BlueWallet | Transaction Cancellation | Santorini Corp.
In this article, we'll dive in details on how to send $BTC, then cancel the transaction (even after several hours), and eventually - get your $BTC back on your wallet.
The 'secret sauce' lays behind the fact that a $BTC wallet known as 'BlueWallet' allows you to send out your $BTC, and then manually cancel the transaction whenever you feel like doing so.
Q: "How does it work?"
A: Basically, before you send your transaction, you manually set the fee to the minimum amount available, such as 1-2 sat/vB. In case the blockchain doesn't allow you to go that low - simply try higher numbers, such as 3, 4, 5 and so on until the transaction goes through. Afterwards, you use the "Cancel Transaction" option whenever you're ready to cancel, and choose the the "Fast option" (there is going to be an option available, don't do it manually, just use what it offers). So, what do we get? The previous transaction will simply disappear off the blockchain, and the new 'transaction of cancellation' will be performed within minutes. Easy!
Here is what you'll need in order to do it:
#1 Download the BlueWallet on your device:
#2 Create a new 'Bitcoin' wallet and fund it (don't use Lightning or Vault):
Before you proceed with the transaction, make sure that the receiver wallet is specifically 'Exodus Wallet'. If that's done, it's time to get to the work.
#3 Click on the wallet, and then on 'Send':
Now, we're going to manually change the fee to the minimum amount available. Make sure not to mess this part up. Remember, if you can't set the fee to 1 or 2 sat/vB, keep trying higher numbers such as 3, 4, 5 until it allows for the transaction to go through.
#6 Enter the minimum amount available for the fee (once again, if 1 or 2 doesn't go through, try higher numbers until it goes through), and send the transaction:
Once you have sent the transaction, the receiver will instantly get a pop-up notification saying: "Receiving 0.0xxxx $BTC...", and if they open-up their 'Exodus Wallet', the funds will already be displayed on their balance as if they have been delivered (if they had 0 $BTC, then now it's going to be whatever amount you've sent them).
By using the lowest fee amount available, your transaction can remain on the blockchain for approximately 60-200 minutes before it receives the first confirmation.
Now, the cancellation procedure.
#7 After sending out the transaction, it's going to appear on your transaction list. Click on the transaction:
#8 Click on 'Cancel Transaction':
#9 Choose the 'Fast' option and click on 'Create':
What happens now? Simple - the funds that you sent will return to your balance, as well as disappear from the receiver wallet's balance.
Remember, that after sending out your transaction with the minimum fee (such as 1 or 2 sat/vB - the receiver is going to wait if not 60-200 minutes, then in the worst case scenario even for a whole day. This part highly depends on the mempool / blockchain or in other words - the traffic of transactions that are being mined by the miners.
'Exodus Wallet' in this case is the perfect match for us, because it displays the 'receiving funds' on the balance even before they have actually landed or went through the first confirmation phase. Meaning - the receiver will happily enjoy the beautiful digits on their 'Exodus Wallet' until you cancel the transaction.
This is the site that you're going to use in order to track your transaction (whether we're talking about the transaction you have just sent out, or the one that you've canceled: https://mempool.space/
Upon opening the site, you're going to see the following:
The only criteria that matters to us in order to work without any concerns:
If the situation on the blockchain / mempool fits the criteria listed above, our transactions with the minimum fee amount can last for hours if not more. That's more than you need in order to work comfortably and without any stress, as per our Terms and Conditions (that the client is going to be informed about), we perform our exchanges within a 15 minute time-frame, and not longer than that.
That's it for now, thank you for reading our article, and we wish you a lot of juicy exchanges!