A stuck Bitcoin (BTC) deposit can be expedited using the Child-Pays-For-Parent (CPFP) technique, which involves sending a new transaction with high fees to incentivize miners to prioritize your stuck transaction. This method is an alternative to Replace-by-Fee (RBF) and can be useful when a low-fee transaction has delayed your deposit to your Ledger Wallet.
Note: CPFP is applicable when you are the recipient of the stuck transaction, and it requires the use of Electrum, a Ledger-compatible third-party wallet.
How To Perform CPFP with Electrum and Your Ledger Wallet
Connect Your Ledger Wallet to Electrum:
Ensure you have Electrum installed on your computer and open it.
Connect your Ledger Wallet to your computer and unlock it. Open the Bitcoin app on your Ledger device.
Locate the Pending Transaction:
In Electrum, navigate to the History tab to find the pending transaction you wish to speed up.
Initiate CPFP:
Right-click on the pending transaction and select Child pays for parent (CPFP).
Set Your Fees:
Choose the appropriate fee estimation scheme:
Mempool: Adjust fees based on the current fees for pending transactions in the mempool.
Static: Provides maximum control over fees, though it may result in overpaying or underpaying.
ETA: Estimates fees based on a target number of blocks, which is useful for transactions with a predictable timeframe.
Review and Sign the Transaction:
Review the transaction details on Electrum.
Click Broadcast to send the CPFP transaction.
Confirm on Your Ledger Device:
Review and confirm the transaction details on your Ledger Wallet when prompted.
Use the buttons on your Ledger device to accept and confirm the transaction.
How Long Will It Take?
Bitcoin (BTC) blocks are mined approximately every 10 minutes. The time required for your transaction to be mined can range from 10 to 60 minutes, depending on the fee rate you set. Higher fees generally result in faster processing times.
By using CPFP, you can potentially speed up the deposit of Bitcoin (BTC) to your Ledger Wallet, especially if the original transaction had a low fee.
“Fill out the form to send a request to the wallet’s customer service.”