How to Cancel A Bitcoin Transaction? What to Do if a Transaction Froze?

how to cancel a btc transaction

The user database of the Bitcoin network is growing every year. The novelty of the industry implies the presence on the market of a large number of non-professional investors. They, because of lack of experience or by trivial inattention, can voluntarily lose their digital assets, simply by sending them to the wrong wallet. In this article we’ll talk about why you cannot just cancel a BTC transaction and what to do if it froze.

Contents:
(please, click the topic to scroll down to it)

  1. Is it possible to cancel a BTC transaction?
  2. Why is it impossible to return Bitcoins?
  3. The transaction isn’t responding, what should I do?
  4. Conclusion

1. Is it possible to cancel a BTC transaction?

As already mentioned above, unfortunately, it is not possible to cancel the transaction in the Bitcoin network technically and physically. In the history of the coin, many users, on their own bitter experience, were convinced of this feature of digital currencies. At first glance, this may seem to be a developer’s fault, but if you recall the blockchain technology, which underlies cryptocurrencies, then everything falls into place. The fact is that Bitcoin is a decentralized system, that is, it does not have a single center from which it would be possible to correct the direction of transactions. It is worth noting that cryptocurrencies gained their popularity precisely for the opportunity to exchange coins without the control of intermediaries.

You can see the transaction queue, but you cannot return the funds. Transactions in digital currencies are different from traditional electronic systems. The process of conducting transactions consists in rewriting the balances of two wallets (the sender’s and the receiver’s). Data about this operation is written to the registry, after which it is no longer possible to change it.

2. Why is it impossible to return Bitcoins?

Due to the peculiarities of the technology, it is not possible to reverse the transaction. If You, for example, bought something on the Internet and paid bitcoin, but want to make a return of the goods, then You need to contact the seller to make a new transaction to Your wallet. Since the data on Your payment has already been successfully entered in the register and nothing can be done about it.

But what to do if You accidentally sent money to the wrong wallet? Let’s be honest, unfortunately, you have to put up with it, since most likely you will not get it back. Although the Bitcoin address, to which the transaction was made, is in the public register, there is no possibility to find a person by name or surname. Therefore, You cannot 100% know of whom you have sent your digital assets.

3. The transaction isn’t responding, what should I do?

A long time of confirmation of transactions in the Bitcoin network is the weak point of this payment system. The BTC algorithm is designed in such a way that it can handle only 7 operations per second, so sometimes users have to wait for the transaction to complete for several hours or even days. But it happens that they hang for a very long time, for what reasons can this happen?

  • a sudden break in the Internet signal;
  • setting a too small commission fee.

What should you do in this case?

  1. First, you need to make sure whether the operation is actually suspended or whether the queue has just not yet arrived. Open Block Explorer, it will be indicated there.
  2. Next, go to the debugging console (Help-Window-Debug-Console);
  3. Get a private key from your wallet.
  4. Export private access keys to all bitcoin addresses, on which there are funds.
  5. After that, close the application and delete the wallet.
  6. Again run the client of the wallet program, create a new wallet and import private keys. Prepare that this process will take a sufficient amount of time.
  7. Done. In the new wallet, access to blocked funds will be resumed. In this way, you can undo an unconfirmed Bitcoin transaction.

It is important to understand that this instruction does not apply to cloud wallets.

4. Conclusion

Performing transactions on the Bitcoin network one should be extremely careful, since they cannot be reversed. This is both the main feature and the lack of the system.

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The Recent Filing of Apple to SEC Suggests Its Interest in the Blockchain Technology

It has been detected that one of the latest listing of Apple submitted to the Securities and Exchange Commission called “Conflict Minerals Report” mentioned the blockchain technology as one of the methods to deal with the issue stated there.

The issue itself regarded the mining, production and shipment of minerals used to produce smartphones and other electronic devices.

We have covered the topic earlier and informed you about the company Ford that cooperated with IBM and other giants in order to combat child labor in Africa. Their primary goal was to focus on cobalt mines in Congo, where minors were and maybe still are working illegally.

