Bitcoin Forum

Just another gripe about how long it takes to get just "one" confirmation.  I want to gamble my bitcoin away as fast as possible but the confirmation time takes sooooo long :(

Send a larger tx fee? The block time might help curb a gambling addiction as well by keeping compulsive gamblers waiting until hopefully the compulsion wears off.

No one knows. Most likely a block can be found in less than a minute upto 1hour

Dont expect honest answers from BTC shills. Transaction times are a big FAIL for BTC.

Most probably an alternative will takeover its marketcap in the future

fees only matter if there are a lot of transactions with higher priority than your transaction. it doesn't matter if the time between block is longer since no one's transaction would confirm.

it depends i think. on the amount of btc you are transferring. but still some wallets have fast transactions, but either way you still have to wait :D

if i'm not mistaken the random time to find a block is also determinated by the unstable diff, that rise and fall all the time

so it's a miners fault

Instant transactions are already there in many alt coins. It remains to be seen if any of them really beats Bitcoin in market place.

And still any crypto is far better than fiat in terms of transmission times. Try international wire transfer,  it only takes 2-5 business days.

some people, even me included, dont mind the waiting phase. it gives you an immediate answer if your buyer/sellers is totally trying to scam you

Perhaps I don't fully understand how bitcoins exchanges hands, either with or without confirmations.

There are a few restaurants that accept bitcoins as payment. If I order a roast beef sandwich and pay them with bitcoins, are they taking a risk if it does not get confirmed?  I realize that the cost of a sandwich is small so they might be ok with that risk. And besides, customers probably won't wait 90 minutes to get their food.

Perhaps this is the main problem with bitcoins that makes it difficult to go mainstream. With fiat, credit cards, or other types of payments, the payment is almost guaranteed immediately (unless it is reversed due to fraud or something else later on).

The obvious advice of course is to find an online casino where you play with house credits which can be freely exchanged for bitcoins.

If you're intent on gambling with bitcoins more directly and wish to restrict yourself to sites that require at least one confirmation then you could try gambling with smaller amounts (or, equivalently, acquiring more bitcoins).  By splitting your holdings up you can play with the various pieces simultaneously and arrange to always have confirmed outputs to hand while you await more recent winnings.

I was playing in number of casions and all of them accept 0 confirmation to add your bitcoins to balance for play. It`s up to merchant to accept payment this way.
The confirmation is done by finding blocks by miners which is in Average time defined, in the time of adjusted difficulty time may vary more. This is a functionality of bitcoin which is still far away big advance comparing fiat transfers.

agreed they accept you from 0 confirmation. but to pay back, that is where you got to wait for 1 hour and over

Money transfers? Thats what only bitcoin is meant for? Long range money transfers?

I can pay for anything online in under 2 minutes with fiat or an alt, grab some popcorn to wait an hour for bitcoin

You still live in stone age, there are stealth payment protocols like Monero which are more fungible, private and faster too

1 confirmation is a bit risky, because thee are some attacks that can be done without owning 51% of the network, but only 30-40%(they have less chances to succeed but they are still possible)

Much a shill like a BTC shill you are. I know your terror is real ;), see your investments go down the flush and that $1 tech gaining a bigger marketcap soon

Monero has a shorter confirmation time, but that still isn't enough.

We need a confirmation time on the order of seconds.

How can this be achieved without creating a ridiculously sized blockchain and overcoming the problem of orphan blocks?

InstantX?

DRK (Now DASH) and SpreadCoin?

Crapcoins

Not really possible to confirm in 'seconds' because there needs to be a substantial time difference between the time it takes to form a block and the time it takes to broadcast and propagate a block to the network.  Since the latter already takes at least several seconds minimum, you need to have a block time much larger, say at least 30-60 seconds, or else the reorgs and orphans will be too much.  I did a quick search on this instantx thing...as soon as I read the words trusted master nodes, well...you get the idea.

As far as Bitcoin, it seems possible to develop pseudo confirmations to facilitate some form of instant protection against double spends by querying the mempool, but so far I don't think there's been a great need for it.

