How to Cancel an Incorrect Ethereum Transaction?

Ethereum works with an auction system for transaction fees. The fee payable depends on how complex the transaction is (ie how much computational work it requires). In this context, there are three important concepts that should be known; gas cost, gas price and gas limit.

While it is measured by the gas cost for calculation in a transaction, the price paid for each gas unit is called the gas price. The gas cost can be considered as the amount of work required and the gas price as the "hourly" wage paid for this work. Finally, the gas limit is the maximum amount you're willing to pay for a transaction.

While the gas cost is determined by how complex the transaction is, you can set the gas price and gas limit yourself. The total fee paid is considered as an incentive for miners. However, if your gas price is too low, other users may overtake you with higher prices, causing your transaction to be pending. If you have a transaction stuck, Ethereum will not confirm any new transactions you make from the same wallet address until that transaction is confirmed by a miner.

It can be frustrating to send an Ethereum transaction and see your gas price stay low. This can become even more frustrating when you realize that you will not be able to use your Ethereum wallet until the pending transaction fails or is confirmed.

Stuck Ethereum Transactions

A stuck Ethereum transaction is automatically confirmed when network fees drop. But unfortunately this can take a long time. You can cancel a stuck transaction with a simple zero token transfer. It should be noted that a sufficient gas fee must be paid for the successful completion of the canceled transaction.