How To Cancel A Bitcoin Transaction | The Steps

 There can be instances where you would want to cancel a bitcoin transaction. And the good news is there is the slightest chance to undo a transaction if it hasn’t been confirmed yet. So, if you want to cancel your transaction while sending bitcoins, you have to begin with tracking bitcoin transactions. Wondering how to do so? This article will walk you through everything that you need to know.

But before that, you should know that there are many transactions that remain unconfirmed for a long time. 

This is primarily because the bitcoin transactions fees play a huge role here. Bitcoin miners are always on the blockchain network, which means they receive bitcoins every second that get stuck in the mempool. That’s exactly when miners have the leverage to pick a bitcoin transaction that pays them a higher bitcoin transaction fee. Miners earn themselves bitcoins with every complicated mathematical solution. So, they generally tend to go for the transactions that come with a higher bitcoin transaction fee and not otherwise. This is the reason why many bitcoin transactions remain unconfirmed over the network which often leads to cancellation if they are left unattended for days. But that’s good news for you if you are in the mind to cancel a transaction. 

Check Your Bitcoin Transaction Confirmation

You have to begin by tracking bitcoin transactions. Whenever you send bitcoins, you will receive a bitcoin transaction ID, which looks like a huge series of random numbers. You have to copy the ID and enter it in a block explorer. One of the great options in this domain is blockchain.info. When you go to the next page, you will see the information about the transaction which will include the number of bitcoin confirmations as well. Please note that if the number of transactions remains more than 0, then you won’t be able to cancel a transaction. This is because confirmed bitcoin transactions on the blockchain are irreversible. But if the transaction remains 0, then you can cancel it by following the steps mentioned below.

Steps To Cancel Unconfirmed Bitcoin Transaction

There are two ways to cancel your unconfirmed bitcoin transaction and they are:

·         Replace by Fee (RBF)

·         Double spend using a higher fee

RBF is allowed by some of the bitcoin wallets where you can replace your original transaction with a new higher transaction fee. However, to use this feature, you have to tick off the checkbox of replaceable transactions. Make a new transaction of equal amount and send it to yourself but make sure the transaction fee is higher.

For double-spending, you require specialized software. But many wallets and miners may not use double spending which is why it has a thin chance to cancel your bitcoin transaction. Nevertheless, one of the methods will definitely work in altering the bitcoin transaction.

If nothing works out still, call the bitcoin experts for all your solutions. Simply pick up your phone and give a ring on XXXXXXXXXXXX. They’re patient, polite and knowledgeable. So what are you waiting for?