I would love to know if there is any similar way to cancel bitcoins transactions as well
If you want to cancel Unconfirmed Bitcoin transaction, it's bit difficult to do. Remember, Cancelling Unconfirmed Bitcoin transaction depends on luck. Also it doesn't work on Web Wallet like Blockchain, Coinbase etc.
To cancel Bitcoin Transaction follow these amazing Guides:
TUTORIAL - How to fix Unconfirmed Transactions!Bitcoin transactions have 0 confirmations? Learn how to fix them!Now why I said it depends on luck? Because if you goes for Double Spending. Now every Miner and Wallets has safe guards against Double Spending. There is a chance it won't work.
making small transactions I am often stuck with unconfirmed transactions and used to wait hours for confirmation.
If this is your issue, you can consider speeding up your transaction. Transaction Accelerator can speed up your transaction. You can check [ur=https://bitcointalk.org/index.php?board=52.0l]Bitcointalk.org->Economy->Marketplace->Sevices[/url]. Some members offer Accelerate Service.
There is some sites where you can paste your transaction. But most of them are scams. You should go for free option.
ViaBTC ,
Bitaccelerate offers free speed up service.
Remember, you should be careful paying for Speeding Up service. I won't be responsible for any loss or Evil Deeds.All of these are for Educational Purposes only.