Canceling a transaction - page 2. | Bitcointalksearch.org

NeuroticFish

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Quote from: sekssonikk on December 01, 2022, 01:17:06 PM

I haven't used the wallet before, but I've heard that when you send bitcoins the transaction can be cancelled for a short time.
Is this really the case?

It doesn't matter how long you've used your wallet. Even the time passed since sending the transaction is not just some fixed minutes, it depends on many factors (from luck to say so, since a block may be mined within seconds from you sending the transaction to even an hour sometimes, to the fee used for the transaction and the number of others' transactions not mined yet).

But more clearer, all that matters is whether a miner has managed to put that transaction of yours into a block or not.
Electrum will show that as confirmations. If (and only if) you have 0 confirmations for your transaction then yes, you may cancel it (meaning to send it to yourself instead of somebody else).

Charles-Tim

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Quote from: Abdussamad on December 01, 2022, 02:15:05 PM

A new block is mined on average once every 10 minutes so that's how long it takes for a transaction to be confirmed

Yes. But do not let OP think that it would take 10 minutes for bitcoin transaction to get confirmed, it can take just a minute, 2 minutes, 5 minutes, it can even take more than 10 minutes, 15 or 20 minutes for the next block to be mined, while also the mempool can be so congested to the extent that if low fee is paid, the transaction will not be confirmed for a day, two days, 1 week or more, the transaction can even be dropped and be replaced by the ones with higher fee.

Abdussamad

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Quote from: sekssonikk on December 01, 2022, 01:49:23 PM

Quote from: OmegaStarScream on December 01, 2022, 01:18:02 PM

You can do that as long as your transaction is unconfirmed. Canceling = replacing your old transaction with a new one that sends the funds back to your address.

Confirmed by the system or by the client?
And how long does it take to confirm?
Thank you in advance!

A new block is mined on average once every 10 minutes so that's how long it takes for a transaction to be confirmed

OmegaStarScream

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Quote from: sekssonikk on December 01, 2022, 01:49:23 PM

Confirmed by the system or by the client?
And how long does it take to confirm?

If by the system you mean the bitcoin network, then yes. The time would depend on how congested the network is, and the fees you paid.

sekssonikk

newbie

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Quote from: OmegaStarScream on December 01, 2022, 01:18:02 PM

You can do that as long as your transaction is unconfirmed. Canceling = replacing your old transaction with a new one that sends the funds back to your address.

Confirmed by the system or by the client?
And how long does it take to confirm?
Thank you in advance!

Charles-Tim

legendary

Activity: 1512

Merit: 4795

That is true as OmegaStarScream has already posted about it, but you should know that the transaction would be replaced with a new one with a higher fee and the coin would be sent to an address that belong to you, it also a replace-by-fee transaction just like to pump a transaction with a higher fee.

To be able to do that, you can use wallet like Electrum.

OmegaStarScream

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You can do that as long as your transaction is unconfirmed. Canceling = replacing your old transaction with a new one that sends the funds back to your address.

sekssonikk

newbie

Activity: 5

Merit: 0

I haven't used the wallet before, but I've heard that when you send bitcoins the transaction can be cancelled for a short time.
Is this really the case?

Topic: Canceling a transaction - page 2. (Read 318 times)