It is not impossible for a user of the Ethereum blockchain to send a low rate transaction. In other words, there is a savings in shipping fees, but the transaction takes a lot more time.
If the user is not in a hurry, there is no problem. However, a transaction ends up taking too long and does not arrive when it should.
Below, learn how to cancel or replace a pending confirmation transaction.
According to a guide prepared by MyCrypto, in summary, it is not difficult to cancel a transaction.
First, it is necessary to use the transaction hash in a block explorer – such as Etherscan. If the transaction is in a “pending” status, it is possible to cancel it.
In the case below it would not be possible, since the transaction already has five confirmations:
It is also important to note the amount of Gas (fees) and Nonce, as this amount will be needed later.
Then the cancellation process begins. When opening a new transaction, the recipient of the amount must be the user’s own address.
For example, if the user’s address is 123c4b5, the recipient’s address must also be 123c4b5.
However, values will not be included in the shipment. After entering the address, it is necessary to click on the “advanced” option of the used wallet. Nonce information will appear, in which the user must enter the same amount as the original transaction.
As an example, if the transaction to be canceled has 50 Nonce, the new transaction must have the same value. Next, it is necessary to enter a value of Gas greater than the value of the original transaction.
In case of doubt, it is possible to check the recommended values in this link for the type of transaction desired. The final visual result depends on the portfolio, but it should look like the image below:
Following these steps, the transaction will be canceled.
Replacing a transaction
The process for replacing a transaction on the network is Ethereum is a little different. However, as with cancellation, there can be no confirmations in the transaction.
In the case of replacement, a new transaction must be made, but to the address of the original recipient. The amount of the new transaction must also be the same.
In the advanced options, it is necessary to insert the same Nonce. Regarding the value of Gas, it must also be greater than that of the original transaction.
To find out the value, the same link as the cancellation example can be used.
If the original transaction was submitted to a contract and is not a token transaction, the “Data” (or date) field must be filled in with the same data as the original transaction.
The final result should look like the image below: