I'm seeing people mention the following:
In the future, you can manually create a second transaction with the same inputs that includes a higher fee. Doing so might get it into a block more quickly, and the original transaction would eventually get dropped afterwards for having invalid (already used) inputs.
Does anyone know if this is true? If so could I make a VERY small transaction with a fairly high fee and hope it gets the initial transaction cancelled?
Yes, and that is called
double spending which can come in handy whenever you want to revert a certain transaction, accelerate it by adding more fees or just simply want to send the coins to another address you wish.
Thanks!
My thinking is this:
My transaction which I lost is 0.02179551 BTC with fees of 0.00116184 BTC.
Now, if I was to make a very, very tiny intentional transaction of quite literally next to nothing (0.00015000 BTC for example) with higher fees than the current one, say 0.0020000 BTC for example, would this work?
I have just noticed that one part of the transaction is now showing 'Spent' while the other is saying 'Unspent' but for now it is still unconfirmed.