Canceling a transaction

[sekssonikk]

I haven't used the wallet before, but I've heard that when you send bitcoins the transaction can be cancelled for a short time.
Is this really the case?

[OmegaStarScream]

You can do that as long as your transaction is unconfirmed. Canceling = replacing your old transaction with a new one that sends the funds back to your address.

[Charles-Tim]

That is true as OmegaStarScream has already posted about it, but you should know that the transaction would be replaced with a new one with a higher fee and the coin would be sent to an address that belong to you, it also a replace-by-fee transaction just like to pump a transaction with a higher fee.

To be able to do that, you can use wallet like Electrum.

[sekssonikk]

You can do that as long as your transaction is unconfirmed. Canceling = replacing your old transaction with a new one that sends the funds back to your address.

Confirmed by the system or by the client?
And how long does it take to confirm?
Thank you in advance!

[OmegaStarScream]

Confirmed by the system or by the client?
And how long does it take to confirm?

If by the system you mean the bitcoin network, then yes. The time would depend on how congested the network is, and the fees you paid.

[Abdussamad]

You can do that as long as your transaction is unconfirmed. Canceling = replacing your old transaction with a new one that sends the funds back to your address.

Confirmed by the system or by the client?
And how long does it take to confirm?
Thank you in advance!

A new block is mined on average once every 10 minutes so that's how long it takes for a transaction to be confirmed

[Charles-Tim]

A new block is mined on average once every 10 minutes so that's how long it takes for a transaction to be confirmed

Yes. But do not let OP think that it would take 10 minutes for bitcoin transaction to get confirmed, it can take just a minute, 2 minutes, 5 minutes, it can even take more than 10 minutes, 15 or 20 minutes for the next block to be mined, while also the mempool can be so congested to the extent that if low fee is paid, the transaction will not be confirmed for a day, two days, 1 week or more, the transaction can even be dropped and be replaced by the ones with higher fee.

[NeuroticFish]

I haven't used the wallet before, but I've heard that when you send bitcoins the transaction can be cancelled for a short time.
Is this really the case?

It doesn't matter how long you've used your wallet. Even the time passed since sending the transaction is not just some fixed minutes, it depends on many factors (from luck to say so, since a block may be mined within seconds from you sending the transaction to even an hour sometimes, to the fee used for the transaction and the number of others' transactions not mined yet).

But more clearer, all that matters is whether a miner has managed to put that transaction of yours into a block or not.
Electrum will show that as confirmations. If (and only if) you have 0 confirmations for your transaction then yes, you may cancel it (meaning to send it to yourself instead of somebody else).

[nc50lc]

I haven't used the wallet before, but I've heard that when you send bitcoins the transaction can be cancelled for a short time.

It mainly depends on the setting: "Tools->Preferences->Transactions->Use Replace-By-Fee".
If it's disabled, the option "cancel (double-spend)" wont show up in the unconfirmed transaction's right-click menu.

On a side note, that behavior might change depending on the Electrum servers and bitcoin node users' decision on "Full RBF" which is already available in the latest version of Bitcoin Core.
If most Bitcoin Core nodes enable the option mempoolfullrbf=1 (which is disable by default), the Electrum setting above wont be necessary.

[Charles-Tim]

If most Bitcoin Core nodes enable the option mempoolfullrbf=1 (which is disable by default), the Electrum setting above wont be necessary.

But wallets can still be able to have the option to use RBF or not even if all nodes support full RBF, but just that it won't be like before that some transactions are made on those non recommended wallets that do not support RBF by default and the seed phrase or private key can not be imported on wallet like Electrum to pump the fee because RBF is not opted in for. Just that now, if a wallet do not support it, the transaction fee can be pumped using a wallet that support full RBF through seed phrase importation?

Full RBF is not by default on the Bitcoin Core latest release, many node runners are not miners and may consider the option not necessary.

[nc50lc]

But wallets can still be able to have the option to use RBF or not even if all nodes support full RBF, but just that it won't be like before that some transactions are made on those non recommended wallets that are not RBF transactions by default and the seed phrase or private key can not be imported on wallet like Electrum to pump the fee because RBF is not opted in for. Just that now, if a wallet do not support it, the transaction fee can be pumped using a wallet that support full RBF through seed phrase importation?

...
Since each node has their own mempool, the replacement transaction for a transaction (without rbf flag) will be broadcasted to the nodes that enabled full rbf and wont be broadcasted to those who don't.
So if all nodes support it, it definitely can reach a pool or solo miner that supports full-rbf, then "Use Replace-By-Fee" setting wont be necessary.

But from the current stand-point, it may take years to reach a consensus.

