An unconfirmed Bitcoin transaction can occur when you choose a smaller miner price as a transaction fee for the Bitcoin transaction. As a result, the miners may not confirm the transaction. This is one of the major issues with Bitcoin trading, the other issue being network congestion. Fortunately, a trader can do something about an unconfirmed transaction.
The following are tips to help you deal with unconfirmed transactions.
How to reverse your Bitcoin unconfirmed transaction
It’s possible to reverse the transaction, but you must be sure there is an unconfirmed transaction. If there is no confirmation yet, a block explorer such as Blockchain.com can help you find out whether your transaction is unconfirmed.
Since it’s a public blockchain, you can easily track the Bitcoin transaction by entering the transaction ID and track it using the block explorer.
Note that for your transaction to be fully confirmed, it will need a minimum of three confirmations. So, if you’ve only seen the first and second confirmation, you have to wait for the third.
If you didn’t see any confirmation, you could easily cancel the transaction. And canceling the transaction can be done by using the higher fee Double-Spend transaction or using the Replace by Fee (RBF) protocol.
Also, sometimes all you need is to remain patient because a transaction that is in progress will remain unconfirmed. In several cases, a very busy network can prolong the time it takes for a transaction to be confirmed.
If you’re very sure the transaction has remained stalled for a longer time and is still unconfirmed, you can use the Reverse transaction feature.
To reverse a transaction, you can use the transaction ID received when the transaction was initiated to track the transaction node. The next page will show you the details of the transaction. However, you are only able to reverse the transaction if the number of transactions is zero. If it’s greater than zero, you must wait until the third confirmation is made.
However, note that not all wallets support the RBF protocol. For those that do, it will be possible to rebroadcast your Bitcoin transaction by paying higher transaction fees. It will lead to the cancellation of your Bitcoin transaction.
But for those wallets without an RBF enabler, the double-spending process is always available. To carry out double-spending, you need to carry out the same amount of transaction that has remained unconfirmed. This time, you are making it to yourself. But this time you should make the transaction fee higher to get it confirmed. Once a higher transaction fee is chosen, it shouldn’t take long to confirm the transaction, which reverses the initial transaction made. These are the basic methods of dealing with the issue of unconfirmed transactions.