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<h2 id="header-0"><strong>How to Cancel Crypto Transaction?</strong></h2><p><strong>Excerpt:</strong></p><blockquote>Google displays 78,4 million results for the ‘Can I cancel a blockchain transaction’ query. And a swingeing majority of the answers start with ‘No.’ Is it 100% true? Or there’s still a tiny chance to save your crypto if it’s gone to the wrong address? Let’s figure it out.</blockquote><h3 id="strong-the-immutable-nature-of-blockchain-strong"><strong>The immutable nature of blockchain</strong></h3><p>To answer the question, we need to recollect how blockchain works.</p><blockquote><a href="https://oneart.digital/en/blog/what-is-a-blockchain-how-does-it-work" rel="noopener noreferrer nofollow">https://oneart.digital/en/blog/what-is-a-blockchain-how-does-it-work</a></blockquote><p>Information about any transaction is recorded on the blockchain. It’s added to a block, which is then broadcasted to all validators. The block is approved and recorded on the network. Since then, the transaction can’t be reversed or changed.</p><p><img src="https://academy-public.coinmarketcap.com/optimized-uploads/1ee83c0156b2424c9ddb19ca61462240.png" /></p><p>It happens for two interconnected reasons:</p><h3 id="strong-1-blockchain-is-irreversible-strong"><strong>1. Blockchain is irreversible</strong></h3><p>It’s developed to be immutable so that no one could cancel or alter the transaction once it has been recorded on the blockchain. To ensure its immutability (e.g., to prevent double-spending) and secure transactions, developers use a <a href="https://www.coindesk.com/markets/2017/02/19/bitcoin-hash-functions-explained/" rel="noopener noreferrer nofollow">cryptographic hashing function</a>.</p><p>To put it simply, this algorithm turns a string of characters of any length into a fixed-length one. What is more important, it’s a one-way process. The result is random, and you won’t be able to get the original data from the hashed.</p><p>Let’s take <a href="https://developer.apple.com/documentation/cryptokit/sha256" rel="noopener noreferrer nofollow">SHA256</a>, one of the most popular algorithms, as an example. If you input how to cancel a transaction on the blockchain to the <a href="https://emn178.github.io/online-tools/sha256.html" rel="noopener noreferrer nofollow">SHA256 online tool</a>, it gives you cd87b4efc153b2de1368912be5e5cad45c65349c0b3738fba0d1ca1d988b357d. But there’s no way you can retrieve the original sentence from that long string of numbers and letters.</p><p><img src="https://academy-public.coinmarketcap.com/optimized-uploads/1068558f241143859d3e5f33f5efea99.png" /></p><p>SHA256 is used to hash transaction data, <a href="https://oneart.digital/en/blog/what-is-a-public-key" rel="noopener noreferrer nofollow">public keys</a> (when creating <a href="https://oneart.digital/en/blog/what-is-a-crypto-wallet-address-2" rel="noopener noreferrer nofollow">addresses</a>), and block headers (sort of metadata). Each new block contains the hash of the previous one. That’s why it’s almost impossible to tamper with the data on the blockchain.</p><h3 id="strong-2-the-technology-is-distributed-strong"><strong>2. The technology is distributed</strong></h3><p>Blockchain is meant to be decentralized. Unlike a bank, it’s not controlled by a single authority. Instead, the data is stored on multiple nodes. To change one block, you’ll have to change all the subsequent ones and make all nodes agree. It’s almost impossible.</p><blockquote><a href="https://oneart.digital/en/blog/how-is-crypto-stored-in-blockchain" rel="noopener noreferrer nofollow">https://oneart.digital/en/blog/how-is-crypto-stored-in-blockchain</a></blockquote><p>❗️Keep in mind: private blockchains aren’t decentralized. They’re controlled by a limited number of nodes, which decide whether a transaction is valid.</p><h3 id="strong-is-there-a-way-to-cancel-a-pending-transaction-strong"><strong>Is there a way to cancel a pending transaction?</strong></h3><p>You might have noticed that sometimes crypto transactions stay unconfirmed for hours and even days.