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How to speed up a stuck Bitcoin (BTC) transaction with Electrum

This article describes how to speed up a stuck Bitcoin (BTC) transaction with Electrum.

 You can learn more about Electrum here.

Before you start

  • Make sure to update Ledger Live to the latest version via this link.
  • Open Ledger Live and connect your Ledger device to the My Ledger to ensure that your Ledger device is running the latest firmware version.
  • Make sure you're running the latest version of the Bitcoin (BTC) app.
  • Download and install Electrum on your computer.

Video instructions

Step-by-step

  1. Connect your Ledger to your computer, unlock it then open the Bitcoin app.
    Your Ledger displays: Bitcoin is ready.
  2. Open Electrum.
  3. Select Next.
     The "Wallet: field at the top does not need to be changed.
  4. Select Standard Wallet then click Next.
    mceclip2.png
  5. Select Use a hardware device then click Next.
     Before clicking Next, make sure that your Ledger device is unlocked and the Bitcoin (BTC) app is opened on your Ledger device.
    mceclip4.png
  6. Select your Ledger device then click Next.
    mceclip1.png
  7. Select the derivation path.
     If your Bitcoin account was created via Ledger Live, the default derivation path is native segwit (p2wpkh).
    mceclip5.png
  8. Tick Encrypt wallet file and click Next.
    mceclip6.png
    Electrum displays your account transaction history.
    If not, please go back to step 7 and try a different derivation path/address type.
  9. Right-click the stuck (unconfirmed) transaction and select Increase fee.
    mceclip7.png
  10. Navigate to the New Fee rate field, type in a higher fee rate (sat/byte) then click Ok.
     You can use this website to find the optimal fee rate.
    mceclip8.png
  11. Click Sign.
    mceclip9.png
    Electrum displays:  Confirm Transaction on your Ledger device...
    Your Ledger displays: Review output #
  12. Using the buttons, carefully review the Amount, Address then select Accept.
    Your Ledger displays: Confirm transaction.
  13. Using the buttons again, review the new Fees and, if all looks good, Confirm and send.
    Your Ledger displays: Application is ready.
    confirm_ledger.gif
  14. Back to Electrum click Broadcast.
    mceclip10.png
    Electrum displays: Payment sent and the destination address.
  15. Click Ok.
    You're done!
    mceclip11.png

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