Is there a way to cancel a transaction if the transaction fee is too low?

[Josemendez]

There are some wallets give us the opportunity to change the transaction fee for a specific coin. The one who that I am using is the bitpay wallet, and with this wallet when you are making a transaction in terms of Bitcoin or even any of the other cryptocurrencies that it supports, you are asked to choose the priority of your transaction. Based on the priority of your transaction the transaction fee will also change as well. However, there's also the option that you can choose to customise the transaction fee by yourself in which case you get to choose your own.

However, if you had to choose a transaction fee that is too low then chances are your transaction will sit waiting to be confirmed for a very long time. In this case your transaction may not go through. Is there any way to change the transaction fee after you have started the transaction or is there a way that you can cancel the transaction to start it again?

It depends on the wallet you are using .wallets like trust wallet and Metamask wallet allows one to cancel transactions that has not been confirmed , however before you can do this , you have to pay charge for the transaction to be cancelled.

 

[BrolySSJ]

It depends on the wallet you are using .wallets like trust wallet and Metamask wallet allows one to cancel transactions that has not been confirmed , however before you can do this , you have to pay charge for the transaction to be cancelled.

This is a very interesting feature and can be very useful as well. What sort of charge is there for you to be able to cancel the transaction if I may ask? Are there large charges that are involved in being able to cancel the transaction or are the charges of a decent nature?

I have tried to make use of the metamask wallet before but the one thing that I don't like about the browser extension that faucetpay direct you to is that you have to have it active on all pages and this I am sure can be a security risk for your funds.

 

[Shigobad2020]

There are some wallets give us the opportunity to change the transaction fee for a specific coin. The one who that I am using is the bitpay wallet, and with this wallet when you are making a transaction in terms of Bitcoin or even any of the other cryptocurrencies that it supports, you are asked to choose the priority of your transaction. Based on the priority of your transaction the transaction fee will also change as well. However, there's also the option that you can choose to customise the transaction fee by yourself in which case you get to choose your own.

However, if you had to choose a transaction fee that is too low then chances are your transaction will sit waiting to be confirmed for a very long time. In this case your transaction may not go through. Is there any way to change the transaction fee after you have started the transaction or is there a way that you can cancel the transaction to start it again?

Theres a way for everything

 

[BTCBEE]

Not a problem. I was just curious as since last year in the latter part of the year to the beginning part of this year, it seems that the transaction fees that I am noticing for any transaction that is less than ten dollars is actually very similar to the amount that I am transacting or even greater than the amount that I am transacting and this for me is quite off-putting when it comes to making a Bitcoin transaction.

hello to all..well what wallet you are talking as i know blockchain has very low fee than other wallets and its really good...i feel blockchain is most safe wallet.you can change there fee later if you need even you can cancel transaction also

 

[Kelly5]

There are some wallets give us the opportunity to change the transaction fee for a specific coin. The one who that I am using is the bitpay wallet, and with this wallet when you are making a transaction in terms of Bitcoin or even any of the other cryptocurrencies that it supports, you are asked to choose the priority of your transaction. Based on the priority of your transaction the transaction fee will also change as well. However, there's also the option that you can choose to customise the transaction fee by yourself in which case you get to choose your own.

However, if you had to choose a transaction fee that is too low then chances are your transaction will sit waiting to be confirmed for a very long time. In this case your transaction may not go through. Is there any way to change the transaction fee after you have started the transaction or is there a way that you can cancel the transaction to start it again?

I don't think you can change the transaction fee of any cryptocurrency wallet. this is because when you have sent the amount you want to send it means you have accepted the fee before sending and it cannot be reversed

 

[Learning]

Nearby are a few wallet that gives us chance to move out given up for lost a transaction while you understand the fee is extremely tall or down in the dumps it makes one to settle on each to last with the transaction.

 

[Josemendez]

This is a very interesting feature and can be very useful as well. What sort of charge is there for you to be able to cancel the transaction if I may ask? Are there large charges that are involved in being able to cancel the transaction or are the charges of a decent nature?

I have tried to make use of the metamask wallet before but the one thing that I don't like about the browser extension that faucetpay direct you to is that you have to have it active on all pages and this I am sure can be a security risk for your funds.

The charges are not really high , at most it will cost you $3 to cancel the transaction , but it is under the condition that the transaction has not been confirmed .
I once used it ,and paid $2 charge for the cancellation b.

 

[BrolySSJ]

The charges are not really high , at most it will cost you $3 to cancel the transaction , but it is under the condition that the transaction has not been confirmed .
I once used it ,and paid $2 charge for the cancellation b.

A $2 to $3 fee is not bad at all when it comes to cancel the transaction especially if the transaction that you were making was of a significant value. Yes of course it would be important that it has not been confirmed yet, because if it has been confirmed then there is no way for you to reverse the transaction once it is already deposited into the recipient's account. I will definitely look into this feature because it does provide you with a certain degree of confidence than when you transact knowing that you can make the cancellation if you do make an era by any chance.

