Blockchain (or bitcoin) unconfirmed transaction can be a pain in the cryptocurrency trading world. When sending Bitcoin mostly, a mistake of choosing a very minimal price for miner fee can actually cause a transaction not to be confirmed by the miners.
Fortunately, there’s a way you can actually try and see if blockchain refund can be used to revive the whole transaction, but it’s a bit complicated.
I guess you already know what pressing ‘undo’ button can do in computers, and that’s exactly what happens to blockchain unconfirmed transaction by the time this process we’re about teaching right now is taken.
Anyways, we’ll still walk you through the process of canceling the blockchain unconfirmed transaction.
How to stop/reverse a bitcoin transaction with 1 or less confirmations
Firstly, make sure the transaction does not have any confirmation yet, or this trick whole trick may not even work.
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
- Replace by Fee (RBF Protocol)
- Higher fee Double-Spend transaction
Few wallets supports the RBF protocol – making it possible for you to rebroadcast bitcoin transaction with higher fee (i.e. miner Fee). This will get your bitcoin transaction cancelled.
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.