Ways of Cancelling Unconfirmed Bitcoin Transactions

By
Wilson Lingham
-

A Bitcoin transaction left unconfirmed usually happens whenever a transaction is not confirmed on the blockchain within a day (24 hours).

Miners must confirm all Bitcoin transactions. At least three confirmations must be done. There are two major reasons why your bitcoin transaction might not be confirmed

  • If it is a recent transaction then you’ll have to wait a little while before getting a confirmation.
  • The transaction fee was either too low or not entirely included. Concerning bitcoin transactions, one rule applies here: The lesser the amount, the lower the chances of a successful confirmation. If you pick a transaction fee that’s too small, miners may not confirm it.

If after 24 hours, your transaction is yet to be confirmed, do the following:

Before you take action, be very sure the transaction is unconfirmed. This means you have to wait for at least a day. If there’s still no confirmation, make use of Blockchain.com to verify that your transaction is yet to be confirmed. Your bitcoin transaction can be tracked easily. Just enter your transaction ID and then use the block explorer to do the tracking.

Note that at least three confirmations are required before your transaction is fully confirmed. If your transaction already has one or two confirmations, then you will just have to wait until the third miner verifies it.

Bitcoin (BTC) News Today – Cancelling Bitcoin Transaction

If there are no confirmations, then you can cancel the transaction. You can do this in two ways.

  • Make use of the RBF- Replace by Fee Protocol.
  • Make use of the higher fee Double-Spend transaction

With the RBF protocol, your bitcoin transaction can be broadcasted to the network for the second time at a higher fee to make sure the miners pick it up. This will cancel your initial transaction and then create a new one.

You can make use of the double spending route if the RBF is not an option due to the type of wallet you use. This has to do with creating a new transaction the same amount of the unconfirmed original. Basically, this means you are sending your transaction again, but at a higher fee.

Find All Crypto Surge, Litecoin Price, Ebay Cryptocurrency, ACB Stock Price, Nasdaq Crypto, Amazon Stock, Ebay Crypto, Parabolic, Ripple UFC News in TheOofy.com

Disclaimer: The information on this site is provided for discussion purposes only, and should not be misconstrued as investment advice. Under no circumstances does this information represent a recommendation to buy or sell securities.