 

[Ehizzy1]

Yeah but it actually depends on the wallet you are using to earn ,because there are some wallet like binance that when you are sending from one wallet to another there us always a fixed fee that you would have to pay so that you can be able to perform the transaction and actually do make more cash , and also trust wallet you can actually cancel and crosscheck before even putting your actual fees i think

 

[BrolySSJ]

Yeah but it actually depends on the wallet you are using to earn ,because there are some wallet like binance that when you are sending from one wallet to another there us always a fixed fee that you would have to pay so that you can be able to perform the transaction and actually do make more cash , and also trust wallet you can actually cancel and crosscheck before even putting your actual fees i think

The fixed fee that you are seeing when you are using an exchange is generally the withdrawal fee of the coin. This is unlikely to change, and therefore it is a fixed value. However, this does differ from the transaction fee which will change and be entirely dependent on the traffic on the network at that specific time that you are making the transaction. Therefore these values tend to fluctuate. Hope that this clarifies the difference between the withdrawal fee and the transaction fee.

 

[Bilal0087]

There are some wallets give us the opportunity to change the transaction fee for a specific coin. The one who that I am using is the bitpay wallet, and with this wallet when you are making a transaction in terms of Bitcoin or even any of the other cryptocurrencies that it supports, you are asked to choose the priority of your transaction. Based on the priority of your transaction the transaction fee will also change as well. However, there's also the option that you can choose to customise the transaction fee by yourself in which case you get to choose your own.

However, if you had to choose a transaction fee that is too low then chances are your transaction will sit waiting to be confirmed for a very long time. In this case your transaction may not go through. Is there any way to change the transaction fee after you have started the transaction or is there a way that you can cancel the transaction to start it again?

According to my observation there are some wallets which allow its users to change the priority and transaction fees but I think if you have sent your transaction and after sometime you cannot cancel it.
However before sending the amount you can change its priorities.

 

[Nurudeen]

I don't think there is really any way to cancel a transaction on a crypto currency exchange platform so far the transaction have already been executed. You need to check different coin because I heard that they are coin that offer low transaction so from there you will be able to know the coin to use for your transaction

 

[Henrywrites]

I don't think you can cancel the transaction when it's already on process, not sure about this since i never really got into the point of needing cancel a transfer. But i know someone who does and he wasn't able to.. once you you hit the send that's it.. you need to wait

Any site that allows for one to cancel transaction is not even serious. The business of crypto currencies is what one should really do with their clear eyes and even if it means getting a mentor that know the best sites to use, then it is important to do so.

 

[chicnthin]

I usually choose low transaction fees as I'm not really in any rush. The wallet that I have let me choose what I want. To answer your question, I'm not sure if we can cancel the transfer as it was processed already.

 

[BrolySSJ]

According to my observation there are some wallets which allow its users to change the priority and transaction fees but I think if you have sent your transaction and after sometime you cannot cancel it.
However before sending the amount you can change its priorities.

I think that in certain cases there really should be a way where if you have a transaction fee that's too low or if the transaction has been pending or waiting confirmation for a long time, then the transaction should actually bounce back and it should enter your wallet once again and tell you that the transaction failed instead of just waiting on the market or on the blockchain for a long period of time to be confirmed.

 

[Oloritoks]

That's why it is better to generate more coin into your wallet so as not get caught in an unfavorable transaction that can discourage you if you aren't patient enough for such it is advisable you learn well.
[automerge]1611753736[/automerge]
That's why it is better to generate more coin into your wallet so as not get caught in an unfavorable transaction that can discourage you if you aren't patient enough for such it is advisable you learn well.

 

[Sake]

Any site that allows for one to cancel transaction is not even serious. The business of crypto currencies is what one should really do with their clear eyes and even if it means getting a mentor that know the best sites to use, then it is important to do so.

Right, if it's reversible then it wouldn't be used by scammers and.. I don't think any legitimate transactions would allow a reversal and cancellations unless already been sent like PayPal but that's only for the recievers part.

 

[Kamon c4]

I heard of cryptocurrency exchange platform where you can negotiate the transaction fee but I haven’t used any of it before. It’s a very good thing. The cryptocurrency exchange platform that I use has a static transaction fee on all transactions and it’s not high. The transaction is charged with crypto. There’re crypto limit for withdrawal so you’ve to meet the requirements before your transaction will be finally processed

 

[Erik4150]

Yes you can change the transaction fee manually. There are wallets that can let you do that but your transaction will take longer to process if you tamper with the fees.
There is no way you can cancel a transaction that is already pending. Once you click send there is no going back.

 

[Ralphjoe]

There is absolutely no way that you can cancel a transaction that you have initiated because the blockchain technology is quite rigid as once transactions has been started, they cannot be cancelled. This is the same feature that makes it difficult to hack into it.