Cancellation of a transaction: how to cancel a transaction?
Banks may cancel many transactions. If you made the wrong number when entering the recipient’s card number, or mistakenly transferred money to an unknown person, it will be difficult, but possible, to return it. You need to immediately call the issuer of your card using the bank’s call center. He will coordinate subsequent actions.
You will need to submit a handwritten application to the bank for the return of incorrectly transferred money. However, such an operation is impossible without the person to whom the funds were mistakenly transferred. The outcome of the event depends on him. If he refuses to participate, the problem will have to be resolved through the courts.
When returning goods, in addition to the traditional procedure of writing a statement to the store about the unsuitability of the product, you must cancel the transaction at the bank. To do this, submit an application to cancel the transaction to the financial institution. Then you just have to wait for the issuer to receive the agreed amount from the seller and transfer the money back to your card.
How long to wait for confirmation
The transaction confirmation time depends on many factors, such as the total number of transaction packets on the servers that form the load on the processing centers. On average, the operation lasts about ten to twenty minutes, but during busy periods (when many users of the blockchain network generate payments), the waiting time for confirmation, according to internal schedules, can reach one to two hours.
To speed up the translation, you can use several methods:
- Replace by Fee – creating a new transfer with an increased commission. An increase in commission can be considered by the system as a higher priority transfer, but at the same time it requires considerable experience in transfers - the transaction will need to be processed in such a way that the system cannot trace it as an erroneous repeated transaction, otherwise the transfer will be blocked and the funds will be sent back. However, the method is gradually gaining popularity, so in the near future it may suffer losses in processing speed - either due to an increase in transfers with an increased commission, or due to overloading the server with an excessive number of transfers.
- Double Spend is a method related to the previous one. It also uses fee increases, but in this case the entire emphasis is placed on attracting miners. Since the role of processing services in blockchain networks is performed by the miners themselves, interest on the transfer goes to their accounts. The difference between the Double Spend method and Replace by Fee is that the Bitcoin sender does not need to think through a scheme for disguising the payment as a new transaction (the repeated transfer is made in an open manner). However, this method carries the danger of hacking the wallet by scammers - simple attack methods, Finny attacks, Vector76 attacks and brute force (guessing the wallet password) are used.
- Paid third-party acceleration services – viaBTC, antPool, ConfirmTX, which provide small guarantees of the safety of payment acceleration. Despite warnings from blockchain network operators about the dangers of communicating payment data to outsiders, this method is also quite popular among cryptocurrency users. All of these services provide both paid and free methods for speeding up payments, and the time difference between the two methods is very small.
What does a transaction mean in a general sense?
What does transaction mean in a general sense? This is an operation of transferring a specific amount of money from the sender’s account to the recipient’s account: replenishing a card, withdrawing money from an ATM, various transfers. Most often, a transaction is called payment for a purchase by card.
The online procedure includes connecting to Internet banking for debiting, crediting, issuing money in real time - ATM services, paying for products by card, replenishing a card, withdrawing cash and other operations.
Remember: the offline procedure does not involve contacting the acquiring bank (serving the retail outlet) and the transferred amount is not reflected on the balance instantly, but after a couple of days. This operation occurs without payment cards - from an account to another account.
Why is the transaction not confirmed?
There are few reasons for delaying transaction confirmation - only two main ones. The first reason is overload of the confirmation chain - this happens when a large number of fund transfer operations are performed simultaneously. Almost every operation has to be carried out almost manually, so the waiting time for confirmation can be significantly increased.
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The second reason is often a small commission - since confirmation of the transfer is done manually, the operator can also pay attention to the amount of the commission. If the payment of the commission is too small, in the opinion of the operator, then he can either delay the transfer or cancel it altogether.
Main causes of freezing
Transaction freezes very rarely occur in blockchain networks. Yes, the problem can arise due to the two reasons mentioned above, but there is another reason - the lack of operators themselves. This problem usually occurs during major holidays, when most transaction operators in blockchain networks go on vacation. But even in such situations, a transfer rarely lasts more than a maximum of 72 hours - losing amounts is not beneficial for both senders and recipients, but the operators themselves suffer - they lose their earnings, and the intra-system rating of the transactor is also lowered.
The essence of a banking transaction
Bank transaction is a bank transfer of monetary assets between accounts within a bank or between them. Bank card holders carry out daily transactions using an electronic account: receiving salaries, scholarships, paying bills, goods.
