"Child Pays for Parent" on Electrum with Ledger Nano S
Two days ago, I tried sending 1 BTC to my OpenLedger account to buy up some BitShares. At $0.05, I think BTS is underpriced. I've heard there's a wallet update coming out on the 15th along with updates to the bitshares.org website in the future. I'm hoping that will give us a nice price bump.
Unfortunately, using the traditional wallet fees in the Ledger Nano S did not work. My transaction stalled for over 48 hours.
I thought if I could spend the coins which were sent back to the change address with a nice fee, miners would include both transactions, and I'd be all set. Unfortunately, the Bitcoin Chrome app for the Ledger Nano S doesn't support sending from a specific address. I Googled around a bit and found I could use Electrum with my Ledger and select which address to send from.
Unfortunately, I got this error when I tried:
So then I figured I'd have to try the "Child Pays for Parent" option. This basically sends BTC from yourself to yourself with a nice fee for the miners. The catch is, the BTC in the address you're using is change from a previous transaction that still isn't confirmed. This means, in order for the miner to get that juicy fee, they have to also include the parent transaction. To do it, just right click on the unconfirmed transaction in Electrum and select that option, sign it, and broadcast it.
Finally, it went through.
I found this article helpful explaining the details of how "Child Pays for Parent" works.
I've yet to switch my BTC balance over to a Segwit address on my Ledger, but after waiting 2+ days and ultimately paying $9+ in fees to get my transaction confirmed, I think I may switch things over soon. That said, I still have my concerns about Segwit, which are discussed in this post by @modprobe here.
What do you think of Segwit?
What do you think of Segwit2x?
Do you think Bitcoin will become obsolete as @kyriacos suggests?
Hello @lukestokes I picked up on some of your content from @intelliguy and after reading some of your posts I was very impressed with the validity of your info and I am having the same problems you were having but on a much smaller scale and with the Altcoin Ripple . I am trying to find a altcoin wallet that accepts ripple and dodgecoin , and after alot of time and research I found a wallet that accepts ripple and is secure but once set it all up it wouldn't let me purchase anything with a debit card or wire transfer or PayPal , so I had to transfer some bitcoin and did a exchange for ripple.
It worked the first time , and today i tryed to buy more useing the same process accept instead of bitcoin I moved some Litecoin and tried to do an exchange again litecoin for ripple and it wont go through ? So I tried to set up a verification/address ? and it's saying they no longer are processing requests for U.S individual customer accounts. ?? https://www.bitfinex.com/verification/address
So why would it let me create an account and transfer LTC , BTC , and buy Ripple with the BTC and then say that stuff?
I have a coinbase account also but if you know of any other Altcoin Exchanges/Wallets that are fairly secure I would appreciate the advice. I know that the Nano Ledger hardware wallet accepts multiple Altcoins also but I would appreciate the help your a very seasoned veteran of this world and your opinion is valued . Have a good night Steeeeemonnnnnn !!!!!!!!
Yeah, BitFinex no longer serves US Customers. They announced that a while ago and I got all my stuff out of there. Unfortunately, I also panic bought EOS at a high price. Heheh.
Always check the details of an exchange before using it.
Good luck on your journey of learning. I'm not a fan of Ripple. Seems like a centralized banker coin to me. Good luck.
So I can put my BTC& LTC in my Coinbase right ? but what wallet would you recomend for Altcoins in general ?
Yea it's a journey but its the future and I have to prepare , I have a & month old and a 7 year old so I need to have some sort of foundation set for them because I am confident that Crypto is going to be the only currency for there adulthood .
Thanks for your response and honesty included in your advice , some tell you what you want to here an ask for a follow and a upvote !! If you got a wallet you know of or a fellow steemian that does I would appreciate the guidance ..
Thanks again @lukestokes
Which altcoins do you mean? The Ledger Nano S works for many of them. There's also Exodus, which I haven't had any problems with. For fancy stuff like Neo or Byteball Bytes, just use their native wallets.
Ripple and Dodgecoin LTC and BTC . I am familiar with the Leger Nano S , do you think that is my best bet compared to an online wallet is a hardware wallet ? They are most secure I have read , i just haven't decided to order one yet . I seen them for $80 on Amazon. I just don't know how how the work compared ;lets say a coinbase or changelly , or if its more practical to use those if you moving a lot of coin around ? Thanks for helping me out bro I really been trying to get all my coins in order and safe and secure , its stressing me out !
If you don't control the private key, you don't control the cryptocurrency. More on that here. Changelly is an exchange, not a wallet, right? Yeah, I'd say either paper wallet or hardware wallet is the best way to store your cryptocurrency. More info here: http://understandingblockchainfreedom.com
Thnx @lukestokes for putting this info all together.
Gracias por compartir buena informacion de caracter importante. lo estoy siguiendo, saludos desde venezuela.
Thanks for sharing this post. Very informative
I believe bitcoin would one day be obsolete but the real thing to be worried about, if you are the type to worry about such things, is the when. When would it be obsolete? Next year? Next five years? In my humble opinion, I do not see bitcoin becoming obsolete any time soon.
Neither do I. I gave a much more detailed reply here.
Just read your reply, that network effect plus its open source nature is what would make it hard to go obsolete. I am of the same opinion too.
The more I read about technological issues the older and dumber I feel! But having said that, I think I'll invest in some bitshares.
Thanks @lukestokes for this article. In general, I do support SegWit for making fees smaller without affecting the censorship-resistance of Bitcoin. It also allows for features like the lightning network, which I'm very excited for.
However, I'm not sure how I feel about the SegWit2x fork. What are your thoughts on that?
Thankfully I'm not a miner or exchange, so what I think doesn't matter a whole lot. It seems to me a lot of users are against it while big corporations are for it. I haven't made up my mind yet. I see some saying it was pushed forward too quickly and hasn't been properly tested while I see others saying it's ready to go and is needed to increase the blocksize and make BTC actually function like digital cash as originally intended.
I think the lack of "replay protection" is what scares me. Replay protection lack means that, theoretically, if you made a transaction on one chain (e.g. the Bitcoin Core chain), a node on the other chain can replay your transaction (e.g. the Segwit2x chain).
For example, if I sent Bob 2 BTC on the Core chain, Bob can replay my transaction on the 2X chain, also sending him 2 Segwit2x Bitcoins. If they don't fix that soon, that could end up being a large problem.
I've seen you have used the word "Unfortunately" three times in this short article. Don't be disappointed, there will be better times for trading for sure, we trust in you!
Functional, safe, simple
I've been hanging on to my bitcoin cash as a hedge against Segwit. I'm not knowledgeable enough about the programming side of things to know whether the concerns are legit, so I use the better-safe-than-sorry approach and buy insurance. I've lost a bit of money on my bitcoin cash since I bought it, but I'm still in the black by 100% on that amount vs. my original stake a year ago when I got into cryptos, so I'm not too broke up about it. I'm still not entirely convinced that Segwit is the way to go just based on my layman's interpretation of it.