Cancel a pending bitcoin transaction (2024)

FAQs

Can a pending Bitcoin transaction be cancelled? ›

Due to the nature of digital currency protocols, transactions cannot be cancelled or altered once they are initiated.

How do I accelerate a stuck Bitcoin transaction? If you set your custom fee too low or there is a sudden spike in network fees, your transaction might get stuck pending. If this happens, you can accelerate the transaction with either replace-by-fee (RBF) or a child-pays-for-parent (CPFP) transaction.

No, Bitcoin and other cryptocurrency transactions are designed to be irreversible. Consequently, it is not possible to reverse or cancel cryptocurrency transactions.

During periods of network congestion, low fees become more likely to hinder successful transaction completion. It's crucial to note that as a service provider, we have no control over pending transactions being rejected—it solely rests in the hands of miners.

Even if you successfully cancel a pending transaction, it could still take several days for it to be removed from your account. In the meantime, it could affect your overall available balance.

A pending transaction can only be cancelled if the merchant provides us with a pre-authorisation release confirming they have no intention to debit the restricted funds. As the merchant has authorisation over the funds, we cannot release the funds without their authority.

When a transaction is added to the blockchain, it is confirmed by network participants, or miners, who validate and secure the transaction data. Once confirmed, the transaction is permanently recorded on the blockchain, and altering or reversing it becomes impossible.

Bitcoin transaction is pending

If you just sent the transaction and it shows as not confirmed and pending, then it is normal. It takes some time for the transactions to get confirmed on the blockchain and depending on the fees you selected, it may take from 1 minute to several hours.

Bitcoin and Ethereum transactions require a certain number of network confirmations before they are considered final. Transactions appear as Pending until the required number of network confirmations has been reached. Transactions require a miner fee to be confirmed by the network.

Typically, Bitcoin transactions can take anywhere from a few minutes to several hours to be confirmed, depending on the network congestion and the fee you choose. In some cases, it can take even longer, up to a few days, especially if the network is very busy.

What should I do if my bitcoin transaction is pending for more than 24 hours? ›

What should I do? If your bitcoin transaction is confirmed on the blockchain but still pending in your wallet, you can try the following steps: Wait: Transactions may take some time to be processed, so it may simply be a matter of waiting. Check the fee: Transactions with low fees can take longer to be processed.

Yes, it is possible to recover scammed cryptocurrency with legal action. However, it's essential to understand that crypto scam recovery services are not included in cryptocurrency tracing, which aims only to identify payment paths on the blockchain.

A Bitcoin transaction can remain unconfirmed forever if your miner fee bid is too low. Now that there's huge congestion in the Bitcoin blockchain network some transactions could remain unconfirmed for 2 weeks depending on the transaction fee, and the mempool status.

When a Bitcoin transaction is unconfirmed—that is, it hasn't been included in a block yet—you might be able to expedite or replace it. But once it's verified, there's no turning back or canceling it.

Bitcoin and Ethereum transactions require a certain number of network confirmations before they are considered final. Transactions appear as Pending until the required number of network confirmations has been reached. Transactions require a miner fee to be confirmed by the network.

Can I cancel a pending transaction? No, you typically can't cancel a pending transaction. However, if the transaction is erroneous or unauthorized, you can contact your bank or credit card issuer to dispute the charge after it has been posted.

In general, pending transactions can't be reversed or cancelled. Usually transactions stay pending on your account for up to 8 days, but can sometimes take up to 31 days (i.e. hotel & car rental deposits). Transactions are automatically reversed if the merchant does not collect the funds within this time.