Send and cancel a BTC transaction

In this topic, I will explain how you can send BTC and after a certain amount of time cancel the payment and get your money back (some people call that fake btc)

Introduction

The idea is that you can send BTC from Electrum wallet and cancel the payment. How it works? You send a transaction with commission 1 sat/vB, then you cancel the payment inside the wallet, making the commission on the transaction more, for example 4 sat/vB, and the past transaction simply disappears from mempool because the new commission (4sat/vB) overcame the old one (1sat/vB).

What you'll need

· Electrum wallet (required version on channel fcp )

· PC / dedicated server

· BTC balance

Creating a wallet

In order to cancel transactions you need to download Electrum wallet (those who don't know what it is and where to get it just type on google it's free for everyone to use).

Download, install and see the following:

Click next. You NECESSARILY choose a standard wallet. If you choose a wallet with 2fa, you will automatically deduct 40-50$ for the commission on the first payment.

Click next. Create seed-phrases.

We're given seed-phrases. We save them.

Click next. Enter the previously obtained seed-phrases into the field.

Click next. Create a password for the wallet.

Done. Wallet created.

Setting up and replenishing the wallet

Go to tools -> settings.

Make the same settings:

Done. Now let's proceed to replenishing the wallet. Go to the "Receive" tab.

Then we press "Create Request".

We were given a BTC address, copy it and deposit it.

Sending payment

After replenishing the wallet we start working with sending and canceling payments. Go to "Send". Fill in the data.

Next, click on the "Payment" button, then click on the "Advanced" button. NECESSARILY set the target commission 1.

Click "Finish". Then click "Sign".

You will be asked to enter a password, enter it.

After entering the password, click "Send". The payment has been successfully sent.

Cancel the payment

After sending the payment, go to the "History" tab and see the first payment "Uncofirmed"

Right click on "Uncofirmed". Click Cancel(double-spend).

Do the same procedure as before (sign, send). After the "Payment successfully sent" window appears, the money will be returned to your Electrum wallet balance.

Other

If you send a payment with 1sat/vB commission, it will wait 10-20 minutes for confirmation (depends on mempool'a, I'll tell you about it below). On some wallets, for example: "Exodus", "Blockhain", "Atomic", etc., the balance is displayed at once even without the 1st confirmation, but you can't spend them. After the first confirmation you cannot cancel a transaction in Electrum

About mempool

We go to mempool.space and see this picture:

Pay close attention to this part:

Blocks:

· Green squares are blocks, the more blocks, the more the transaction will be confirmed in the network

Commission:

· We have Low / Medium / High priority values in front of us. ALWAYS look at High, the higher the number, the longer your transaction will take with a 1sat/vB fee. In this example my transaction will take a little over an hour, during this time I will be able to cancel my transaction and get my money back. WARNING - if the Hight priority is purely 1, you should not send the payment, otherwise it will get its first confirmation on the network very quickly.

Credits : (FCP)

with love telegram channel @FakeBitcoin_Flasher