Meanwhile, Apple has some big plans on that cobalt, since this mineral is crucial for the company to manufacture their devices. However, using cobalt from the infamous mines in Congo would mean direct support of the human rights abuse.

Many experts have repeatedly pointed out that the supply chains of Apple were involved in multiple scandals involving the violation of human basic rights. Thus, the company had to make sure it got rid of the “dirty” reputation.

Apple is deeply committed to upholding human rights across its global network of suppliers that support the manufacturing of its mobile communication and media devices, personal computers, and related accessories. Apple works to safeguard the well-being of people involved in its supply chain and to protect the places where materials are sourced,” the filing reads.

Conflict Minerals Report was mainly about the work ethics of Apple and the possible ways to ensure the legitimacy of supply chains, using the blockchain technology, as well as educating other businesses how to use blockchain for security purposes.

Thus, we might draw a conclusion that Apple is getting closer to using the blockchain technology, even though it is indirect so far. Bigger step towards using the potential of blockchain might follow soon.

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Cryptocurrency Rate Today, February 18: Bitcoin Overcame $3700, and Ethereum Is At $140

Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Litecoin, Cardano, Stellar, IOTA, Dash, Monero: Cryptocurrency Rate

According to the Coingecko online platform, Bitcoin (BTC) added 2.8% in the past 24 hours. The price at the time of writing is $3747 per coin.

Cryptocurrencies moved to the green zone:

Bitcoin Cash added 6.49% over the past 24 hours and costs $130 per coin;

Ripple increased by 3.99% and costs $0.31;

EOS raised by 5.99% and its price is $3.01;

Litecoin became more expensive by 1.38% and its value is $44;

Cardano added 3.66% and its cost is $0.042;

Stellar lost 1.68% and costs $0.079;

IOTA added 1.84% and its value is $0.28;

Dash raised by 2.79% and its price is $81;

Monero became more expensive at 5.33% and costs $49.

Over the past 24 hours, Ethereum has added a record-high 12%. The coin rate is $140 per coin.

The total market capitalization is $126 billion. Bitcoin accounts for 52.1% of the total. In monetary terms, it is $65 billion.

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A Major Japanese Bank Is Developing a Blockchain-Based Payment Network Due in 2020

Mitsubishi UFJ Financial Group, Inc. (MUFG) is on the most prominent financial institutions in Japan, moreover, it is the world’s fifth largest bank in the world. Located in Tokyo, MUFG has branches in 50 countries all over the globe and over 150 thousand employees.

The financial group provides services in the various fields like leasing, asset management, commercial banking, credit cards, securities and others. It also constantly collaborates with the largest banking establishments in America, Europe and Asia.

MUFG and blockchain

Following the example of its competitors and partners, Mitsubishi UFJ Financial Group decided to involve innovative technologies in order to upgrade and advance its payment systems.

According to the official press release of the bank, it is partnering up with the Massachusetts-based company Akamai Technologies, which is a leading provider of content delivery and site accelerating services.

MUFG and Akamai Technologies, Inc. (“Akamai”) announced today that they have agreed to strengthen their strategic alliance towards the full-scale launch of a new payment network business and establishment of a joint venture, Global Open Network, Inc.,” is mentioned in the press release.

The main purpose of the collaboration, the development of a blockchain network for payments, is planned to be launched in 2020.

As stated by the bank representatives, they want to experiment with “diverse payment schemes” which will allow to expand their range of services.

We remind you that another global financial establishment, Abu Dhabi Commercial Bank, is also working on implementing cutting-edge technologies and launched a financial management app.

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Cryptocurrency Prices Today, February 14: Cryptocurrency Did Not Catch The Romantic Atmosphere And Began To Fall In Price

Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Litecoin, Cardano, Stellar, IOTA, Dash, Monero: Cryptocurrency Rate

According to the Coingecko online platform, Bitcoin (BTC) lost 0.35% over the past 24 hours after a period of growth. The price at the time of writing is $3607 per coin.

