Quick Answer:
Rebroadcasting a Bitcoin transaction means re-sending the same transaction to the network, which can be useful if the original transaction is stuck due to low fees or network congestion. To rebroadcast, you’ll need the transaction ID (TXID) of the original transaction.
First, check the status of the transaction using a blockchain explorer. If it’s unconfirmed, you can proceed with rebroadcasting. You can rebroadcast the transaction using several methods: through a dedicated rebroadcast service, a full node, or a wallet that allows you to increase the fee (Replace-by-Fee feature).
For a rebroadcast service, simply visit a site that offers this feature, input your transaction ID, and follow their instructions to rebroadcast. If you run your own full node, use the `sendrawtransaction` command with the raw transaction data. Lastly, if your wallet supports Replace-by-Fee, you can bump the transaction fee to incentivize miners to pick up your transaction.
Remember, rebroadcasting does not guarantee that your transaction will be confirmed, especially if the fee is still too low compared to the current network demand. Always double-check the recommended fee rates before rebroadcasting to increase the chances of confirmation.
Bitcoin transactions are a piece of data that is sent to the Bitcoin network and consists of the public key of the Bitcoin address, the amount of Bitcoin that users want to transfer, a digital signature that is linked with the private keys, and the wallet address of the receiver.
All BTC pending transactions have to be confirmed by Bitcoin miners in order to be processed. However, in some cases, Bitcoin transactions can end up rejected or unconfirmed. You can easily check the status of your Bitcoin transaction using a block explorer, such as Blockchain.com, just to be sure.
But what happens if you find out your transaction remains unconfirmed for a long time? Can you rebroadcast it and hope for better luck this time? To find the answer to these questions and more, keep reading this article.
What’s a Mempool?
Each Bitcoin transaction has to be verified by a Bitcoin miner that operates one of the network nodes as part of the mining process. The process starts when the miner picks up a transaction from the memory pool, or mempool for short, a place on the blockchain for all the incoming transactions.
Bitcoin miners typically give priority to transactions that come with higher fees because they get to keep that fee for their effort.
Once they pick up a transaction, they proceed by checking the authenticity of the address and whether or not the sender has provided enough cryptocurrencies in order for the BTC transaction to go through. If so, the miner timestamps the Bitcoin transaction and attaches it to the new block, which will later be added to the Bitcoin blockchain.
Although it might not seem so, this is a very complicated cryptographic process that makes sure your transaction is resistant to forgery or alteration.
Miners are rewarded with a transaction fee for each Bitcoin transaction that they’ll confirm. On the Bitcoin network, one BTC transaction is typically confirmed within ten minutes. In order for a Bitcoin transaction to be considered trustworthy by merchants, it needs to have at least three confirmations.
Methods for Rebroadcasting BTC Transactions
A BTC transaction might remain unconfirmed in the following cases:
- If the transaction has been broadcasted very recently. Sometimes, users might have to wait a little bit longer for their transaction to be confirmed;
- When the BTC transaction has a very low fee or doesn’t include one at all, so miners deliberately ignore it.
If the BTC network hasn’t confirmed your BTC transaction within 24 hours and you’ve added a decent fee to it, there are several approaches that you can try, which will be explained in more detail below.
Replace by Fee (RBF)
Replace by Fee (RBF) is a technique that allows users to replace their unconfirmed Bitcoin transactions with a new version that contains a higher fee.
This technique is quite practical and useful in case the already sent transaction remains unconfirmed for a long period of time. With the Replace by Fee technique, users can send a new transaction with a higher miner fee, so that Bitcoin miners prioritize it this time.
Once the new transaction is accepted, the original transaction will be invalid because it would have the same entry and miners will discredit it.
Electrum and Bitcoin Core are some of the most popular Bitcoin wallets which offer the Replace by Fee method for rebroadcasting BTC transactions.
Child Pays for Parent (CPFP)
Child Pay for Parent, aka CPFP, is a rebroadcasting method where a user creates a new transaction, also known as child transaction, with a higher fee rate than the previous transaction, also known as parent transaction, which forces the verification of the parent transaction which is stacked as an unconfirmed transaction. This way the miners are encouraged to confirm the previous, parent transaction.
The CPFP method may seem quite similar to the Replace by Fee method, but here, the original transaction remains valid. This means that the parent transaction has to be confirmed along with the child transaction.
Furthermore, in the Child Pays for Parent method, the child transaction is created as a motivation for the Bitcoin miners to process and confirm both the child and the parent transaction, and thus be able to get the associated transaction fee.
Not all cryptocurrency wallets support the Child Pays for Parent option for rebroadcasting a Bitcoin transaction, however, some of the most popular Bitcoin wallets do, such as Electrum, Bitcoin Core, and Exodus.
Bitcoin Transaction Accelerators
A BTC transaction accelerator helps users understand what’s the optimum transaction fee at which their BTC transaction will be confirmed in the shortest period of time.
As we mentioned before, Bitcoin miners choose the Bitcoin transactions that have high fees, because these transactions provide them with the largest profits. However, there is really no way for users to know what is the right amount they have to pay in order for their transaction to be confirmed effectively.
To use the Bitcoin transaction accelerator, the only thing you need is your tx id or transaction ID, a unique code that you can find under each transaction in your BTC wallet. If you decide to use a Bitcoin transaction accelerator, you have to know that some of them offer their services fee-free, while others charge a certain fee.
BitAccelerate, BTC.com, and ViaBTC are some of the best Bitcoin transaction accelerators.
Double-Spending
Double-spending is another method for rebroadcasting Bitcoin transactions. This method is similar to Replace by Fee, but with one significant difference, it’s forbidden.
Bitcoin miners are supposed to prevent double-spend transactions so that no coins get used twice by using the Proof of Work mechanism. This makes double-spending almost impossible because for a user to be able to send a double-spend transaction, they would have to outperform at least 51% of the whole Bitcoin network.
A Few Words Before You Go…
This article aims to reassure you there’s no need to despair if some of your Bitcoin transactions end up stuck in the mining pool and remain unconfirmed for quite some time.
As you can see, there are several approved methods you can use to rebroadcast your Bitcoin transaction: the Child Pays for Parent, the Replace by Fee, and the Bitcoin transaction accelerator.
All you have to do is choose the one that suits you best and arrive at that transaction confirmation in no time.
About The Author
James Page, previously the lead writer at Crypto Head and a registered psychologist, brings a unique perspective to the world of blockchain and cryptocurrency.
His extensive experience in the industry and ability to present complex concepts in an understandable manner make his articles a valuable resource for readers seeking to navigate the ever-evolving crypto landscape.
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