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 finalized, 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 finalized 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.
Why you can cancel or speed up pending transactions:
Pending transactions work differently because they haven’t yet been confirmed by the network. When you submit a crypto transaction, it first enters a “waiting area” called the mempool (short for memory pool). This is where unconfirmed transactions sit until miners or validators choose to process them.
In the mempool, transactions are prioritized based on their gas or network fees. A higher fee incentivizes validators to include that transaction more quickly in the next block.
A lower fee means your transaction could be delayed, stuck, or even replaced.
Because the transaction isn’t finalized yet, you may still have options:
Canceling a transaction: If your pending transaction hasn’t been picked up by the network, you can cancel it. Please note that this is only available for EVM chains. Read our guide on how to cancel a pending transaction.
Speeding up a transaction: Similarly, you can speed up a stuck transaction by paying a higher gas fee. Again, this is only available for transactions on EVM chains. Read our guide on how to speed up a stuck transaction.
These tools only work while a transaction is still unconfirmed. Once it’s verified and added to the blockchain, it becomes permanent and unchangeable — which is why acting quickly matters when you need to cancel or accelerate a pending transaction.
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 in-app by going to Settings → Get Help, or open a ticket on our Support site.
Important Reminder:
No one from Best Wallet will ever request your private key. Keep this information strictly private and never share it with anyone.