transactions will have to be flagged in order for RBF updates to work (using an unused field in transactions called nSequence). Transaction replacement was introduced by Satoshi in the first release of the Bitcoin software, but later removed due to denial-of-service problems. Due to the increased fee, there is a higher possibility that the miners will start mining the transaction with significantly higher fee. There are two different ways on how to cancel or replace your Bitcoin transaction: RBF or Replace By Fee Transaction. After you double check everything, send it to yourself. This way, recipients can instantly detect the transaction is updatable (just like they can currently detect a fee being too low for a timely confirmation). You cannot cancel an unconfirmed transaction. Well according to m an unconfirmed transaction is a transaction in the network that the miners have yet to confirm.
In order to initiate new payment with higher fees you can click on the bump fee. Bitcoin network transactions are designed to be irreversible and we dont have control over them. In order to use this method you will need a Bitcoin wallet that supports the RBF feature, such. Electrum and, greenAddress at the moment. However due to the increased popularity of the Bitcoin network confirmation times have increased quite a bit and can sometimes take op to an hour or more. We will look into these methods more carefully.