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Cancelling an unconfirmed BitCoin Transaction
randvegeta
Member, Host Rep
in Help
Last week I made a payment using BTC but my wallet (MultiBit) for some reason set the fee too low (about 1/3 the average) and the transaction has is unconfirmed.
It seems now the transaction cannot even be seen any more on any of the major explorers, almost as if nothing has happened. However my wallet still shows the status as 'sending' and I have no option to 'undo' / 'cancel'.
Anyone know how to undo the transaction given it cannot be seen on the network at all?
Comments
That's not possible, unfortunately.
Resend the transaction with a higher fee.
Funds not accessible while the transaction is still 'pending'.
So transactions can get stuck in limbo forever?
Just install the official Bitcoin Core wallet, copy over your wallet.dat file, and it won't be trying to resend anything. After you ensure you get your funds safe in the Bitcoin Core, you can try to reset/reinstall MultiBit, if you want to keep using that.
sounds easy, but i suspect not.
The bitcoin transaction will be confirmed eventually. Right now there's 164k unconfirmed transactions on the BTC blockchain so the miners are only picking to confirm transactions with the highest fees. During the weekend unconfirmed transaction drops quite a bit so I'd wait a few more days.
After a few days if it doesn't go through it will be cleared from the mempool and you can resend with higher fees.
If your fee was above 10k satoshi, then accelerate via ViaBTC
Not forever no, but it can take days/weeks depending on the fee.
https://hackernoon.com/holy-cow-i-sent-a-bitcoin-transaction-with-too-low-fees-are-my-coins-lost-forever-7a865e2e45ba
It happened to me before someone sent me some BTC with low fees and it took days to be confirmed
So you can only wait
Its been a week so far for me. I'll wait till Monday. I included 0.00011BTC as the fee. About a 3rd of the average.
If that doesnt work, i'll try an accelerator, and if that doesnt work, I'll try and export my wallet to BitCoin Core.
I had 2 unconfirmed transactions for a week. The transaction cancelled on it's own and i have the money with me still.
Probably due to the surge in Bitcoin trade lately.
Which wallet do you use?
I believe the default fee for multibit is 0.0001 BTC, right?
Right now, the recommended fee is 0.0006102 (around $1.10 at this moment)
I would say, wait it out and it will be dropped eventually.
Electrum.
It takes about two weeks for a transaction to get bumped out of the mempool, so you might still have to wait a couple more days.
Same as my case, i have more than 3 days, but status still not confirmed
Why has the transaction fee gone up so much these days?
I remembered in 2015 when I sent a few mBTC with 0.01~0.02mBTC, it got 6 confirmations in ~half an hour. Now the fee is over 10x higher, but the speed is over 10x slower.
I'm assuming it's related to the huge spikes in price as of late.
Francisco
It's because there are 140k unconfirmed transactions waiting to be confirmed. Transactions with the highest fee will most likely go first, and the lowest ones have to wait.
Fundamental weakness in the BTC system. BTC can only handle around 2000 transactions per block. So its neither fast, nor cheap. Funny.
It can be fast if you pay a lot for mining fees. Bitcoin has been throwing around the idea of segwit and lightening network recently to handle more transactions but a large group of ASIC miners are preventing this from happening. The idea is that they want these high transaction fees to get more money.
Still gotta wait at least 10 mins. If you need 3 cobfirmations, thats 30 mins. Thats as fast as it geta right now.
THANK YOU ViaBTC!
Managed to get in on the accelerator service and 8 hours later, my coins have 1 confirmation. Just gotta wait for a few more confirmations and then I'm golden!