In this article:
Learn about crypto transactions, including whether you can cancel a transaction and how to avoid mistakes.
Once you have confirmed a transaction in Best Wallet, it cannot be cancelled or reversed. This applies to any blockchain transaction, such as investing your crypto into a presale project, swapping tokens, or sending crypto to another wallet.
This is because all transactions on decentralised blockchains are irreversible.
Why your transactions can't be cancelled or reversed
Decentralised blockchains are publicly recorded ledgers that can't be changed. This is due to one of the core principles of blockchain technology called immutability. When something is immutable, it is both permanent and unable to be changed.
This means that once you make a crypto transaction, it's recorded forever and unchangeable as it is verified on the blockchain.
This verification process is carried out by network validators or miners. They timestamp, process, and validate new transactions, ensuring the security and integrity of the blockchain.
This is why cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) are trusted by so many. But it also means once you've confirmed a transaction, you can't undo it.
Steps to avoid mistakes when sending or swapping crypto
To ensure you never find yourself in a situation where you want to cancel a transaction, take these precautionary steps:
Verify All Wallet Addresses: Always double-check the addresses you're sending to or receiving from. We recommend that users copy and paste these addresses accurately into Best Wallet and verify them before proceeding.
Review the Amount: Before finalising any transaction, re-check the amount you're sending, buying, or swapping. Pay close attention to decimal places and exchange rates. Remember to account for any transaction or gas fees to ensure you have sufficient funds.
Use Test Transactions: For those new to cryptocurrency or unsure about the transaction process on Best Wallet, conducting test transactions with minimal amounts can be a good way to test. This practice helps you get comfortable with the process and promotes good crypto habits. Consider creating an additional wallet within Best Wallet for this purpose. Remember, you’ll need to cover gas fees for each test transaction.
Stay Informed: It's important you understand how Best Wallet works, as well as the basics of cryptocurrency transactions and the specifics of the cryptocurrencies you transact. For example, if you frequently deal with ERC-20 tokens, familiarising yourself with the Ethereum network and its mechanics can improve your transaction success rate.
Still confused about crypto transactions?
If you're still confused about how crypto transactions work, explore our extensive crypto guides in Crypto Basics, or email [email protected] and the support team will help you resolve or explain your issue.