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Can I Cancel or Reverse a Transaction in Best Wallet?
Can I Cancel or Reverse a Transaction in Best Wallet?

Learn about crypto transactions and why you can't cancel or reverse an authorised transaction.

Updated over a week ago

No, once you have confirmed a transaction in Best Wallet, it cannot be cancelled or reversed. This applies to any blockchain transaction, such as buying cryptocurrencies, 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: Understanding the workings of Best Wallet, the basics of cryptocurrency transactions, and the specifics of the cryptocurrencies you use most is essential. For example, if you frequently deal with ERC-20 tokens, familiarising yourself with Ethereum's mechanics can enhance your transaction safety.

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