Cryptocurrencies have returned to the red zone:

Bitcoin Cash lost 0.6% over the past 24 hours and costs $121 per coin;

Ripple fell by 1% and costs $0.30;

EOS decreased by 4.1% and its price is $2.78;

Litecoin dropped by 3.2% and its value is $41;

Cardano lost 2.5% and its cost is $0.040;

Stellar fell by 1.1% and costs $0.076;

IOTA decreased by 1.6% and its value is $0.26;

Dash lost 1.9% and its price is $78;

Monero dropped by 2.5% and costs $47.

Over the past 24 hours, Ethereum has lost 0.7%. The rate of the coin is $122.

The total market capitalization fell to $120 billion. Bitcoin accounts for 52.5% of the total. In monetary terms, it is $63 billion.

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Report: Blockchain Investments Cannot Overcome Fintech Funding

European blockchain companies set a record in 2018, however, they are unable to overcome funding that comes to financial technology companies.

Blockchain boom in 2018

At the end of 2017, the rate of Bitcoin skyrocketed to incredible price of $19,000. As the first cryptocurrency began gaining popularity, people started to wonder about the technology that stayed behind. After that people understood that blockchain can be used not only in crypto, but also in other spheres of life.

Some companies began to create their own blockchain and implement it into financial sector, political sector, etc. For example, Western Union supports cryptocurrency and blockchain, and it seeks the ways of their implementation; LG Uplus released a blockchain cross-border payment system.

After the cryptocurrency prices collapsed, the blockchain technology remains to be quite popular topic on different IT conferences and summits.

Blockchain investments cannot overcome fintech funding

According to Innovate Finance’s ‘2018 FinTech VC Investment Landscape‘ report, blockchain and cryptocurrency industry in Europe has witnessed a series of significant deals, but notably just four deals amounted to over $300 million. These deals include such projects, as Paxos (Bankchain), Dfinity, SEBA Crypto, Bitfury. They raised from $65 million to $103 million in different periods of the year.

Analysis shows that fintech companies are much more popular among investors than blockchain. European challenger banks Revolut and N26 alone raised $461 million across 7 deals. They closely followed by personal finance and wealth management ($333.61 million), and alternative lending and finance ($306.64 million) industries.

Fintech’s big picture

If we take the investments of all financial companies all over the world, we will see that they raised $36.6 billion from venture capital investors.

The leader in fintech investments is China, Chinese company Ant Financial set a record for  both fintech and venture capital, raising $14 billion. In overall, China led with $18.9 billion invested across 90 deals.

Next place is taken by the United States; it has raised $10.6 billion across 1,042 deals. The United Kingdom followed on in third place with $1.7 billion invested across 261 deals.

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Cryptocurrency Prices Today, February 13: Cryptocurrencies Are Showing an Upward Trend

Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Litecoin, Cardano, Stellar, IOTA, Dash, Monero: Cryptocurrency prices

According to the online platform Coingecko, Bitcoin (BTC) added 0.4% over the past 24 hours after a period of growth. The price at the time of writing is $3620 per coin.

Cryptocurrencies once again moved to the green zone:

Bitcoin Cash added 0.57% over the past 24 hours and costs $121 per coin;

Ripple grew by 1.96% and costs $0.30;

EOS gained 5.78%, and its price is $2.92;

Litecoin lost 1.48%, and its value is $42;

Cardano increased by 1.31%, and its cost $0.041;

Stellar added 0.2% and costs $0.076;

IOTA grew by 3%, and its value is $0.27;

Dash remains stable, and its price is $82;

Monero gained 2.51% and costs $49.

Over the past 24 hours, Ethereum added 2.37%. The exchange rate of the coin is $123.

The total market capitalization is $121 billion. Bitcoin accounts for 52.6% of the total volume. In monetary terms, it is $63 billion.

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