Transferring money from an account to another account is a convenient type of transaction that takes place in a couple of minutes within the banking system. Interbank and international transfers can take up to 7 days.
Money transfer is a transaction method for people who do not have a bank account. The money transfer system is fast, but charges a high percentage for the service.
How do transactions happen?
With the help of a special banking application, which through an online interface makes it possible to manage client accounts, transactions are carried out.
Transaction processing is necessary to maintain the banking system in an organized state, by creating a unified system for performing transactions.
The transaction processing system makes it possible for individual transactions to be automatically linked together as a single transaction. Such a transaction execution system ensures that all transactions are completed without errors.
If an error occurs, the system “rolls back” the transaction, erasing traces of it and restoring the system to its original state. If successful, the transaction is recorded by the system and all changes can be made using the operator.
Set up MyEtherWallet to run offline
To send an offline transaction, you will need a computer that is connected to the internet and not connected to the internet. The following steps will allow you to set up the appropriate configuration for an offline transaction:
- Set up your local MEW by installing the latest version - .
- Click on the current version (currently v5.2.7).
- Scroll down and click on the MyEtherWallet-v (latest version) zip file - it's around 15MB.
- Download the ZIP file and transfer it to a USB drive (external hard drive, etc.).
- Transfer the file from the USB drive to an offline device (such as a computer).
- Connect the USB drive to the offline computer and extract all files from the USB drive to the computer. Image from MEW offline guide below.
- Double-click the index.html file, which will open MEW in your offline computer's browser. A message will appear stating that you are not connected to the Internet - this is normal and can be ignored. You will need to use an Ethereum explorer such as etherscan.io to view the token balance in your wallet since your browser is disabled.
- You are currently running offline MEW and are ready to submit an offline transaction.
It is not possible to directly submit offline transactions from an offline local version of MEW running on an offline computer, so several steps must be completed using the source computer connected to the Internet .
The purpose of all this is to store the private key of your wallet on an offline computer, protected from malware, viruses, etc., which can be connected to an Internet device via an Internet connection.
What is an unconfirmed transaction?
If at an ATM or POS terminal, when transferring, paying, or withdrawing money, a transaction is stuck and does not have confirmations, this is a confirmed transaction. Banks automatically cancel them within a month.
During the operation, the terminal or ATM makes a request to write off money, having received an authorization code in response from the banking system, the process is completed successfully. If for some reason the program does not receive an authorization code, the debited amount is first blocked and then debited or not.
Advice from Sravni.ru: If you don’t want to wait, you can call your bank’s hotline, find out about the status of the financial transaction and ask to cancel the transaction. You will be asked to provide a code word, and after a couple of minutes the unconfirmed transaction will be cancelled. If you don't remember the code word, go to your bank branch with your passport and card. The manager will check with you and cancel the transaction.
Where to see confirmed and unconfirmed
After the transfer is created, the transaction data is sent to the processing center of the blockchain system, where they await confirmation from the recipient. The faster the recipient agrees with the transfer, the faster the transferred funds will reach him. Until the transactions are confirmed, they have the status of “unconfirmed bitcoin transactions”, and are in a “suspended” state until the moment of consent occurs.
After the Bitcoin transaction is confirmed, the Bitcoin transfer request begins to be processed by the blockchain processing system. During this period, the time it takes for funds to arrive in the recipient’s account will be determined by the workload of the servers, the amount of the transfer, as well as the urgency of the transfer itself. At the same time, the question of how many confirmations are needed to transfer Bitcoin can be answered in monosyllables - one.
Cryptocurrency transfers are carried out on a fee basis, with both the amount of currency being transferred and the transfer fees being entered manually by the sender. The owners of blockchain systems made this decision relatively recently - before that, the commission amount was fixed, and wallet owners often suffered losses.
How to view transaction ID
Various online blockchain services present their own ways to find a transaction by ID code. As a rule, the interfaces in the systems are quite transparent, and it is quite easy to understand. Let's look at how to do this using the example of blockchain.com:
- In the upper right corner, find the search line in which you need to enter the existing transaction code;
- After entering the code, press Enter to confirm the request;
- Receive all the necessary information regarding your request - status, transfer amount, recipient ID, and so on.
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Note that the public transaction code does not pose any danger of hacking the accounts of the sender and recipient, so they can be safely sent to each other through open communication methods.