Use a faster coin.... there's lots of options for you and everyone will tell you their bagged coin is the best.
In the end, everyone will use the coin that suits their life most.
I only use Bitcoin because of its gross value and because retailers only take that coin.
As preference though, I much prefer DigiByte over any other coin because it's fast and next update will make it the fastest.
It also caters to 5 algos so almost everyone can mine it, that's cool to me, little to no discrimination.
It's the one coin with more Scrypt miners than SHA miners.
Why wait 10 minutes when all you'll need is 15 seconds?
Dash is pretty neat tech too I guess but always find any name changes to be sketchy. #Banksy-Artsy #Scot-Ham #Dark-Dash
Dash would have been a cool name if SHA miners could mine, since SHA256d is in the name lol

I got fed up of waiting last year and made the 90% switch to DigiByte.
Yeah, I recommend DigiByte but I don't say how fat my bag is... but DGB's a great coin to hold regardless.
Just like the Monero and BTC guys, if all of us who recommend coins showed our wallet, you'd likely see why we recommend them.
I just don't see any serious breakthrough tech other than multi-algo mining, DigiShield security & anonymous addresses.
In the end, OP, make your own decision and homework; that's how you win in cryptos.
All of us give you reasons to use X coins but in the end you make your own choice.

Wasn't faster transaction times advertised as one of major Litecoin features? There are many cryptos out there for different purposes, maybe Bitcoins isn't the right one for you/ the task you try to accomplish? Many major services/websites takes BTC payments without any confirmations and wait for confirmation before releasing your funds e.g. you can deposit to casino and play almost instantly with 0 confirmations but to payout your deposit has to be confirmed - I like this approach, it's both fast for the buyer & secure for the seller.

That's not true at all, darling. It seems that every time I have an important transfer there's a 1 hour Bitcoin block! If yours 'usually takes 5 min' you are the exception and not the rule.

It takes exactly 10 minutes on average, sometimes it can be much faster or slower.  That's Bitcoin 101 folks.

Early times man, just how BTC was in 2010 ;)

Oh i smell the burns, sorry, you have lost quite a lot of money. Buy some Monero before it overshadows BTC. The need for privacy is much bigger you see

Actually this is incorrect.

If the difficulty did not change at all in the retarget period, then you're correct. 10 minutes.

Historically the difficulty has always increased, therefore the average block time is less than 10 minutes.

I think we'll be waiting several years before 10 minutes is the average.

when greek exit euro, people realize no currency is safer than bitcoin, bitcoin will rally to the moon

You really went to the trouble of making a thread for that, why not just flick yourself in the nose or put tooth picks between your toe nails and kick the wall? I know how annoying waiting a few minutes can be so maybe that will help take your mind of it until it confirms. Hope that has confirmed now and 85% chance you have lost it anyway? lol

Definitely an understandable issue.

To be fair, Bitcoin's "market cap" was about 10-20 thousand USD through the first half of 2010.  It then saw the most dramatic surge in interest in its history and, by the end of the year, was up to a staggering 1.5 million USD!

A 6 million dollar Monero dwarfs a 2010 Bitcoin.

I was talking about the tech, the primitive cryptonote protocol has been coded from scratch and has to go a long way. The wallet is still command line. The dev team just got the lmdb out to keep the chain off RAM. So in a way its just like bitcoin in early days

Certainly, and I don't disagree with this assessment.  I just couldn't resist the opportunity of highlighting how insignificant Bitcoin was in 2010.

Well, if you consider "all the time" to be 12 days.

Also, it looks as if someone has bought this (quoted) account.
Edit: Nope, just bad english. (no offence)

If you choose use bitcoin, the waiting time is inevitable, unless you choose a altercoin, a bunch of altercoin can be confirmed fast than 1 minutes  ;D ;D ;D

op even has no patience to wait about 10 minutes to get the transaction confirmed. I can know. OP is addictive to gambling. It is so dangerous. We should keep in mind that gambling is just for fun not for the slim chance of great fortunate. Otherwise we will end up losing everything.

Op was just in a rush to lose his money of course he had no patience to wait for hole of 10-30mintues it is crazy you probably need to see someone about that.

We have to assume because he has not been back here to comment that he did lose his money so was really important to get that confirmation time as quick as possible  :-\

No chance of a great fortune because people like that can't walk away.

Play a gambling site that accepts crap coins and play with them that will help you get fast confirmation and lose faster.... 

right, it's been slightly faster than 10 min, although if difficulty drops it would be slightly slower.

This is ridiculous, credit and debit cards transactions takes much more time to confirmation and nobody cares (do you really think you'll get the money in your bank account at the same moment the POS terminal prints the paper?). Also, these transactions can be reverted days later, in some cases, months later. Good luck trying to revert a Bitcoin transaction after 1 or 2 hours.

So, what's the difference? Bitcoin is just much more transparent and honest about this possibility, so people starts to be more careful.

What can be done about accepting transactions with 0 confirmation in Bitcoin is using a green address scheme, which is a service where the merchant/exchange/casino/whatever trust in a third party service won't try to trick them.
http://bitcoin.stackexchange.com/questions/1730/what-are-green-addresses