How to cancel your bitcoin transactions with Electrum

In this guide, I'm going to show you how you can cancel your bitcoin transactions with Electrum, but first, we need to understand two things:

What does it actually mean to cancel a transaction?
You're not actually canceling a transaction when doing this, but rather, replacing your existing transaction with another transaction that sends the funds to one of your receiving addresses.
Can I do this with any transaction?
Yes, as long as your transaction is still unconfirmed and you had RBF enabled.

So with that out of the way, let's get started:

  • Once you send funds to someone else, and while the transaction is still unconfirmed, go to your transaction history, right-click your transaction, and then select "Cancel (double spend)" :
  • A window will appear asking you to select the fees. It's important to pick fees higher than your previous transaction, and to have sufficient funds in your wallet to cover these fees:
  • Click on "Sign" and enter your password if prompted.
  • Click on "Broadcast"
  • You're done. You will then notice that the transaction has been confirmed with a new one sent to you, and with higher fees:
And for this reason, you should never trust zero-confirmation transactions.

If you've got any questions, feel free to drop them below. I'd be happy to help.