Can I cancel a digital currency transaction?

If an order can be send is dependent on how where you are in the transaction proces. There are two fases:

  1. Transaction not yet confirmed
  2. Transaction confirmed

Both will be explained seperately.

Transaction not yet confirmed

As long as you have not yet confirmed the withdrawal, it is still possible to cancel your transaction. You can do this by stopping the transaction process, due to which your transaction will automatically cancelled.

Transaction confirmed

If you already confirmed your withdrawal it is no longer possible to cancel the transaction because of the irreversible character of the digital currency protocols. In this case it is required to contact the receiving party and ask them for their support with sending back your digital currency. If the owner of the address is unknown, there is nothing you can do to get your digital currency back.

Recommendation

If you would like to send digital currency it is essential to be extremely accurate. Therefore it is recommended to always check if the address to which you are planning to send your digital currency to, is exactly the same address of the receiver and to only then confirm the order.


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