WARNING:
Contract creation transactions cannot be cancelled or sped up.
Replacing transactions can have serious consequences. We would strongly advise all customers to select "FAST" transaction speed from API, iOS or TrustVault Web or you run the risk of transactions getting stuck.
Introduction
To read about what stuck transaction are and some background, please click here.
How to Speed up or Cancel a Transaction in TrustVault web
Navigate to TrustVault Web (https://app.trustology.io).
Select the wallet that has the stuck transaction.
Click on the speed up / cancel icon.
A new modal box will open.
Click the link to Etherscan to show pending transactions. This will open a new browser window.
If there are no pending transactions, either you have the wrong sub-wallet or the transaction may have been mined.
Check exactly which transaction you want to speed up and copy the pending transaction hash.
Paste the transaction hash back into the TrustVault Web window.
TrustVault Web will validate the transactionHash then offer the option to "Speed Up" or "Cancel".
See below for what each means.
Select the new gasPrice.
Please Note: The gasPrice must be higher than the existing gasPrice or the network will reject the new transaction.
Click Preview to see the details or Send Immediately to send to device(s) for signing.
Check all the phones needed to sign and re-sign.
If correctly priced, the network will accept the new transaction and mine it within a few minutes.
"Speed Up" vs "Cancelled"
Speeding Up a transaction means to re-run the exact same transaction but to increase the fee paid to miners thus getting the transaction mined much sooner.
TrustVault will re-create the exact transaction but will simply set the gasPrice to the desired amount.
Cancelling a transaction will simply create a transaction for zero value (Ether) back to the originating account. This has the effect of zero movment of funds or assets but will remove the transaction that is still pending.
FAQ
Will this transaction replace the existing transaction?
Yes - if priced correctly the network will ignore the old transaction and take the new transaction.
Will Etherscan show the new transaction
Yes - if priced correctly, Etherscan will show the new transaction. Etherscan may take a few mins to show the new transaction. It will often mark the old one as "Replaced".
Will the old transaction and the new transaction have the same hash?
No - the newly priced transaction will have different hash so ensure you select the correct transaction from Etherscan.
What happens to the old transaction?
It is replaced and discarded by the network
Could my new transaction get "stuck" too
Yes - if it is priced incorrectly or fees rise faster than expected the new transaction can get stuck too
Can I reprice more than once?
Yes - repricing or cancelling will continue to work until the transaction with the same transaction count (or nonce) is mined.
Please contact Bitpanda Custody if you need help with understanding stuck transactions