Is it Possible If I Cancel Bitcoin Transaction After 1 Confirmation?

ABCbits

legendary

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Quote from: hosseinimr93 on September 27, 2021, 03:00:29 PM

If a transaction is unconfirmed and hasn't been flagged as RBF, it's possible to replace it with a new one, but that's very very unlikely.

Another way is by including "replacement" transaction (which use same input) on block. But it's also unlikely since you need pool cooperation and the success rate depends on pool hashrate and fee rate of the original transaction.

Quote from: hosseinimr93 on September 27, 2021, 03:00:29 PM

If a transaction is confirmed, for double-spending the input(s), you need to perform a 51% attack. It's almost impossible, because it needs a significant amount of total hashrate and is very very expensive.

And even if you have 51% hashrate, generally it's less profitable than perform honest mining.

lelahenderson

newbie

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Once there has been a confirmation, you won’t be able to reverse them or even cancel them. For canceling it, you would be required to use a Replace by Fee (RBF) protocol to replace your original transaction with a new one with the help of a higher transaction fee.

nc50lc

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Self-proclaimed Genius

Quote from: Bila0 on September 27, 2021, 12:58:53 PM

after some time I may feel that pool is very low and I want to cancel my transaction and it may lead to dealt of my transaction in about 3 to 4 hours. -snip-

Sorry but this doesn't make sense, please elaborate.
After getting 1 confirmation, it's now included in the blockchain and the subsequent confirmation speed is just based on how fast the next blocks are being mined.
It's not just based from the mining pool that mined the block where your transaction is included, any new blocks mined will add 1 confirmation to your confirmed transaction.

If you can somehow cancel it (extremely hard) and resend, you wont gain any "speed-up" at all.

hosseinimr93

legendary

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Short answer:
No, that's not possible.

Long answer:
Bitcoin transactions cannot be cancelled even if they are unconfirmed let alone they have received a confirmation.
For making a transaction invalid, you need to double-spend its input(s), so the new transaction replaces the original one. There is no way to cancel a transaction that has been broadcast.

If a transaction is unconfirmed and has been flagged as RBF, you can replace it with a new one spending same input(s).
If a transaction is unconfirmed and hasn't been flagged as RBF, it's possible to replace it with a new one, but that's very very unlikely.
If a transaction is confirmed, for double-spending the input(s), you need to perform a 51% attack. It's almost impossible, because it needs a significant amount of total hashrate and is very very expensive.

Quote from: Bila0 on September 27, 2021, 12:58:53 PM

after some time I may feel that pool is very low and I want to cancel my transaction and it may lead to dealt of my transaction in about 3 to 4 hours.

What do you mean by pool? Do you mean mempool?
If so, take note that once a transaction is confirmed, that's no longer in the mempool at all. It has been included in a block and will receive next confirmations at the rate of 1 per 10 minutes on average.

Bila0

jr. member

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Hi experts I have problem and also issue. Issue is that if I carry transaction of BTC from my wallet to other wallet. after some time I may feel that pool is very low and I want to cancel my transaction and it may lead to dealt of my transaction in about 3 to 4 hours. Can I cancel my Bitcoin transaction after 1 Confirmation.
I will be pleased to get answer.

Topic: Is it Possible If I Cancel Bitcoin Transaction After 1 Confirmation? (Read 120 times)