It is designed to help you choose the right fee to get your bitcoin transaction confirmed asap.
Here's how to use it:
- Generate a new Bitcoin Address for the recipient's wallet (can be the same wallet, no worries)
- Send some or all of the unconfirmed balance (from the parent) to that address. Make sure RBF (Replace By Fee) is switched on. Be very careful to send to the right address
- Grab the new TXID (this is now the child) and place it in the CPFP calculator
- Enter the desired sats/vb amount. We like Mempool.Space but you can use any blockchain explorer website you like
- Hit 'Enter' and let the calculator run and tell you the actual sats you need to place in the child
- Perform RBF and increase the fee on the child using the sats amount from the calculator and broadcast it