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.
- 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.
- 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…