Replace By Fee (RBF)

The sender in an unconfirmed transaction creates a new, higher fee transaction spending some of the same inputs as the transaction being replaced. Often the new transaction will be confirmed instead of the original transaction.

Child Pays for Parent (CPFP)

The recipient in an unconfirmed transaction spends their unconfirmed transaction output, increasing the effective fee of the original transaction. A miner can't confirm the new (child) transaction without also confirming the original (parent) transaction.

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Discussion

You should always use RBF or CPFP if you can, and if it makes sense for your use case.

Do you see any use case for transaction accelerator services? (e.g. multisig)

Or perhaps they are a bad idea due to incentivising mining centralisation and opaque fee bidding?

Yes many use cases, I listed some here. I’m glad we are building one which is transparent

https://mempool.space/accelerator#why-not-use-rbf-or-cpfp