How to cancel a transaction on the blockchain

Users with little experience with cryptocurrency transactions sometimes have a problem: they need to undo a transaction, and blockchain does not allow that.

So how do you undo a bitcoin transaction? Whether or not it will be possible to undo depends on the state of the transaction and what kind of errors were made during its execution. But it is worth trying.

Can I cancel a bitcoin transaction

The general rule states that in blockchain, a decentralized system which guarantees anonymity, it is not possible to undo a completed transaction

.

The reason is that there are no intermediaries to turn to if the sender, for example:

• Mistakenly sent too much money
• Misdirected the wrong amount

The system has a feature where the sender cannot see the recipient's address. He only sees the wallet number and can track the transaction's path.

How do I cancel a bitcoin transfer if it hangs up?

Long confirmation times for Bitcoin transactions are a payment system vulnerability. BTC's algorithm is designed to process just 7 transactions per second, so sometimes users have to wait for a transaction to complete for hours or even days. But it happens that they freeze for a very long time, so what are the reasons why this can happen?

• A sudden loss of internet connection
• setting too low a fee.

It's an opportunity for the user to try to roll back the transaction. The step-by-step instructions will be reviewed on the Bitcoin Core client:

1. Make sure the transaction is hung. To do this, check it via Block Explorer. If the transfer is still showing up on the list and the money is still in your account, you are in luck! You can also check the status at Blockchain.info. To do this, you need to specify TXID. If the operation received at least 1 confirmation, it is impossible to cancel the operation and return the bitcoins. If you see "Unconfirmed transaction" status then all is lost.
2. Now launch the debug panel in the wallet itself: Help - Debug Window - Console
3. If your wallet is encrypted, then you must immediately access it using the corresponding command walletpassphrase.
4. Now we get the private key by typing the command dumpprivkey. Instead of " " insert the number of the wallet from which the transaction was performed. You should also get private keys from other wallets, if they have bitcoins.
5. When all keys are stored, you must exit the client and delete the wallet or wallets. The location of the wallet file wallet.dat may vary, depending on the system settings. Completely delete it is not necessary. It is best to give it a new name or move it to another directory.
6. Now restart the Bitcoin Core wallet software client and import the previously saved private keys into it by typing importprivkey in the debug panel. This procedure can take a long time. Do not cancel it and wait for the system to respond!
7. In the new wallet, those transactions that have not been validated should be "forgotten" by the network, and funds returned to your account.

Unfortunately, this method isn't applicable to cloud wallets. In general, you don't need to go to extremes like that - it's better to always keep track of who you're sending money to and how much, and then you won't have any refund problems either!

How do I cancel a Bitcoin transaction if it is not yet confirmed? You can create another one on top of it. If you use Bitcoin Core, follow these instructions:

• From the main menu, navigate to the following sections: "Help" - "Debug Window" - "Console."
• Set the following commands: walletpassphrase for your password, and dumpprivkey for your address to get your private key. It will be needed in the future, so it should be saved in a separate file. Important: Do not give this key to unauthorized people.
• Naming the wallet file. Bitcoin Core will not find it and will create a new empty wallet.
• We go back to the console and enter the following commands: importprivatekey - insert the private key you received earlier.The scanning begins, which will take about 1 hour. At the end of scanning a full list of confirmed transactions will appear. Our translation should be missing. Important: During the scanning process miners could have processed the transaction, so you will not be able to cancel it. Check the list of bitcoin transfers carefully.
• Create a similar transaction with a higher fee. This transaction will be confirmed faster, and the previous transfer will remain permanently unconfirmed according to double spending rules.

For a customer that doesn't have a function to calculate the recommended fee, you can use Blocktrail. If you're using a client that not only doesn't display it, but also doesn't provide a way to set the commission amount, you do so at your own risk. With Blocktrail you can use it at your own risk.

Cancelling pending transactions sent using other wallets is done in the same way. It's important to export the private keys of all the addresses involved in the transactions. Then recreate the wallet - this probably involves deleting the directory where the wallet software stores the data, and then importing the private keys into the newly created wallet.

How to get bitcoins back into your wallet when you pay at online stores

Bitcoins are actively used not only as an asset in an exchange, but also as a means of payment. Sometimes a user may accidentally send a larger amount than they intended when making a transfer. In this case you should contact your online store, provide details about the transfer and ask for a BTC refund. If this happens when purchasing from trusted merchants, as a rule, they will meet you halfway and give you your money back.

It's far worse if you're sending money to an unknown address. In that situation there is very little chance of receiving your cryptocurrency back, but you can try to find the owner of the wallet and contact them.

To do so, please follow these steps:

1. Enter your wallet number into Google's search engine. Maybe the owner of the address has already disclosed his or her identity. Try contacting him or her through forums or social media.
2. Study blockchain data. Blockchain.info contains information about addresses and transfers. Enter the address you want in the search box and you will see the details of the transactions and the sender/receiver addresses.
3. Try to find users who have received or sent bitcoins to the seller by typing their wallets into the search engine. There is a chance they can help you find the owner of the address you are looking for.

Conclusion

When making transactions on the Bitcoin network you must be very careful because they cannot be reversed. This is both a major feature and a drawback of the system.

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