pending withdrawal


angerisagift
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#0

hi

how do i cancel a pending withdrawal? 

 

 



Posted: 11/3/2017 5:46:57 PM
rezanahvi
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#1

This is my question too. is it possible to cancel a pending withdraw?



Posted: 11/9/2017 8:25:56 AM
v17
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#2

I would not expect it to be possible to cancel a once-confirmed transaction, which will show as "pending" until the preagreed number of confirmations have gone, because bitcoin does not revoke a confirmed transaction.  See "coininfo" for the required number of confirmations and the expectation of the block time for your coin.  If it goes over 2x as long as it should, then check whether your coin has got stuck on a difficult block, or had a sudden decrease in miner hashpower.  If such happens, then leave it a day.  Also check news for forks, mandatory node updates, and anything else like that.  Normally you should not have to bother, but if you were buying a house, you would very vigilently check everything first.

Much like if you have handed a dollar over the counter at a newspaper stand and walked away, you really should not have done that if you had forgotten to pick up the newspaper or if every sheet of it were blank.  Had you made a mistake like that, you go back and manualy ask the trader for a refund, which you might get if he noticed your mistake and you had not been too rude about it.  For some reason people have got used to e-payment methods being like a dime-on-a-string going in the slot of a vending machine, such that if you say that you don't like the taste of the merchandise, you should be able to pull the string and get your money back.  Bitcoin has no such string, because of its potential to be misused ( see "PayPal chargeback fraud" ), at the expense of all honest traders, because if consumers could take something and then not pay by complaining instead, they sometimes do complain instead.

The authenticity checks at a newspaper stand are that the seller checks that the note is the right colour, size and tactile roughness as it passes over the counter.  If you go back to ask for a refund, the seller checks that he can remember your face etc, and looks for the disputed goods.  Bitcoin is a little different, checking that your transaction is possible in the ledger of all the bitcion computers in the world (possibly a million of them) for the first confirmation.  Consider the clerical effort required for the head office of a $ bank to write to a million branches to ask all of them to change a book-keeping entry.  What would be the correct anti-transaction fee for a comparable effort in bitcoin ?  How should one branch confirm authenticity of an originator of a transaction-cancellation of such worldwide magnitude and requiring such effort ? 

Other coins use a blockchain method to check against a smaller number of full nodes.  To guard against the chance of the whole network getting hiccups and having to redo a block, or something more nefarious trying to precipitate that, more confirmations by a few more blocks going through are sensible if the transaction was worth much, and mandatory at this exchange.  "Pending" at an exchange means "less than the required number of transaction confirmations have so far gone through", not "the vending machine clinked when it dispensed but the string is still there for you to pull out of the transaction"

So if you don't want to commit to a bitcoin trade, by all means chatter with the other party and mention that you might pay in future, but don't hit the send button until you really do pay.

With bitcoin being a six confirmations ten minutes per block coin, expectation of full confirmation time is "about an hour".  If you need quicker then there are plenty of smaller coins designed for quickness.

 



Posted: 11/9/2017 9:30:41 AM
lukemeade
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#3

hi

how do i cancel a pending withdrawal? 

I had same thing happen 

 

angerisagift: 11/3/2017 5:46:57 PM

 



Posted: 11/13/2017 6:36:15 AM