When sending Bitcoin, it can be easy to commit a small mistake that requires you to want to cancel your Bitcoin transaction. If you react quickly, there are ways to cancel a Bitcoin transaction. Unfortunately, the steps to cancel a Bitcoin transaction are a little more complicated than pressing a “Cancel” button. There are two primary strategies you can use to try to cancel your unconfirmed Bitcoin transaction:
- Replace by Fee (RBF)
- Double spend using a higher fee
Some wallets support the RBF protocol, which allows you to replace your original transaction with a new transaction with higher transaction costs. However, to use this feature, you would need to make the original transaction replaceable (usually via an opt-in check box). If you can not use RBF, you may be able to cancel the Bitcoin transaction by doubling your transaction with higher fees.
To do this, make a new transaction equal to the amount of the original transaction and send it to yourself. Make sure the transaction fees are significantly higher than those you originally paid. You may need to use another wallets or specialized software to double the transaction fees. If all goes well, the miners will include the new transaction and your Bitcoin will return to your wallet. Most miners and portfolios, however, have guarantees against double spending, so it is still very likely that this method does not work.