We've all done things we regret and lay awake at night wishing we could take it back. In some instances, enough time passes where everyone forgets what you did. That's always fun but unfortunately, that's impossible with Blockchain. In Blockchain, each and every Bitcoin transaction is on record for eternity. But what if you want to cancel that transaction? Is it possible? Let's find out.
Let's say Christmas is right around the corner and you want to send 10 Bitcoins to your uncle Bill in Belarus. You go ahead and send it but then find out, your Uncle Bill in Belarus is actually a jerk. Now you want to take the money back. Can you do it? Well, let's calm down and confirm that the transaction actually went through. Head on over to Blockchain.info to check. Much to your delight, you see the transaction is still taking place! It's unconfirmed after five hours. Sure, that's a little strange, but that means you can cancel it and take the money back. Or does it?
Now for the bad news. Whether your transaction was instantly confirmed or whether it's stuck in the waiting process, there is simply nothing you can do. The only thing you can do is wait. Wait for the transaction to complete. Sometimes, transactions are instant. Other times, it takes a little longer than normal because the network is congested. Either way, your transaction will take place, and that jerk Uncle Bill in Belarus will get his Bitcoin.
So, you can't cancel a transaction. Don't worry, it's not the end of the world. In fact, use it as a lesson. Next time you want to send digital currency, think twice, three times, or even ten times if you have to. When it's gone, it's gone. But the more you know, the more you'll be prepared for instances like this. Check out YouToken.io for an educational experience you won't want to miss.