Re: can you reverse or cancel a bitcoin transaction?

In hitbtc, you can. Once you ordered to send the money and confirmed it you can always cancel it but the fee will be reduced. So if your money is. 05 btc and the fee is .0015 btc then when you cancel it, the funds you can get is only. 0485 btc.

It can be done by the exchanges only as they will do by their own pocket but in blockchain bitcoin transaction cannot be cancelled once it is confirmed by the blockchain. Until the transaction is not confirmed or included in the block it will get cancelled for example if you have set very low fee then your transaction will get cancelled automatically after some time as no miner will included it in their block.

Well said but i would like to clarify that theres no cancelation of your transaction if you do set out very low fee.Its still broadcasted on the network but
due to low fee it would have the tendency or chances that it will got stuck or wont confirm at all yet it wont be pushed by miners but on the current condition
theres no problem with fee though yet they are on the lowest possible amount.

Ya you are right that right now the fees is low but in past when the fees was high that time if you have set very low fee then it can cancelled automatically after some time/days. As it is not broadcasted by any miner. I have experienced this as once in that time i had set low fee and was waited for more then a week for my transaction to get cancelled and then i got my coins back in my wallet.

the situation is still good because the money goes back to your wallet. what if the money comes from the exchange and you are sending your money to another exchange. and it got unconfirmed for a week. what is the next step for this? does anybody here experienced such situation from an exchange? and how did you approach that situation?

a several hours of waiting is not normal anymore , how much more if its over a day or two but in your case its been already a week and you dont recieve your funds . better if you can contact the support of the exhange that you are using of you can use some kind of accelerator service online . that is what i do if one of of my transactions have been stuck for a longer time . and if im not mistaken there is also a service or a wallet/exchange that allows you to put extra fees or to modify the fees of your previous transaction ( the unconfirmed one ) because you maybe putting a verry small fee in which miners ignore it .