Ethereum is the second largest cryptocurrency by market cap that users like to hold and trade with. But can you cancel Ethereum transactions that have already been initiated?
With rising Ethereum staking cases, ETH has managed to survive the latest crypto crash, even jumping 40% in the run up to the Ethereum 2.0 release date. Ethereum gas fee cases have always been a nuisance but it hasn't deterred users from using ETH.
But today, let's talk about some of the most misunderstood points in crypto trading - cancelling Ethereum transactions.
Can You Cancel ETH Transaction?
Once added to the Ethereum blockchain, Ethereum transactions cannot be cancelled.
To cancel ethereum transactions, a user must do so while the transactions are submitted in the "mempool."
A mempool in crypto terminology is a term that refers to the cryptocurrency's node mechanism, a place where unconfirmed information and transactions are stored.
When a transaction is initiated, it first goes to a mempool, where it stays till the time a miner finds it and adds it to the blockchain for further processing.
Ethereum is a decentralised, open-source blockchain that fulfils a great variety of purposes these days. The blockchain serves as a central mechanism to mint NFTs and is the second most traded cryptocurrency of all time.
How To Cancel Ethereum Transaction?
To cancel an Ethereum transaction, a user must follow the instructions given below, as per Etherscan:
- Create a new Ethereum transaction where you send 0 ETH to your address.
- Now increase the gas fees by nearly 10%.
- Change the nonce of the transaction with the nonce of the pending transaction. Nonce refers to the number of transactions of the sender's address.
- Now the trick here is that the miner will eventually pick the transaction with a higher gas fee. The pending transaction will get cancelled because two same nonce transactions can't exist at the same time.
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