Every confirmed bitcoin transaction is irreversible. But is it possible to cancel unconfirmed bitcoin transactions?

Why Bitcoin Transactions Remain Unconfirmed

An unconfirmed bitcoin transaction occurs when a given transaction fails to receive a confirmation on the blockchain within 24 hours.

All bitcoin transactions must be confirmed by miners. They need a minimum of three confirmations to be considered fully confirmed.

There are two main reasons your bitcoin transaction may end up remaining unconfirmed.

  1. If the transaction is very recent, you may need to wait a little longer before receiving confirmation. Currently, even at its very quickest, it takes at least 10 minutes to confirm a BTC transaction.
  2. The fee for the transaction was not entirely included or was too low. One simple rule applies when it comes to bitcoin transactions: the smaller the amount, the lower its chances of a successful confirmation.

If you choose too minimal a transaction fee, it may not get confirmed by miners. If, after 24 hours, your transaction…

Click to continue reading on its source location…

Source: https://thebitcoinnews.com/can-you-cancel-unconfirmed-bitcoin-transactions-yes-heres-how/