Electrum brings dedicated “double spend” button that cancels transaction before the network confirms sending the balance

With the new update released this Thursday (15), the Electrum crypto portfolio will allow the cancellation of transactions with Bitcoin even before the transaction is confirmed.

In this way, it will be possible to cancel the sending of cryptomotes through the Electrum wallet in its version 4.0.4. However, besides having to generate a double charge to cancel the transaction, to complete the transaction the user must have a balance in the cryptomotes wallet.

The alert about the change in the Electrum has been published by the seller P2P Michel in a group of Bitcoin on Facebook. According to “Michel P2P” one must be careful with transactions involving the cryptomime wallet that has been updated.

Cancel transaction with Bitcoin

P2P salesman Michel Lopes del Sent presented the novelty before the update of Electrum through a publication in the Bitcoin Brazil group. With the update of the portfolio to cryptomoedas, the user will be able to cancel Bitcoin transactions from Electrum itself.

However, the request only works with transactions that have not yet received any kind of confirmation on the network. In other words, the functionality can be used in the first moments after the Bitcoin transaction is requested by the user.

In some cases, cancelling Bitcoin transactions can help to correct errors in cryptomime balance submissions. However, the new Electrum functionality may offer risks in transactions involving the purchase and sale of Bitcoins.

Thus, the user can cancel the Bitcoin shipment moments after a trade. As Michel P2P said in the social networks, you have to wait at least one confirmation on the network to make sure that the transaction cannot be cancelled by the cryptomoins portfolio.

“Always take due care. Only pay for a transaction when it has at least one confirmation (on the network). These days, with Double Spending, it is becoming impossible to pay without confirmation”.

Cryptomote wallet update

The Electrum Cryptomorpholio is considered one of the best known Bitcoin storage devices on the market. Although the cancellation of a transaction with cryptomaps is not new, it is the first time that Electrum makes this function available to users after an update.

In this case, the 4.0.4 update released this Thursday (15) presents the feature through a dedicated button in the portfolio for crypto. In this way, it will be possible to cancel a Bitcoin transaction before it is confirmed by the network via “one click”.

The user will also need to have an account balance, as an amount in cryptomotes will be required to generate a new transaction that will allow the cancellation of the previous transaction, through a double charge, which will cancel the Bitcoin sending.