Cryptocurrency Q&A
How do I stop/reverse a bitcoin transaction without confirmations?
How do I stop/reverse a bitcoin transaction without confirmations?
Valentina
Sun Jul 14 2024
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5 answers
880
Could you elaborate on the feasibility of stopping or reversing a Bitcoin transaction that hasn't yet received any confirmations? I'm aware that Bitcoin transactions are designed to be irreversible and decentralized, but are there any known methods or techniques that one could employ in exceptional cases to cancel a pending transaction? Specifically, what steps can be taken to mitigate the risk of sending a transaction to an incorrect address or in an incorrect amount, and how would one approach such a scenario without relying on the recipient's cooperation?
5 answers
Elena
Tue Jul 16 2024
To halt or reverse a Bitcoin transaction that has not yet received confirmations, one must first initiate the bitcoind daemon with the `-zapwallettxes` option.
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Thunderbolt
Mon Jul 15 2024
When crafting this new transaction, it is crucial to include an adequate transaction fee. The fee ensures that miners will prioritize including the transaction in a block, thus confirming it on the Bitcoin blockchain.
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CryptoProphet
Mon Jul 15 2024
This command instructs the Bitcoin wallet software to "forget" any unconfirmed transactions that are currently pending in the wallet.
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CryptoKing
Mon Jul 15 2024
By forgetting these transactions, the wallet is able to reuse the inputs that were originally allocated to them.
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Giuseppe
Mon Jul 15 2024
After executing the `-zapwallettxes` command, the next step is to create a new transaction for the intended payment.
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