How To Cancel Bitcoin Unconfirmed Transaction? | Blockchain Unconfirmed Transaction
If the transaction remains unconfirmed after 24 hours, you must try- Reversing Your Unconfirmed Bitcoin Transactions, read steps | blockchain unconfirmed transaction
Unconfirmed Bitcoin transactions occur when a given transaction does not receive confirmation from the blockchain within 24 hours.
All Bitcoin transactions must be verified by miners. A minimum of 3 verifications are required to be considered fully verified.
There are two main reasons why the Bitcoin transaction was not confirmed.
If the transaction was made very recently, you may have to wait a little longer for confirmation. Even in the fastest mode currently, it takes at least 10 minutes to confirm a BTC transaction.
Transaction fees are not fully included or are too low. When it comes to Bitcoin trading, one simple rule applies. The lower the amount, the lower the chance of a successful verification. If you choose too few transaction fees, miners may not check them.
If the transaction remains unconfirmed after 24 hours, you must:
Reversing Your Unconfirmed Bitcoin Transactions:
Make sure the transaction is not verified before taking any action. First of all, this means you have to wait at least 24 hours. If not already verified, use a block explorer such as Blockchain.com to verify that the TX is not actually verified. It is very easy to track Bitcoin transactions on the
public blockchain. Enter your transaction ID and track it through the block explorer. Remember that a
transaction needs at least 3 confirmations before it is fully confirmed. If you see a transaction that has one or two confirmations, you have no choice but to wait for the third miner to confirm. The process has already started. Without
confirmation, you can continue and cancel the transaction.
There are two ways:
- Use Replace by Fee (RBF Protocol)
- Use higher fee Double-Spend transaction
The RBF protocol allows miners to intercept a Bitcoin transaction by broadcasting it a second time to the network at a higher fee. This will cancel the old transaction and create a new one by default.
However, not many wallets support the RBF protocol, so make sure the wallet you choose supports BTC. To use the RBF protocol, simply select an option when setting up a transaction when sending bitcoins.
If the RBF does not match because of the wallet you use, you have to go the way of double spending. This entails the creation of new trades for the exact amount of unconfirmed originals. So we resubmit the transaction, but this time we choose a higher fee.
Guarantee your transaction confirmation:
To avoid this problem and ensure that your Bitcoin transactions are verified every time, use the suggested remittance fee settings found in most wallets. Changing this could result in unconfirmed transactions by accidentally choosing a lower miner fee.
Most wallets automatically pick up a miner fee so you don't have to wait for hours to confirm a transaction and not get stuck in a Bitcoin block.