How to cancel an Ethereum (ETH) transaction

3 εβδομάδες ago 0 33

Users have faced situations of payment hiccups that occur due to network congestion. In such cases, you need to look for answers on how to cancel an Ethereum transaction. It is not possible to cancel the transaction. However, in some cases, there is a solution to the problem.

Is it possible to cancel an Ethereum transaction?

To transfer cryptocurrency, the user creates a request in the wallet. It will be executed when the miners add it to the blockchain. As a rule, during normal network load, it takes a few seconds for this to happen. Therefore, it is not possible to cancel the process because the time is too short.

When the load increases in a high gas price environment, transactions hang for a long time. At this time, it is possible to cancel an Ethereum payment. The confirmation is the Pending status where the transfer will be.

At this point, you can send 0 ETH to your own address by selecting the same Nonce value. At the same time, you should specify a gas price higher than the hovering payment. This will help to resolve the problem.

How to cancel an Ethereum (ETH) transaction — The amount should be zero

The method will work in case the Etherium transaction has hung. It is impossible to cancel the transfer to the wrong address.

Nonce

There are several definitions. Nonce is a payment number that came out of the sender’s address. In this case, transfers are counted in order, starting from the first one. Nonce in this case is equal to 0.

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The lower the value, the faster the process will complete. Until this happens, all subsequent transactions are pending.

Status check

A transaction is a movement of data, among which this information:

Amount.
Information about the recipient.
Digital keys.
Fee amount, etc.

The validation time is related to the specified data. It is necessary to monitor its status so that a decision can be made to cancel or wait. Services related to the Ethereum blockchain are used to check the status. In them, you can view the status of the process.

Sites for tracking transactions

Among the popular resources are:

Etherscan.
Blockchair.
Etherchain and others.

On these services you can track the status of the transaction. It is necessary to specify the hash. Status options:

Options	Description
Success	The operation was successful, the data is written to the blockchain.
Failed	Process failure.
Transaction not found	Transaction not found. The problem may be in the blockchain browser, you should try to check the status on another resource.
Pending	The transfer was found but not yet written to the blockchain, it is in pending mode.

In addition, you can see the balance and history of the account, you need to specify the address of the cryptocurrency wallet. The following information is available:

Amount.
Commission.
The addresses of the sender and recipient of funds.
The number of the block in which the transaction is located.
Date.

Wallets also allow you to track the status of the procedure.

Replacing a transaction

Procedures are performed in the wallet from which the transfer was attempted. You need to find, write down or memorize the value of Nonce. If several transactions hang up, you should start the replacement procedure from the first one.

The next step is to create a transaction to the address of your wallet for the amount of 0 ETH. The copied Nonce value should be used. The price of gas is important, too low a commission will result in a wait.

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Author: Saifedean Ammous, an expert in cryptocurrency economics.