It’s 2024, and since past few years people are reporting cases where they receive Bitcoin (BTC), but then, after a little while, it just disappears. Imagine having money one moment and then it’s gone the next. That’s what’s happening to some crypto users.Attention: Before we begin, be cautious: there’s no real tool to send unlimited bitcoins or flash coins. Many scams claim otherwise. I’ll explain the real process in this blog. Practically step by step on Mobile Phone (in next blog) as well as on Desktop.
There’s a dark side to this innovation: scams. Scammers are finding clever ways to trick people and take their hard-earned BTC.
Basic Theory Concept
Basically it’s RBF, or Replace-By-Fee, is a feature that allows users to increase the fee of a Bitcoin transaction after it has been broadcasted, aiming to speed up confirmation. People misuse RBF by deliberately sending a transaction with a low fee and then constantly increasing it using RBF until the transaction is confirmed. This can tie up funds or cause confusion, potentially enabling dishonest practices.Introduction
The point is that you can send BTC from Electrum wallet and cancel the payment.How does it work?
You send a transaction with 1 sat/vB fee, then you cancel the payment inside the wallet, making the transaction fee higher, for example 5 sat/vB, and the past transaction simply disappears from mempool because the new fee (5sat/vB) overcame the old one (1sat/vB).Advance Practical (PC/Desktop)
Here I will tell you how you can send BTC and after a certain time cancel the payment and get your money back.You will need following things:
Electrum wallet
Electrum wallet installation
We need to download the old version of electrum, as in the new versions there is no function to cancel transactions.Version for electrum you need to download 4.3 from the link:
https://download.electrum.org/4.3.0/
For Windows, look for the file “electrum-4.3.0-setup.exe”, this is the installer.
For macos, look for the file “electrum-4.3.0.dmg”.
In order to cancel transactions you need to download Electrum wallet (download). Download, install and see this:
Click next.
Click next. Choose the standard wallet.
Choose a standard wallet
Click next. Create seed phrases.
Create seed-phrase.
Click next. Enter the previously received seed-phrases into the field.
Enter the previously received seed-phrases into the field.
Click next. Create a password for the wallet.
Create a password for the wallet.
Done. Wallet is created.
Wallet is created.
Go to Tools -> Preferences
Tools -> Preferences
Change “Currency” in the “Appearance” tab from mBTC to BTC.
“Appearance” tab
Done. Now let’s proceed to replenishing the wallet.
Open the “View” tab and select “Show Addresses”.
The “View” tab
Select “Show Addresses”.
Go to the “Addresses” tab that appears.
The “Addresses” tab
Right-click on the address, go to “Copy Column” and copy the “Address” column.
Copy the address of your BTC wallet
Deposit the copied address of your bitcoin wallet.
After you have funded your wallet, we start working with sending and canceling payments. Go to “Send”. Fill in the data.
Go to “Sending” and fill in the data.
Then click “Pay” and set the minimum commission (slider to the left). Enter the password and press “Send”.
The window after pressing the “Pay” button
After pressing the “Send” button we get the following window. Payment has been successfully sent.
The payment has been successfully sent.
After sending the payment, go to the “History” tab and see the first payment “Uncofirmed”.
“Unconfirmed” payment
Right click on “Unconfirmed” and see the following:
Right click on “Unconfirmed”
Click Cancel (double spend). In the window that opens, put a new commission rate above 1 (15–20 sat/byte) and click “OK”.
Window after clicking on the “Cancel (double spend)” button
Press “Sign” button.
The window after clicking on “OK” button
Enter your password and click “OK”.
Entering your password
After entering your password you are returned to the main window and you need to press the “Broadcast” button.
Click the “Broadcast” button
After the window “Payment sent” appears, the money will be returned to your Electrum wallet balance.
Payment sent
If you send a payment with 1sat/vB commission, it will wait for confirmation (depends on mempool’a, I will tell you about it below). After the first confirmation you cannot cancel the transaction in Electrum.
Flash Bitcoin from iPhone/Android.
In this blog I will tell you how you can flash BTC. The idea is that from Electrum and BlueWallet you can send BTC and reverse the payment.How does it work?
You send a transaction with a commission of 1 or 2 sat/vB, then you cancel the payment, making the commission on the transaction twice as much and the past transaction simply disappears from the mempool’a because the new commission overcame the old one.
You will need following things:
You need to download BlueWallet wallet. Available on Android & iPhone.
Create a new Bitcoin wallet and replenish it.
After you have funded the wallet we start working with sending and canceling payments. Click on the wallet, then click “Send”.
Next, change the fee MUST set the minimum target fee of 1 or 2 sat/byte.
Click on the Fee
Click on “Custom”
Specify the minimum fee and send the payment.
Mammoth will immediately see that the money has been credited to his balance.
We have on average from 60 to 200+ minutes until the first confirmation.
After you have sent the payment, you will see your transaction in the list of transactions, click on it.
Click on “cancel transaction”.
Choose “Fast” or write 20 sat in “Custom”
The money will be immediately returned to your BlueWallet wallet balance, and will disappear from the recipient’s wallet.
BONUS: Finally, Let’s learn about mempool for tracking workload for number of unconfirmed transactions.
Site for tracking workload: https://mempool.space/. When opening the site we see the following:
Get interested in priorities and number of unconfirmed transactions. You can start working under the following conditions:
1) Unconfirmed transactions should be more than 5000
2) High Priority is more than 10 sat/vB.
Under the conditions described above, the transaction confirmation time will be from 60 to 200+ minutes. This is more than enough for safe work and safety of hacker’s / scammer’s dept, because every transaction, with rare exceptions, we cancel after 10–30 min.