[sekssonikk]

I haven't used the wallet before, but I've heard that when you send bitcoins the transaction can be cancelled for a short time.

It mainly depends on the setting: "Tools->Preferences->Transactions->Use Replace-By-Fee".
If it's disabled, the option "cancel (double-spend)" wont show up in the unconfirmed transaction's right-click menu.

On a side note, that behavior might change depending on the Electrum servers and bitcoin node users' decision on "Full RBF" which is already available in the latest version of Bitcoin Core.
If most Bitcoin Core nodes enable the option mempoolfullrbf=1 (which is disable by default), the Electrum setting above wont be necessary.

I use a mobile app. How do I enable it there?

[hosseinimr93]

I use a mobile app. How do I enable it there?

After you tap on "Pay" button on the mobile version of electrum, a new window for confirming the payment pops up.
If "Final" is unchecked in that window, your transaction will be replaceable by fee. If "Final" is checked, your transaction won't be replaceable by fee.
Note that by default, "Final" is unchecked and electrum make RBF-enabled transactions.

[BitMaxz]

I use a mobile app. How do I enable it there?

Electrum wallet in mobile RBF is enabled by default you don't need to change anything unless you check the final button after making a transaction.


To make this thing clear I'll add an image below to make sure you won't get lost



As you can see the final is check just uncheck it to enable RBF.

[sekssonikk]

That is true as OmegaStarScream has already posted about it, but you should know that the transaction would be replaced with a new one with a higher fee and the coin would be sent to an address that belong to you, it also a replace-by-fee transaction just like to pump a transaction with a higher fee.

To be able to do that, you can use wallet like Electrum.

For my general development. What else do wallets exist that have an cancellation option?
I apologise for the off-topic question.

[hosseinimr93]

For my general development. What else do wallets exist that have an cancellation option?

You can use bluewallet too. Bluewallet is a non-custodial and open-source wallet that allows you to make RBF-enabled transactions, bump the fee and cancel transactions (Cancel means replace the RBF-enabled transaction with a new one paying higher fee and sending the fund to yourself)

[Charles-Tim]

For my general development. What else do wallets exist that have an cancellation option?
I apologise for the off-topic question.

Not an off-topic question.

hosseinimr93 has already provided you with one of the wallets canceling unconfirmed bitcoin transaction can be possible which is Bluewallet:

Fee & Transactions control

Provides you a fee estimation targeting confirmations in 10m, 3h or 1 day. With real time calculation on how much to spend. Ability to Bump and Cancel sent transactions with "Replace-by-fee" (RBF) or with "Child-pays-for-parent" (CPFP).

Also you should be able to calcel an unconfirmed bitcoin transaction on Trezor Suite:

The "Speed up" and "Cancel" buttons can be found below the pending transaction in the "Activity" tab. Remember, you need to pay a fee (gas) to be able to speed up or cancel a transaction.

[Maslate]

It's true that's why you should be careful when having an online transaction, make sure that the transaction is already confirmed before you send anything or conclude the transaction. This method is used before by cheaters as there are gambling sites before that credit your deposits despite being "unconfirmed", and they have learned their lessons.

[sekssonikk]

For my general development. What else do wallets exist that have an cancellation option?
I apologise for the off-topic question.

Not an off-topic question.

hosseinimr93 has already provided you with one of the wallets canceling unconfirmed bitcoin transaction can be possible which is Bluewallet:

Fee & Transactions control

Provides you a fee estimation targeting confirmations in 10m, 3h or 1 day. With real time calculation on how much to spend. Ability to Bump and Cancel sent transactions with "Replace-by-fee" (RBF) or with "Child-pays-for-parent" (CPFP).

Also you should be able to calcel an unconfirmed bitcoin transaction on Trezor Suite:

The "Speed up" and "Cancel" buttons can be found below the pending transaction in the "Activity" tab. Remember, you need to pay a fee (gas) to be able to speed up or cancel a transaction.

What does this mean?
"Provides you a fee estimation targeting confirmations in 10m, 3h or 1 day. With real time calculation on how much to spend. Ability to Bump and Cancel sent transactions with "Replace-by-fee" (RBF) or with "Child-pays-for-parent" (CPFP)."

Do I always have at least 10 minutes, 3 hours or 1 day to cancel the transaction?

[Charles-Tim]

Do I always have at least 10 minutes, 3 hours or 1 day to cancel the transaction?

It is only referring to low, medium and high priority for your transaction to be confirmed. The lower the fee, the lower the chance to include the transaction in the next blocks mined, the longer the time it would take for the transaction to be confirmed. With higher priority fee, your transaction has the probability to be included in the next block, while the chance decreases as the fee decreases in medium and low priority and the longer the time before it is confirmed.