Useful tips on how to cancel blockchain unconfirmed transaction

an hour ago

Bitcoin mining is a great way to build up your capital, but it does come with a set of drawbacks. Even if you've developed an efficient way to generate new Bitcoins, you're still running the risk of getting your transaction "stuck" in the system. If you'd like to know how to cancel unconfirmed Bitcoin transaction, continue reading below!

In its essence, an unconfirmed transaction is one that hasn't become a part of a block yet and thus wasn't finished. There are several reasons why such an event occurs:

The operation was only recently made. Even in the best circumstances, it takes the market at least ten minutes to confirm the transaction.Bitcoin is overflowing. As the network has its limits, often times, the number of users trying to conduct operations can be too large.The fee included in the transaction was too low or not included entirely. The smaller the amount you've entered, the less chance of success it has.

Because of the rollercoaster that the Bitcoin's price has been on lately, it has become marginally harder to pick a fee that would suit you, while still having a guarantee that it would be confirmed withing a day. As a result, the number of blockchain unconfirmed transactions has been increasing for several months now.

Any transactions that you may submit that offer a low or subpar fee can remain on the market for hours or even days before they get picked up. In the worst case scenario, some Bitcoin transactions are "stuck" forever.

This may not be a noticeable problem for people that only make large BTC operations with a small number of input. However, if your goal is to perform minor transactions of just up to ten Bitcoin cents, or a bigger one but with more inputs, the market fees can seem daunting.

Logically, Bitcoin miners usually choose the best fees and use them to build their blocks. If your transaction hasn't made the fee cut, it continues to lay dormant in the mempool until it gets a chance in a new block. If it's still not good enough, it waits for another cycle, and so on and so on. It can be a vicious cycle. And with that being the case, it's no wonder that people start to ask the question "How to reverse an unconfirmed Bitcoin transaction?"

First of all, before we tell you how to cancel the transaction, you have to know that it's not always possible and sometimes it's just left in a Bitcoin's form of purgatory for all eternity. However, when it is possible, these are the steps you need to take to cancel unconfirmed transaction from your BTC wallet:

Create a backup of wallet.dat;Launch your wallet program;Make sure that you run the program with "-zapwallettxes" feature turned on;Go to the options menu;Pick the field that allows you to delete all the hanging or stuck transactions that aren't involved with the blockchain;Wait for a lengthy period of time while the system performs a rescan;Before the next time you launch your wallet, delete the extra feature;Voila, you're done!

If you perform these steps, you'll have a chance to create a new transaction using your previously unspent currency. Only now will you be able to raise the fees so that this time your transaction is confirmed. What this process means is that you're spending the same coins twice, with the second deal canceling out the first one.