What is Replace by Fee?
Available for Ethereum, Replace By Fee (RBF) is a method by which users may resubmit their transaction by increasing the transaction fee in hopes the transaction will be picked up faster by a miner and be included on the blockchain. This feature currently only works for ETH on our Cobo HD wallet.
How does this help me?
RBF will allow a user to increase the potential speed at which their transaction is processed on the blockchain. For instance, imagine two users, Jane and John, engaging in a transaction. Jane creates and signs a transaction, submitting it to the network for confirmation. John realizes that he has not received his ETH yet, and Jane notices the transaction is pending in her wallet. The transaction remains unconfirmed for a long time, as the fee (in GAS) is too low relative to other transactions.
Jane has a few options at her disposal:
1) Wait for a confirmation (which could take a long time);
2) Wait for the transaction to be cancelled (most miners will exclude it from mempool and freed coins would be spendable again); or
3) Resubmit the transaction with an increased transaction fee via RBF.
How-to use RBF in Cobo Wallet:
This guide will provide step-by-step instructions for using RBF to send ETH from your Cobo HD Wallet.
- Users will need to make sure that they are using the HD wallet in the first place. Find out which wallet you are using by selecting the 3 lines on the top left of the screen. After clicking in, make sure you have selected the HD wallet option. (Note: the HD wallet is entirely separate from Cloud Wallet. You will need to move your assets between each manually).
- Once in your HD wallet, select ETH to be taken to your ETH wallet. To begin a transfer, select the “Send” button, and you will be taken to a screen where you will be required to input the receiving address, how much ETH you want to send, a memo (optional), and the transaction fee (GAS). You can move the slider based on how much GAS you would like to offer as a transaction fee.
- After inputing all the information click “Send” to start your transaction, thereby sending it to the blockchain for verification. You can see the status by viewing the main page of your Ethereum wallet. If you click on the transaction, there is an indication that RBF can be turned on for your transaction next to the Ethereum token image. At the bottom of the screen, there is another button that allows for speeding up the transaction via RBF.
- After clicking “Speed up this transaction,” you will be taken to the following screen. You may see the original sender key, transaction amount, and, most importantly, increase the amount of GAS you wish to add to speed up your transaction.
- Once you have selected a new GAS amount, click “Submit tx fee increase”. After submitting, on your main ETH wallet page, you will see two sent transactions in your queue. The first transaction will show a recalling gray box as shown below. A new “sent" transaction will be at the top showing “RBF On.”. This means that the new transaction has been submitted and is currently being sent out to the blockchain. (Note: Using RBF does not guarantee that the transaction will be picked up faster, which is dependent on the amount of increased GAS.)
Once the transaction is completed and added to the blockchain, you will see the status change on your Ethereum wallet’s main page.