How to cancel bitcoin transaction?

1 answers
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How to cancel bitcoin transaction?
asked 
Any ideas is there is a way to cancel/revert Bitcoin transaction?

Answers

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William Bekolo
@https://twitter.com/SashaBaksht

Hi Sasha, as each bitcoin\ethereum transaction confirmed by the network is irreversible, even from the exchange platforms; if you know the receiver, he\she may do another action to send them back to you, as each transaction is charged with Gas fees. Otherwise, you’d better beg the receiver to send it back to you, you might be fortunate who knows.

For an unconfirmed transaction, there’s a work-around called Replace by Fee. Unconfirmed transactions with a very low tx fee get stuck in the mempool and can be re-sent to the network with a higher fees (but this only works in case your tx fees is so low that it doesn’t get picked up by miners). Some wallets support this functionality though, not all.

For confirmed transactions, an Israeli startup has figured out a way to do that:
https://kirobo.io/

For transactions sent on an exchange, if you’re dealing with low volume pairs, then you probably can cancel the tx a few minutes after its made because your order won’t get filled fast enough due to lack of buyers/sellers.

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