</p><p><img src="https://academy-public.coinmarketcap.com/optimized-uploads/fc4df9577fbe4070bcac4c26a9fb5557.png" /></p><p>It happens for a few reasons:</p><ul><li>High network traffic</li><li>Too low fee</li><li>Type of network. For example, Ethereum’s block time is <a href="https://www.forbes.com/uk/advisor/investing/cryptocurrency/bitcoin-vs-ethereum/" rel="noopener noreferrer nofollow">12-14 seconds</a>, while that of Bitcoin is 10 minutes.</li></ul><blockquote><a href="https://oneart.digital/en/blog/what-is-ethereum-how-does-it-operate" rel="noopener noreferrer nofollow">https://oneart.digital/en/blog/what-is-ethereum-how-does-it-operate</a></blockquote><p>So, how to cancel a pending transaction on the blockchain?</p><p>For BTC transactions, try using the <a href="https://github.com/bitcoin/bips/blob/master/bip-0125.mediawiki" rel="noopener noreferrer nofollow">replace-by-fee option</a> (RBF) if your wallet supports it. You replace your pending transaction with another one but with a higher fee. It will become more attractive to miners, and they will add it to the blockchain instead of the previous one. To avoid double-spending, RBF uses the same <a href="https://academy.binance.com/en/glossary/nonce" rel="noopener noreferrer nofollow">nonce</a> to broadcast your new transaction.</p><h3 id="strong-please-keep-in-mind-you-need-to-enable-rbf-before-confirming-your-transaction-strong"><strong>❗️Please keep in mind: You need to enable RBF before confirming your transaction.</strong></h3><p>&#x1f4a1;Curious fact: The option to replace stuck transactions was added to the <a href="https://github.com/trottier/original-bitcoin/blob/master/src/main.cpp#L434" rel="noopener noreferrer nofollow">1st Bitcoin release</a>. It was later <a href="https://finance.yahoo.com/news/historical-look-replace-fee-220543467.html" rel="noopener noreferrer nofollow">disabled </a>because of its vulnerability to denial-of-service attacks.</p><h3 id="strong-any-chance-to-change-the-odds-at-least-in-theory-strong"><strong>Any chance to change the odds? At least in theory?</strong></h3><p>There’s a <a href="https://arxiv.org/pdf/2208.00543.pdf" rel="noopener noreferrer nofollow">paper</a> suggesting a way to implement reversible transactions on Ethereum. Reversible versions of ERC-20 and ERC-721 are supposed to make a transaction “eligible for reversal” for some time after it has been added to the blockchain.</p><p><a href="https://twitter.com/kaili_jenner/status/1573727505491673088" rel="noopener noreferrer nofollow">https://twitter.com/kaili_jenner/status/1573727505491673088</a></p><p>However, it’s both challenging for developers and controversial for the community. Wasn’t blockchain meant to be immutable?</p><p><img src="https://academy-public.coinmarketcap.com/optimized-uploads/c7580ccde725480e8d72970d9f2692f7.png" /></p><p>Source: ERC-20R and ERC-721R: Reversible Transactions on Ethereum</p><h3 id="strong-what-if-i-sent-crypto-to-the-wrong-address-strong"><strong>What if I sent crypto to the wrong address?</strong></h3><p>It depends on your case. If it’s an exchange wallet address or another custodial one, reach out to support. If not, follow these tips from our article:</p><blockquote><a href="https://oneart.digital/en/blog/how-to-retrieve-your-hacked-crypto-wallet#i-sent-crypto-to-the-wrong-wallet-type-of-wallet-what-to-do" rel="noopener noreferrer nofollow">https://oneart.digital/en/blog/how-to-retrieve-your-hacked-crypto-wallet#i-sent-crypto-to-the-wrong-wallet-type-of-wallet-what-to-do</a></blockquote><p><br /><br />Follow official OneArt channels to find the latest info and updates:</p><ul><li><a href="https://twitter.com/art_wallet" rel="noopener noreferrer nofollow">Twitter</a></li><li><a href="https://t.me/art_wallet" rel="noopener noreferrer nofollow">Telegram Group</a></li><li><a href="https://t.me/artwallet_official" rel="noopener noreferrer nofollow">Telegram Announcements</a></li><li><a href="https://coinmarketcap.com/community/profile/OneArt" rel="noopener noreferrer nofollow">CoinMarketCap Community</a></li><li><a href="https://www.linkedin.com/company/oneart/" rel="noopener noreferrer nofollow">LinkedIn</a></li><li><a href="https://www.youtube.com/&#64;oneart5089" rel="noopener noreferrer nofollow">YouTube</a><br /><br /></li></ul>

How to Cancel a Transaction on Blockchain

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