User Experience of Replace By Fee and Child Pays For Parent in open source, non-custodial desktop Bitcoin wallets.
How do you scale a blockchain? You don’t. Block space is inherently limited, and everyone making Bitcoin transactions competes for it. RBF and CPFP are some of the most prominent tools in the toolbox of a user for the block space scarcity competition.
Wallets
I have compiled a list of non-custodial Bitcoin wallets for desktops that are actively being developed and are open source. Please note that I have excluded those that require a hardware wallet since I don’t have access to them in my current location (Ledger Live, Specter, Trezor Suite.)
RBF
RBF, stands for Replace By Fee and is a feature that allows modification of an unconfirmed Bitcoin transaction to include a higher fee, thus confirming sooner. While it is less well-known, this feature also allows for the cancellation of unconfirmed Bitcoin transactions.
CPFP
CPFP, short for Child Pays For Parent, is also a handy feature that accelerates a transaction by spending one of its outputs with a high fee. This results in a child transaction, paying for the parent transaction. CPFP is especially helpful when we cannot use RBF, such as when receiving a transaction and not owning all the inputs involved.
Speed Up Receiving Transaction
Bitcoin Core
N/A
Electrum
Step 1
Step 2
Step 3
Step 4
Step 5
Step 6
Nunchuk
N/A (They claim it’s available on their blog, but I couldn’t find it, so it seems it is only the case with their mobile version.)
Sparrow
Step 1
Step 2
Step 3
Step 4
Step 5
Step 6
Wasabi Wallet
Step 1
Step 2
Step 3
Step 4
Speed Up Sending Transaction
Bitcoin Core
Step 1
Step 2
Step 3
Electrum
Step 1
Step 2
Step 3
Step 4
Nunchuk
Step 1
Step 2
Step 3
Step 4
Step 5
Step 6
Sparrow
Step 1
Step 2
Step 3
Step 4
Step 5
Step 6
Wasabi Wallet
Step 1
Step 2
Step 3
Step 4
Cancel Transaction
Bitcoin Core
N/A? The option appears to be greyed out for me.
Electrum
Step 1
Step 2
Step 3
Step 4
Nunchuk
N/A
