What steps can I take to stop a bitcoin transaction with 1 or fewer confirmations?

3 answers

• Dec 15, 2021 · 3 years ago
  If you want to stop a bitcoin transaction with 1 or fewer confirmations, the best option is to use a replace-by-fee (RBF) transaction. RBF allows you to increase the transaction fee of your initial transaction, making it more attractive for miners to include it in the next block. You can do this by using a bitcoin wallet that supports RBF, such as Electrum or Bitcoin Core. Simply locate the transaction in your wallet and select the option to increase the fee. This will create a new transaction with a higher fee, effectively replacing the original one. Keep in mind that not all wallets or exchanges support RBF, so it's important to check beforehand. Another option is to use a child-pays-for-parent (CPFP) transaction. CPFP allows you to spend the unconfirmed outputs of your initial transaction by creating a new transaction with a high fee. Miners are incentivized to include this new transaction in a block because they can also claim the fees from the unconfirmed transaction. To use CPFP, you'll need a bitcoin wallet that supports it, such as Bitcoin Core or Electrum. Locate the unconfirmed transaction in your wallet and create a new transaction spending the unconfirmed outputs with a high fee. It's important to note that both RBF and CPFP are not guaranteed to work, as miners have the final say in which transactions they include in a block. However, they can significantly increase the chances of your transaction being confirmed faster.
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• Dec 15, 2021 · 3 years ago
  Stopping a bitcoin transaction with 1 or fewer confirmations can be a tricky process. One option is to contact the recipient of the transaction and ask them to reject or cancel the transaction. However, this relies on the recipient's cooperation and may not always be successful. Another option is to wait for the transaction to be dropped from the mempool, which can happen if it remains unconfirmed for an extended period of time. However, there is no guarantee of when or if this will happen. If you're in a hurry and need the transaction to be stopped, using RBF or CPFP as mentioned in the previous answer is your best bet.
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• Dec 15, 2021 · 3 years ago
  At BYDFi, we understand the frustration of having a bitcoin transaction with 1 or fewer confirmations. While we don't have control over the confirmation process, we recommend using RBF or CPFP as mentioned in the previous answers. These methods can increase the chances of your transaction being confirmed faster. If you have any further questions or need assistance with your bitcoin transactions, feel free to reach out to our support team.
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