In this article:
Learn about crypto transactions, including whether you can cancel a transaction and how to avoid mistakes.
In short, once a blockchain transaction has been confirmed, it cannot be canceled or reversed. This applies to many types of blockchain transactions, such as buying an upcoming token, swapping tokens, or sending crypto to another wallet.
This is because all transactions on decentralized blockchains are generally irreversible.
Why blockchain transactions can't be canceled or reversed:
Decentralized 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 and it's confirmed, 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 finalizing 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.
Need further support?
If you're still confused about how crypto transactions work, please contact the Best Wallet support team either by using the Get Help screen in your Best Wallet app's Settings or by opening a ticket on our Support site.
Important Reminder:
No one from Best Wallet will ever request your wallet’s private key. Keep this information strictly private and do not share it with anyone.