Can I Cancel, Reverse Or Alter A Transaction?
No, once a transaction has been confirmed, it cannot be cancelled. Whilst we understand mistakes can happen, once a transaction has been confirmed on the network, it becomes irreversible. It is therefore important to be very careful when sending cryptocurrency.
Tips When Sending Crypto.
Attached are a few precautions we would recommend taking prior to sending a transaction:
Double check the recipient’s address. Always check you have entered the correct recipient address prior to sending. We would recommend copying and pasting an address over manually entry to minimize the risk of errors.
Review the amount. Always check the amount you are sending, checking decimal places and if you are sending a fiat or crypto amount.
Use Test Transactions. If you are new to crypto or sending a large transaction, we would recommend setting up a small test transaction to verify the recipient’s address.
Why Are Crypto Transactions Irreversible?
Cryptocurrencies, like Bitcoin and Ethereum, are built on decentralized blockchain technology. This design ensures transparency, security, and immutability. Immutability means that a transaction is permanent and unable to be changed. Immutability comes with significant benefits in terms of data security, auditing efficiency and dispute prevention.
Sending Crypto To The Wrong Address.
Unfortunately, if you have already sent crypto to the wrong address, it may be lost. The best option for you is to contact the owner of the wallet that you sent the crypto to, explain what has happened, and ask for them to send it back. If you do not know who the wallet address belongs to, we would suggest looking through your Jiggle activity section to see if you can match the address to a previous transaction. This way you may be able to find out who the owner is.
If none of these options are possible, unfortunately your crypto will be lost.
Transaction Taking Too Long To Confirm.
In most cases you cannot alter or cancel a transaction that has been initiated to the blockchain, even if it is taking too long to confirm. In this situation you will need to wait for either the transaction to be confirmed or the transaction to be dropped from the blockchain and returned to your wallet.
For specific currencies, there may be options to accelerate or cancel a long pending transaction. Please reach out to support to see if your transaction is viable and for further instructions.
For future transactions, we would advise increasing the ‘miner fee’ when sending crypto to avoid similar situations.
Got more questions? Reach out to our agents via our live chat. Alternatively, contact us in the Jiggle app or send us an email at [email protected]. Whatever you chose, our agents are available 24/7 and will be able to assist you!
Jiggle is not affiliated with any third-party platforms, external links, or any other third-party resources mentioned in this article. As such, Jiggle cannot guarantee the performance of third-party products or services, or that the steps shown and the information provided will always be accurate.