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How to cancel unconfirmed Bitcoin transactions?

how to cancel unconfirmed transaction

Miners must confirm the Bitcoin transactions within 24 hours the transaction has been made. Only that transaction is fully validated that receives three confirmations.

The two main reasons for unconfirmed transactions are mostly either the transaction is made early or the person has not waited for some time.

The most efficient confirmation needs at least 10 minutes or the value of the transaction is small, the transaction fee must be sufficiently high to get confirmed by the miner.

If the person does not receive any confirmation within 24 hours, a person may use the system of block explorer that has been established for this purpose. It helps to track the transaction and is easy to use the user has to use only transaction ID and the details of the transactions can be traced.

If the user receives two confirmations then he must wait for third one However, if no confirmation has been received than a transaction can be canceled.

In order to cancel the transaction the system of RBF Protocol can be used in this a user can mention the transaction second time on the network by raising the fee in this way the first transaction got canceled.

The other method is to use the double spending route by sending the same transaction and double the fee.

The TX fee settings can be used to curb of unconfirmed transactions, Miner fee can be picked by the wallets automatically and there would be no problem of waiting for hours for confirmation of Bitcoin transactions.

Aroosa Nadeem

Aroosa Nadeem

A media graduate and passionate media person Aroosa has a knack for digital media journalism and outreach. She has contributed content to different digital media publishers in a variety of areas including technology, health and finance.

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