The transaction will not be cancelled and there will be no refunds. However, senders don’t have to wait for anything to happen, at least in theory, before trying to use their money in a different way.
When a user broadcasts a transaction, it represents an attempt to move the coins involved. Once that transaction is confirmed, everyone will agree that it happened. But before we confirm, it’s a matter of perspective. Usually, the sender wallet deals with coins as soon as a transaction is created, but as far as blockchain is concerned, they still reside in the sender wallet.
This protocol does not prevent the sender from creating another transaction that uses the same coin. Therefore, it inevitably competes with the first coin (via a principle called Alternate Buy (RBF)). Some wallets allow RBFs only to increase the fees for transactions that are too slow, but some wallets allow users to “waive” non-confident transactions in situations where they allow them to spend their funds in different ways, in some circumstances.
In short, there is no refund. Because as far as networks are concerned, non-traditional transactions simply aren’t. It happened. It’s a question of how to deal with it for the sender’s wallet.
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