I have used both. RBF is pretty straight forward. CPFP is a little trickier because you have to get two transactions through when you use it, so you need to do the math to make sure that you are paying enough sats / byte to get both into a block. For example:
I fat finger a transaction and submit with 1 sat/byte. I use CPFP to make a new transaction at 10 sats/byte, thinking that will suffice as mempool fees are around 8 sats/byte in this example. However, i did not do the math! Because i need to pay for two transactions ( thus twice the space in the next block ) my effective rate is ends up around 5 sats/byte leaving me still unable to get my transaction confirmed. I could then do another CPFP but now i have 3 transactions to pull through into the next block... so i better do the math right this time.
CPFP also comes from the change of your broadcasted transaction, meaning you cant do it for a utxo where you send all or almost all of the sats.
because you have to get two transactions through when you use it, so you need to do the math
Wallet software should do the math instead of yourself. Some already do.
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💯
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Thanks for sharing your experience. I was not sure about the double fees you need to pay. Now it makes more sense to me.
Cheers
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