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How to Cancel Unconfirmed Bitcoin Transactions

With the latest spike te the price of Bitcoin the number of unconfirmed transactions has enhanced significantly yet again and the Bitcoin blocks are getting closer and closer to being utter. This essentially slows down transactions on the network and ter order to ensure that your transaction is being processed swifter you need to increase the toverfee overheen the standard recommended one. While this may be just fine for larger BTC transfers with fewer inputs, if you want to make a petite transaction of few Bitcoin cents or a large one with a lotsbestemming of inputs the network fees can get fairly high. If the toverfee is not large enough and the waiting list is big you can lightly end up with your transaction not getting confirmed and included ter a block for overheen a day and that usually causes a problem, especially if you are paying for something te BTC. The solution would be to just cancel any unconfirmed transaction that did not go through for overheen 24 hours and it is not that hard to do it actually, albeit the process itself may require some time.

Cancelling stuck Bitcoin transaction sent from your local BTC wallet requires you to run the qt wallet client with a special option that would eliminate all pending transactions that are not included te the blockchain. You need to run bitcoin-qt.exe (or the respective qt executable verkeersopstopping depending on the OS you are using) with the -zapwallettxes parameter, but before running it make sure you backup your wallet.dat opstopping. This will take some time spil it will initiate a blockchain rescan, so be ready to wait until the process finishes and do not leave behind to liquidate the reserve parameter the next time you run your wallet spil it is not needed anymore. Spil a result you will be able to initiate a fresh transaction with the unspent coins and by enlargening the network toverfee you pay you should be able to stir them swifter and have the transaction confirmed this time. You will be essentially dual spending your Bitcoins, but the 2nd transaction you initiate will cancel out the earlier one. You cannot successfully dual spend Bitcoins unless you control more than half of the Bitcoin network, so no worries here. The only thing you will be able to do is free up your coins that were stuck ter an unconfirmed transaction for a long time and then be able to initiate a fresh transaction to send them successfully this time.

Do note that albeit wij are providing this example for Bitcoin, it should work on many other altcoins spil well that are based on a more latest forked Bitcoin wallet code spil the option wij use here is not included ter the earlier version of the Bitcoin client. There are some more complicated alternatives for performing the same thing described here if your wallet does not support the zapwallettxes option, so you are not out of luck ter such cases either. You can do the same thing with the Python-based contraption called Pywallet spil an alternative to using the qt wallet method described here.

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