[HQ][GUIDE] HOW TO CANCEL A BTC TRANSACTION AFTER SENDING

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The bottom line is that you can send BTC from your Electrum wallet and cancel the payment. How it works? You send a transaction with a fee of 1 sat/vB, after that you cancel the payment inside the wallet, making the transaction fee higher, for example 4 sat/vB, and the previous transaction simply disappears from the mempool because the new fee (4sat/vB) interrupted the old one (1sat/vB).

What you need:

• Electrum Wallet
  
• Computer / virtual machine
  
• BTC coins

In order to cancel transactions, you need to download and install Electrum wallet. When creating a new wallet, you MUST choose a standard wallet. If you choose a wallet with 2fa, then you will automatically be charged 40-50$ for a commission on the first payment. Click create seed phrases. You are given seed phrases. You save them. Enter the previously received seed phrases into the field. Create a wallet password. Ready. The wallet has been created.

Go to tools -> preferences -> transactions. Only select the following settings: Use replace-by-fee, Batch RBF transactions, Use change addresses, Use multiple change addresses.

Ready. Now add funds to the wallet. Go to the "Receive" tab. Then click "New Address". You got a BTC address, copy and add funds to it.

Sending a payment:
After you've added funds to the wallet, we start with sending and canceling payments. Go to "Send". Fill in the data. Next, click "Pay", then click "Advanced". ALWAYS set a target commission of 1. Click "Finalize". Then click "Sign". You will be asked to enter a password, enter it. After entering the password, click "Submit". Payment sent successfully.

Cancellation of payment:
After the payment has been sent, go to the "History" tab and see the first payment "Unconfirmed". Right-click on " Unconfirmed" and Press Cancel (double-spend). You do the same procedure as before (sign, send). After the "Payment sent successfully" window appears, the money will be returned to your Electrum wallet balance .

More:
When sending a payment with a commission of 1sat/vB , it will wait for confirmation for 10-20 minutes (depends on mempool, I'll tell you about it a little later). On some wallets, for example: "Exodus", "Blockhain", "Atomic", etc., the balance is immediately displayed even without the 1st confirmation, but they cannot be spent. After the first confirmation, it will not be possible to cancel the transaction in Electrum.

Now go to mempool.space and check the current queue of blocks with their commission rate. Pay close attention to this queue.
Blocks:
Green squares - the more blocks, the longer it will take to confirm the transaction in the network.
Commissions:
Below the blocks are Low / Medium / High priority values. ALWAYS look at High, the higher the number, the longer your transaction will take with a commission of 1sat/vB. If the high priority fee is 10 sat/vb, your transaction will take a little over an hour, during which time you will be able to cancel the transaction and get your money back. ATTENTION - if High priority is purely 1, then you should not send a payment, otherwise it will very quickly receive the first confirmation on the network.

That's all. I hope this will be useful to someone.

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