Can I cancel a transaction that has no confirmations due to low satoshis?

1

Hi all I changed the cost to transact from $24 us to $1.40 when I transferred my bitcoin funds and no one will confirm it. Is there anyway to cancel it? I can't do a double transaction because I was moving my entire wallet off my ledger Nano to GDAX

Jerry Capozzoli

Posted 2017-12-15T12:10:35.107

Reputation: 11

Question was closed 2017-12-15T19:14:09.917

Answers

1

The only way to cancel it is to replace it with a newly created transaction that overrides the previous one, and hope that by the higher fee this one gets confirmed earlier.

ranchalp

Posted 2017-12-15T12:10:35.107

Reputation: 449

Do I have to match the output amount i.e. 0.10 BTC or can it be a different amount? – Jerry Capozzoli – 2017-12-15T12:22:29.993

Also do both BTC addresses I am sending to need to match? – Jerry Capozzoli – 2017-12-15T12:25:57.580

1It can be a different amount and a different destination address. What will happen is that the competing transaction with the higher fees will enter the blockchain first, and thefore the other transaction in the mempool, will never enter the blockchain and eventually be discarded because of bitcoin's safeguards agains double-spends. – dbkeys – 2017-12-15T13:03:23.247

Asked: 2017-12-15T12:10:35.107

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Active: 2017-12-15T12:13:03.290