Ethereum, one of the leading blockchain platforms, is the second-largest cryptocurrency by market capitalization that allows users to execute transactions and smart contracts seamlessly. However, there may be instances when you need to cancel a transaction–perhaps due to errors, delays, or changes in intention. Unlike traditional banking systems, where transactions can often be reversed, cancelling Ethereum transactions requires a specific process due to the decentralized nature of blockchain technology. A transaction on the Ethereum Blockchain is not as difficult as you might think.
In this article, we will explore the steps involved in cancelling an Ethereum transaction and the factors that should be considered while making a transaction on Ethereum.
Things You Must Know When Making an Ethereum Transaction
To effectively manage Ethereum transactions, it is essential to understand several key concepts. Understanding these elements can help you navigate Ethereum transactions more effectively.
Gas Fee
A tiny incentive or fee known as a ‘Gas Fee’ or ‘Transaction Fee’ is paid to miners to prevent them from adding your transaction to the Ethereum Blockchain. The unit of Gas Fee is known as Gwei and one Gwei is equal to 0.000000001 Ether. The amount of the gas price is determined by multiplying the Gas Price by the Gas Used. There is a difference between Gas Used and Gas Limit. While Gas Limit refers to the maximum quantity of gas that the sender is permitted to use in the transaction, Gas Use refers to the total amount of gas utilized in the transaction.
The gas required to move Ethereum from one Ethereum address to another is precisely 21000 gas. So if you are going to send ETH to another address, you will need a gas limit of 21000.
Network Congestion
The speed of the transaction and the quantity of gas users must pay are significantly impacted by network congestion. The Ethereum network’s congestion is determined by pending transactions. Users would have to spend more gas to secure their transactions on the blockchain if the network was more congested. Miners will give preference to transactions that pay higher gas prices over those that pay lower gas prices because they will prioritize transactions with higher gas costs.
Nonce
The transaction number of the sender’s address is called a nonce. Sequential numbers are assigned to each transaction from an address, starting with 0 for the initial transactions. For instance, a transaction with a nonce of 10 is the eleventh one to be sent from the sender’s address.
It is important to pay attention to the nonce, particularly if you use the same address for several transactions. If you have an issue with a previous transaction, it won’t be added to the blockchain until the transaction with the lower nonce has been properly added. This is because the Ethereum network processes transactions with lower nonces first.
Is It Possible to Cancel ETH Transactions?
Ethereum transactions cannot be canceled once added to the Ethereum blockchain. Users must terminate Ethereum transactions while they are still being submitted in the ‘mempool’. The phrase ‘mempool’ in cryptocurrency refers to the node mechanism of the cryptocurrency, which is a location where transactions and unverified information are kept.
A transaction is first sent to a mempool upon initiation, where it remains until a miner locates it and adds it to the blockchain for additional processing.
How to Cancel an Ethereum Transaction?
Even when you started to swap, delivered tokens to another Ethereum address, or made a payout, your transaction has been waiting for too long. Don’t worry, you can cancel the transaction. Follow the below steps to cancel your Ethereum transaction with Bridge Wallet.
Go to the Ether Screen
Just open the Bridge Wallet and head over to the Ether (ETH) screen. Remember to use the Ether currency even if you want to cancel other ERC20 token transactions (USDT, USDC, etc.).
Make a New Transfer
The next step is to make a new transaction to your own account with a higher gas price. To transfer your money, click on the ‘Send’ button.
Send Some ETH to Your Own Account
Enter the transaction as follows:
- Amount: Enter the amount you wish to transfer to yourself.
- Address: Enter your own Bridge Wallet address. Do not enter false information. You can copy it from the Addresses tab.
Open the ‘Advanced’ menu and provide the following information:
- Gas Price: Enter a gas price that is bigger than the price of the pending transaction.
- Gas Limit: Leave the default value.
- Nonce: Enter the nonce of the transaction that you want to cancel. Go to the pending transaction’s page to find the nonce. Head over to the ‘Activity’ tab where you can copy the number under the ‘Nonce’ section.
- Data: Leave empty.
Click the ‘Send’ button.
Final Step
Your previous pending transaction will be cancelled once the new transaction has been completed. Now you can re-send your initial transaction that got stuck in the first place by adjusting the gas price.
Conclusion
Canceling an Ethereum transaction can be a straightforward process if you understand the mechanics behind how transactions work on the blockchain. While it is not possible to directly cancel a transaction that has already been mined, you can effectively replace a pending transaction by creating a new one with the same nonce and higher gas fees. Whether you are looking to cancel a transaction due to changes in your plans or simply to avoid potential issues, being informed will empower you to make timely and strategic decisions in your cryptocurrency dealings.