After doing further research I have discovered that my transaction size was too large for the 0.0001 transaction fee paid. This was a standard transaction fee set by Armory (My bit coin Client) my Transaction size is 9615 (bytes) so that's nearly 10 Kilobytes which means my Fee should have been 10 x the amount I paid.
I am really annoyed that I wasn't automatically prompted to pay this amount when I did the transaction, and now my money is just stuck in the network trying hard to find some miner (or mining pool) that is generous enough to include my cheap transaction instead of other transactions that pay a higher fee per kilobyte.
As such is there anyway to cancel this transaction so that the Bit Coins are returned to my Wallet? I want to be able to re-send this again without double spending, but this time with a higher transaction fee so it will confirm through the network more quickly.
I have been told that it may still confirm but I could be waiting upto 10 days, the merchant cant wait that long to receive his money.
If I had know I would have increased the fee to 0.001 without hesitation... this is really frustrating.
I have been told that there may be a way to remove the transaction from the wallet and the block chain, or Eventually (usually within 2 to 4 days) if the transaction isn't confirmed, it will be dropped from the memory pool of the peers and the coins returned?
I've had this happen with other clients and after 3 days got the coins back.
Thanks, this is a great relief to know, what happens to the transaction in the block chain, does it just disappear?