How to cancel a blockchain transaction

The blockchain technology is designed in such a way that any operations and transactions, if they have already been carried out, cannot be canceled. However, if the transaction did not receive confirmation, it will “hang” to no avail in the system for several days. And in this case, Bitcoins will be written off from the wallet. And given their course, the problem is serious.

There is a way, however. And it is based on the fact that transactions do not freeze up just like that - in each case there is a reason: something that did not suit the blockchain system. If we manage to figure it out, we will succeed in solving the problem of a transaction that is stuck in the system.

Most often, the cause of frozen transactions is the following:

  • overload of the blockchain system itself;
  • the formation of so-called memopuls - queues for the execution of transactions.

The fact is that the popularity of Bitcoin, as a fairly expensive cryptocurrency, is growing more and more, which attracts many new users to the system. Many of them decide on different operations, without really understanding their device, they are confused as a result.And the blockchain system perceives the actions of such users unambiguously - as inadequate, and reacts sharply: with overload and freeze. Naturally, the transaction in this case does not pass and also freezes.

As for the memory cards, they arise for several reasons:

  • a very large number of users want to make a deal, but the blocks they filled in simply physically cannot be included in the system at the same time — a memory appears;
  • transfers with a high commission pass first and are less often at risk of a queue, and if the user has put down a low commission or has not indicated it at all, a memul (and for a long time) is provided for it.

Moreover, in the latter case, one cannot even give guarantees that this transaction will take place at all, since it will be sent to the commission market, and miners may not pay attention to it - the transaction will simply hang in their memory until they find a new unit.

So, what can be done to solve the problem, both in the first and in the second case? Try to either push the transaction further, or cancel it if it is still possible. There are several options for action:

  1. You can try to use double-stand, an option of double spending, which will ensure transaction movement, i.e. the option of "pushing" by increasing the commission, if it was initially too low. This is possible because counterparties check assets on accounts only at one particular moment. So, if the transaction is frozen, you can send another one with an increase in commission. Both transactions will not go through, no need to worry about it.
  2. Using CPFP is a mechanism that allows you to create a transaction with one input (it must be the output of a problem transaction - the same change, for example) and send the bitcoins to yourself.
  3. Using special accelerators for transactions that can be used by both the recipient and the sender.

But none of these methods gives an absolute guarantee that the transaction will still be able to cancel or “push” further. And no guarantee in this case will give such guarantees, because, as already mentioned, the blockchain system is designed so that the cancellation of transactions is not provided for. If they have already been confirmed (included in the block) - no way will help, if they are frozen up to confirm - you can try.

And we must remember that an unconfirmed transaction cannot be canceled by itself.In this case, it is only possible to change the display in the user's wallet.