Bitcoin Forum
May 04, 2024, 06:00:31 AM *
News: Latest Bitcoin Core release: 27.0 [Torrent]
 
   Home   Help Search Login Register More  
Pages: « 1 [2]  All
  Print  
Author Topic: Why its impossible to cancel unconfitmed transaction?  (Read 282 times)
Vishnu.Reang
Sr. Member
****
Offline Offline

Activity: 1974
Merit: 453



View Profile WWW
February 12, 2021, 06:20:25 AM
 #21

Simple situation. I make a transaction and set to low fee by mistake. Now i need to wait days for processing. Why i cant just cancel it and resubmit with higher fee? Ok, maybe this could create problems for services that dont check conformations on deposits. Another option. Why i cant set higher fee for transaction that already in mempool? As i know there are special wallets that allow to do so. Why this feature avaliable in only several not popular wallets?
As for me, option to make fee higher for mempool transactions is profitable for everyone. Miners will earn more. Recipient will recieve money faster. Sender will be happy. Why not?

First of all, you should check the Mempool size and prevailing fee levels before sending your coins. And secondly, even if you have put a lower fee for your transaction, you can accelerate it using ViaBTC or any other transaction accelerator. Personally, I don't believe that there should be an option to cancel unconfirmed transactions. Because if that is implemented, then there will be a lot of misuse. Getting a confirmation takes anywhere from 5 to 60 minutes. So many of the merchants accept payments, even before the confirmation. If this option is implemented, then the merchants may opt to wait until the transaction gets confirmed and it will result in wasting a lot of time for both the sides.
1714802431
Hero Member
*
Offline Offline

Posts: 1714802431

View Profile Personal Message (Offline)

Ignore
1714802431
Reply with quote  #2

1714802431
Report to moderator
1714802431
Hero Member
*
Offline Offline

Posts: 1714802431

View Profile Personal Message (Offline)

Ignore
1714802431
Reply with quote  #2

1714802431
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction.
1714802431
Hero Member
*
Offline Offline

Posts: 1714802431

View Profile Personal Message (Offline)

Ignore
1714802431
Reply with quote  #2

1714802431
Report to moderator
1714802431
Hero Member
*
Offline Offline

Posts: 1714802431

View Profile Personal Message (Offline)

Ignore
1714802431
Reply with quote  #2

1714802431
Report to moderator
yohananaomi
Sr. Member
****
Offline Offline

Activity: 2366
Merit: 267


Vave.com - Crypto Casino


View Profile
February 12, 2021, 07:24:15 AM
 #22

Well, since you are using a non-custodial wallet and the RBF feature was not applicable in your wallet and once the transaction has been broadcast to the bitcoin network, there's nothing we can do is just wait for the when supposedly proceed and to be confirmed. That is how centralized exchange works, their wallet has a fix fee which has a ridiculous transaction fee. If the Lightning Network will widely use it, this is a great opportunity.
why do we have to be careful or at least have kept the wallets that we often use for transfers or store what we send because to avoid mistakes that sometimes occur. it is just unnecessary carelessness due to our impatience and caution, most often because of being in a hurry.

what the colleague above say is something that if it has happened, and if it has entered their network then we can't do anything just wait until the conference is over. so that when it is conferred, the work is complete. if you put it in the wrong address, there is nothing that can be done again, just maybe waiting for a miracle, that the one who was sent acknowledges that it is not his and is encouraged to return it, but whether it will be done.

maybe it will be difficult to answer but remember there are also those who can be kind. Just make sure that it will never come back again, so there is no need for you to think only adding to the headache.

bryant.coleman
Legendary
*
Offline Offline

Activity: 3654
Merit: 1217


View Profile
February 12, 2021, 07:33:54 AM
 #23

There are both advantages and disadvantages of providing the users with such an option. But in my opinion, one of the basic principles of making payment with Bitcoin is that it is irreversible. If we give the option of cancelling the payment, after the coins are sent, then we are overriding that core principle. And then Bitcoin will be similar to PayPal, and the new functionality will be misused by the scammers. Let's stick to the core principles for now.
Pages: « 1 [2]  All
  Print  
 
Jump to:  

Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!