busy but you can get the transaction faster even with the method you shared as well. There are some free and paid method for transaction boosting. They are miners in reality. They just take a fee and include your transaction in the block. Some also do it for free. One paid service is - viabtc

[cryptosix 1643]

47 minutes ago, xBDT Script said:

When you send a transaction with lower fee, miners generally don't prioritize it when the network is busy but you can get the transaction faster even with the method you shared as well. There are some free and paid method for transaction boosting. They are miners in reality. They just take a fee and include your transaction in the block. Some also do it for free. One paid service is - viabtc

Yes I heard in that thread about Viabtc, but he used another free site. So using paid method can we send BTC for cheap transaction fee?

I think this method applies only where the transaction is stucked and I am not sure about this. I had only very few transactions in BTC less than 20. so I don't know much about these things.

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Just now, cryptosix said:

So using paid method can we send BTC for cheap transaction fee?

Not true at all, you have to pay much higher later if you don't get a free site, you know free methods are not available all the time. It's never recommend using low fees when network is very busy, you must pay fee according to. otherwise, you may get rejected the transactions after couple of days.

[cryptosix 1643]

2 minutes ago, xBDT Script said:

Not true at all, you have to pay much higher later if you don't get a free site, you know free methods are not available all the time. It's never recommend using low fees when network is very busy, you must pay fee according to. otherwise, you may get rejected the transactions after couple of days.

Ok, I think according to the transaction fee we need to pay the amount. When I done a transaction the site itself suggested the amount for fee and I sent it.

Don't know much about, how people send money with low transaction fee.

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Just now, cryptosix said:

Don't know much about, how people send money with low transaction fee.

Okay, it depends of the input and what wallet you are using, can you customize the fee? You may get interested into this article of fee calculation for BTC. I have shared the method here-

 

[cryptosix 1643]

57 minutes ago, xBDT Script said:

Okay, it depends of the input and what wallet you are using, can you customize the fee? You may get interested into this article of fee calculation for BTC. I have shared the method here-

 

I used Blockchain and Coinbase wallets, but never adjusted the fee, even in Ethereum I think it was their too, but i am not sure all these things. I will read your article to see adjustments.

I use once in a two months to transact the money.

[Sabrin 17]

16 hours ago, cryptosix said:

I used Blockchain and Coinbase wallets,

My question is does these allow this fees? Where can I find the fees to change. I want to know please.

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Just now, Sabrin said:

My question is does these allow this fees? Where can I find the fees to change. I want to know please.

In Coinbase, you do not have the option to change the fee. They by defult add it. On the other hand, in blockchain, you have options for priority like high priority and low. If you choose high, they will pay high fee, and low for low priority.

Since coinbase itself an exchange, not a wallet in reality, they don't have that option. For using a custome fee as your own, you can use Electrum.

[cryptosix 1643]

13 minutes ago, Sabrin said:

My question is does these allow this fees? Where can I find the fees to change. I want to know please.

I think both won't allow to change the fees and I am not sure 100% as used only few times. I used Coinbase only 3 to 5 times and left them as for blockchain I lost my password and left them too. I am not a regular user of Coinbase or blockchain accounts so don't know much about them.

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40 minutes ago, cryptosix said:

I think both won't allow to change the fees and I am not sure 100% as used only few times.

As like i said in previous post, blockchain.com don't allow for direct custom fee but they have two options for faster and slower transaction. Web wallet barely do implement this kind of custom fee option since it will be very complex to get the data and adjust with their API.

Don't know why people still use web wallet while both software and web wallet require the same equipment/device and same expenses.

[sdsonjoy50 886]

I am very interested in this, I want to learn, how do I learn about this?  Or where to learn?  If you knew me I would benefit.

[Sourovdeb890 416]

On 10/29/2019 at 8:09 PM, cryptosix said:

Once on a time my transaction was stuckd for a day and someone has processed using third party  site.  It was for for free, but the transaction fee was low.

During that time the transaction fee was very high as the BTC was growing.

Thanks for the info, but no transactions are pending at this time.

When your Bitcoin transaction got stuck, what did you do then did you get the trapped Bitcoin back or were you completely lost as well?

[cryptosix 1643]

12 hours ago, Sourovdeb890 said:

When your Bitcoin transaction got stuck, what did you do then did you get the trapped Bitcoin back or were you completely lost as well?

It was accelerated by a bitcoin acceleration site and the transaction went smoothly. I didn't lost anything except the time that was stucked in the process.

[Opinder 1310]

I have red that by increasing fee you can send btc at high transaction speed but it is interesting to know that reciever also can pay high fee by CPFP method to recieve btc quickly.