Having series of Bitcoin blockchain unconfirmed transactions can cause serious slack, and pain in the cryptocurrency investment world. During Bitcoin transfer from one wallet to another, a mistake of choosing a very minimal price as miner fee can actually cause a transaction not to be confirmed by the miners.
Bitcoin unconfirmed transaction occurs when a particular transaction over-stays the entire BTC block time, or without being confirmed after almost 2 hours.
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Join Insiders List, to get free updates, as soon as my new documentations goes live online.Fortunately, there’s a way you can actually try and see if blockchain refund can be used to revive the whole Bitcoin block transaction, though, it’s a bit complicated for most trials.
I guess you already know what pressing ‘undo’ buttons can do in computers, and that’s exactly what will happen to blockchain unconfirmed transaction by the time this process we’re i am going to be teaching you right now is taken.
Causes of Unconfirmed Transactions
- The operation was only recently made. Even in the best circumstances, it takes the market at least ten minutes to confirm the transaction.
- 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.
- 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.
Stopping/reversing a transaction
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.
Strategies to cancel 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 canceled.
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.
In case 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 stuck 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 rebroadcasts to the miners for confirmation.
Final Advice
The blockchain is designed in such a way that, any Bitcoin transaction cannot be reversible, even when it hasn’t show in the transaction chart.
I will suggest you don’t change the transaction fee setting found in most Bitcoin wallets, as you may mistakenly choose lower fee that will not be used by the miners to confirm your transaction as fast as possible.
Most times, it is advised to use a cryptocurrency wallet that selects the miners fee automatically. This will help you to carefully avoid such scenario where your Bitcoin transaction gets stuck in the Bitcoin blocks for hours.
I also recommend securing your bitcoin investment asset by removing them from online exchange wallet, especially when you’re making trading, or use of them immediately to avoid lose due to theft.
You either get a hardware wallet – there are many hardware wallets that are fully secured in such a way you cannot loose your cryptocurrency investments.
