Replace by Fee

Overview

Replace-By-Fee is a mechanism that allows users to replace an unconfirmed transaction in the Bitcoin mempool with a new transaction. The new transaction typically includes a higher fee to incentivize miners to confirm it sooner. This can be particularly useful in situations where the network is congested, and you need your transaction to be confirmed more quickly.

This capability can be used directly in the Vault to either ‘boost’ a transaction or ‘cancel’ a transaction using Full RBF implementation.

Boost

The Boost feature allows you to expedite a transaction that is pending in the mempool by increasing its fee. This is particularly helpful during periods of network congestion, where delays are common. By boosting the fee, you enhance the likelihood of your transaction being processed and confirmed more quickly. Boost is accessible only for transactions that have been submitted but are still unconfirmed (0/x confirmations). By selecting this option, you can reissue the same transaction with a higher fee, increasing its priority for confirmation. Here, the same transaction output will be recreated exactly. Inputs may be added to cover the new fees, all the inputs from the replaced tx will be used.

Cancel

The Cancel feature provides the option to halt a transaction that has not yet been confirmed. This is useful if you need to correct an error in the transaction details or if you decide not to proceed with the transaction. Instead of waiting for the transaction to naturally be evicted from the mempool or be confirmed by the miners, you can use the Cancel feature to try to proactively stop it. Here the transaction will modify the transaction output to send the initial transaction to the self account.

IMPORTANT: Please keep in mind that Cancel feature is only an attempt, and does not guarantee that the initial transaction will be definitely cancelled in case miners end up prioritizing the old transaction over the new one.

How to boost a transaction on a Bitcoin Account ?

1. Open the ‘Transaction Details’ modal of the transaction you want to boost

2. In the footer, click on “Boost”

3. Select the suggested fees to boost the transaction

4. Click on “Finalize”

5. Approve the transaction as usual

How to cancel a transaction ?

1. Open the ‘Transaction Details’ modal of the transaction you want to boost

2. In the footer, click on “Cancel”

3. Verify the suggested fees and the Receiving address

4. Click on “Finalize”

5. Approve the transaction