Child Pays For Parent (CPFP) is a method to incentivise miners to pick up a Bitcoin transaction that was broadcasted with low miners fees attached to it (i.e. the Parent) by using the unconfirmed outputs of that transaction as the inputs of a new Bitcoin transaction that has higher miner fees attached to it (i.e the Child).
This way, miners will confirm both transactions (parent and child) at the same time as the combined miner fees are appealing to them.
- You withdraw 1 BTC from your Bitaroo Account, paying Economy Withdrawal Fee
- After some time, you look at your favourite bitcoin explorer and realise that it might take longer than you'd like for the transaction to get confirmed
- You then go to your favourite wallet (to which you withdrew the funds) and spend the unconfirmed transaction by sending it to another wallet you control or to the same wallet but using a different receiving address, this time with higher miner fees.
Please note: CPFP usually works very well but not always. At times, miners pick up the transactions much later than one would like, especially if previous ancestor transactions are unconfirmed as well.