Topic: Cancel unconfirmed transaction - did i do it properly? (Read 135 times)

Thank you so much!!!!


So i did do it right, i just did not even know it. Ill check y settings and all

Thanks so much for this!!

The name "cancel transaction" is just a newbie-friendly way of labeling the actual process.
It's actually utilizing "double-spend" as indicated in the close and open brackets after the name: "Cancel (double-spend)".

Basically, it has to create another transaction that will send the funds back to one of your own wallet's address.
That's because it's really impossible to remove an already broadcast transaction from each Bitcoin node's mempool, you have to create a new transaction that will spend the same input(s) of the original unconfirmed transaction.
Since it's just another transaction, it also has a fee.

You are using Electrum wallet. What you need is to know how cancelling transaction works.

To cancel a transaction, increase in transaction fee is required . Once you cancel the transaction, the coin will be sent to another address on your Electrum wallet while extra fee will be deducted which you can customize.

It depends on how you want Electrum to deduct the fee. After you clicked on Increase fee -> show advanced setting -> then strategy. You will see the image below which determines how you want the extra fee that will be included to be deducted.



1. Decrease change, add new inputs, or decrease any outputs means the extra fee can be taken from change address UTXO or from new coin that is not involved in the transaction if no change address UTXO in the transaction. If you do not have change address UTXO and/or new coins from another inputs, then the extra fee will be deducted from the coin you are paying.

2. Decrease change, or decrease any outputs, it means just like the first case but the fee can not be deducted from bitcoin that is not involved in the transaction. So it either deduct the fee from your change address UTXO or from the coin you are paying.

3. Decrease payment, it means the extra fee will only be deducted from the coin you are paying.

If you do not want the extra fee to be deducted from the coin you are paying and you have change address UTXO, then you can choose on the first or second one. If you do not have change address UTXO and your do not still want the extra fee to be deducted from coin you are sending, you can choose the first one you is default though, but provided you are still having bitcoin on your wallet that is not in involved at all in the transaction.

We are in 'Electrum' subsection, so I guess it was Electrum 

I assume that OP changed output address and increased fee - that way slow, pending transaction has been replaced by a new one and coins instead of going to address X, went to one of his own addresses.

Without knowing which wallet you used, no one can confirm if you did it right. If -0.00000252 BTC was the only amount deducted from your balance, and as long as you have no unconfirmed transactions, I assume you did a good job. And yes, that is a transaction fee. Whether you send to someone else's address or your own, you must always pay a transaction fee.

I think i did it properly.

I canceled a unconfirmed transaction.

I sent to an older invoice address 0.01252634 BTC

I canceled it twice but was getting an error.
So, I increased the slider from ETA and then i click on Broadcast button - I dont know if that did it or what.

But now this is the total that was taken in the History:
-0.00000252 BTC which currently comes out to 0.098 USD

So, it looks like i was able to cancel it. -

Is that the fee to cancel it?
i was wondering the proper way to cancel an unconfirmed transaction bc i was in a panic and not really sure how i completed this

Can someone confirm and show me a screenshots or a guide?


Your help is much appreciated.  Thanks in advance!