Blockchain (Bitcoin) unconfirmed transaction can be a pain in cryptocurrency trading.
When sending Bitcoin mostly, a mistake of choosing a very small miner fee which may cause the transaction not to be confirmed by the miners.
Fortunately, there’s a way you can actually try and see if you can cancel the transaction, but it’s a bit complicated than the way am just saying it right now – Just like pressing ‘undo’ button. Anyways, I’ll still walk you through the process of how to cancel the blockchain or bitcoin unconfirmed transaction.
Canceling the unconfirmed bitcoin transaction guide
Firstly, make sure the transaction doesn’t have any confirmation yet, or this trick will just not work at all.
If you’re sure there’s no confirmation yet, use the transaction ID you got when you made the transaction to track the transaction node and see the details using a block explorer, Blockchain.info which is my favorite.
On the next page, you will see information about your transaction, including the of confirmations (if any).
Mind you that if the number of confirmation is greater than Zero (0), then you will have to wait until it completes the transaction and there’s no way you can move or cancel the transaction anymore.
There are two types of strategies to cancel the transaction
1. Replace by Fee (RBF Protocol)
2. Double spend using a higher miner fee
Few wallets supports the RBF protocol making it possible for you to replace your original transaction with a new miner fee (i.e. Transaction Fee). This will get your transaction unstuck(ed).
To use this particular feature in a wallet that supports it, you have to select it in the option as you’re initially sending out the bitcoin.
Incase you’re not able to use RBF, you can still cancel the transaction by a process known as double spending with a higher transaction fee.
To do the double spending, you will have to make a new transaction to yourself with the exact equal amount of the original transaction that got stucked in the blockchain confirmation – This time, make sure that the transaction fee is high enough to get the transaction confirmed by the miners.
You may need another wallet that allows such feature for the transaction to be rebroadcasted to the miners for confirmation.
Hopefully, one of the tricks should work for you. If any of them works, don’t hesitate to come back and tell me how it went.
Top 6 Automated Bitcoin Trading Robots
Automated Bitcoin Trading Bot is a software or script that auto buys/sell for traders while they step out of their cryptocurrency trading screens.
To most people, trading bitcoin is yet another source of passive income while working their regular day jobs, and that’s why so many people rely on trading bots. But the question becomes, which of the trading robots can be trusted and which one should be avoided.
Below is a list of known cryptocurrency trading bots, however, your mileage may vary when using them anyways.
One of the very first automated bitcoin trading bots to ever be created goes by the name of BTC Robot. While it seems to do the job and is quite easy to set up, user’s mileage may heavily vary when using this tool. Some people seem to be making modest profits, whereas others seem to struggle to get it to work properly. There is a 60-day refund policy, which makes it a no-brainer to try out regardless.
The Gekko trading bot is an open source software solution hat can be found on the GitHub platform. It was last updated a month ago, which seems to indicate it is still being actively developed. Using this automated trading bot seems rather straightforward, as it even comes with some basic strategies. It is not a high-frequency trading bot by any means, nor will it exploit arbitrage opportunities. With a good list of supported exchanges, Gekko could be worth checking out.
The service offers cryptocurrency users automated trading bots running on cloud platforms. Not having to install unknown software is a big plus, albeit it remains to be seen if this platform is legitimate. One intriguing feature is how CryptoTrader features a strategies marketplace where anyone can buy or sell their favorite trading strategy.
Another open-source solution for bitcoin traders goes by the name of Zenbot. Albeit this bot has not seen any major updates over the past few months, it is available to download and modify the code if needed. This marks the third iteration of Zenbot, which is still a lightweight and artificially intelligent bitcoin trading bot. It is also one of the very few solutions capable of high-frequency trading and supporting multiple assets at the same time. According to the GitHub page, Zenbot 3.5.15 makes a 1.531 ROI in just three months, which is quite surprising.
Tradewave is a platform allowing users to create automated bitcoin trading strategies. Users can connect most of the major exchanges to enable live trading within a few minutes. Moreover, there are quite a few trading strategies shared by community members for other users to try out. Tradewave is not free to use, though, as plans start at just US$14 per month.
Haasbot does all of the trading legwork on behalf of the user, although some input is required. Haasbot supports all of the major exchanges and is capable of recognizing candlestick patterns. Considering it costs between 0.12 BTC and 0.32 BTC per three-month period to use this tool, one has to be committed to using the software and hopefully make a profit from doing so.