Bitcoin Forum

Why is blockchain so slow nowadays?? Its causing a huge loss.. ???

Typically, any transaction that has been sent with an appropriate miner's fee should confirm within 10-15 minutes at most.  Have you ensured that you've paid an appropriate mining fee for the transaction?

I know it can be hard to wait, but generally it is a lot faster than other payment methods.  Can you believe that in the time before Bitcoin some people would have to wait days before money changed hands?   ;)

I am not sure about it but I heard that some Chinese bitcoin users are cashing out their bitcoins (probably because of their bank's statement) and thus it brought load on the blockchain which is causing the delay in transaction confirmation. If you have very urgent transaction then include double fees than usual and it will probably work (It worked for me).

They said you have to increase transaction fee. But what if you are only transferring few bitcoins to someone and the transaction cost is high? This is not good for the bitcoin community. It will defeat the purpose bitcoins which is faster and less free transactions.

Slowly but surely. Mine take 7 hours because I only include very little fee but not to little that it might not be confirmed. Also, Bitcoins I received on my Xapo are instant compared to my coinbase or blockhain

there is a common misconception, the confirmation are never slower, just fee are plain wrong in most case


unless you are sending below 100k satoshi(around $1 or less) there is no problem in paying 25k-30k satoshi, still quite reasonable

also the logic want that for small amount it mean that they are probably not an important transaction, so they can take longer and you pay less for the fee

I never get slow confirmations if I pay the recommended fee. That one gets confirmed in maximum one hour. If I go under the recommended fees, it can take even two days to get it confirmed. And compared to other payment methods (like bank wires), it actually doesn't really take too much time. I would rather wait one hour than days for one payment to be sent ..

The block size need to be increased and fast. The transactions are taking a lot of time to go through and the cost is getting to expensive. This can put all the Bitcoin industry in check...mate

Lucky you, I use blockchain info basically they implemented a dynamic fee structure where they set up the fee for you depends on network traffic, if there are more network traffic it means the fees go up while less network traffic then the fees are lower. However with their feature my transaction always got stucked almost 1 days, i truly believe that i paid recommended fees, i didn't understand why it took too much time for confirmation.
In order to get fast confirmation, sometimes i increase the fee or transaction with bitcoin debit card.

For much faster transactions doubling the fee is the only way, but this could affect the entire bitcoin user group to place increased transaction fee. Soon solution will be created from the developer team to solve this issue. Now increased number of transactions handled at the same time with similar fee makes everything get congested without moving further towards the receiver end.

To make the transaction much faster is to pay higher miner fees. That way you will get confirmation faster than others. And another thing it is true that blockchain.info wallets has faster transactions. I am playing bitsler and when I withdraw I use blockchain.info wallets then in just a matter of seconds to 1 minute the balance is already in my wallet.

Yes doubling the fees is the only option but it might prove costly for those who have more frequent transactions so if it's possible then it is better to postpone the transaction till developer team finds any solution for it. It's is time-consuming to send bitcoins with usual transaction fees at this moment.

the same, I also experienced for sent btc to exchanges is taking much time
Maybe the miner is so busy, so we need raise the fee for fast confirmation.

i think we have the same problem in confirmation the transaction but sometimes if the network is not being busy or high traffic, the confirmation is fast to get completed. this is a big problem that we should thinking and fix this so in future, we don't have to get this experience and we can send or receive in short time. maybe we can increase the fee but i think its the same if the network is being high traffic so better we waiting until its completed.

If everybody pays double, then we end up in the same situation, and everybody will be saying pay quadruple. :)

The network is really being pushed to the limit but I would have to say the quickest way of getting things confirmed is to pay higher then the average fee for the network at the moment.

It's all supply and demand and is the only way, sucks!

The number of people complaining about this problem has increased significantly in recent weeks. At first I thought that some individuals were trying to create FUD, but then I realized that in fact there are many users facing this problem. The scaling issue is something serious, and I would like to see this resolved this year.

Recommended fees are not the basis that a certain bitcoin transaction will confirm fast, you are just increasing the priority of your transactions. And the usual thing because people thinks like that, everyone are setting a higher fees than the minimum. So the line of priority list are just getting longer and longer.

But no doubt even with that slow confirmation, still the fastest payment transaction than the usual fiat transactions.

I also had the same experience with Blockchain a few days ago.
I chose recommended fee and send one payment but had to wait more than 24 hours for transaction to be confirmed.
I didn't have small fee, not at all.
So, I really hope that this situation will change or some people may give up from Blockchain, because of very slow confirmation process.

More people using bitcoin and making transaction the more it will take the transaction to confirm longer. We reall can't do anythig about this but to be patient. Seding a higher fee may help but if miners are busy with lots of transaction wecan onl do is wait.

Not all the users want to pay higher fees, and not all the transactions have the same "urgency", If you want to pay something you want a fast transaction (you will use a higher fee), but if you are sending from your wallet to your cold storage you don't need a fast transaction (you can pay a lower fee and wait some hours to confirm).

Whenever mempool is full with transactions waiting for confirmation transactions with high fee will get priority to be included in block by miners. Mempool can be full either due to huge number of bitcoin transactions triggered by some event or attack on bitcoin network by competitors, in both case you can wait for few hours till those mempool drops out few transactions if you don't like to pay more fee.

I dont agree with you about bitcoin is fast against fiat transaction if you just literally means fast you can just hand down the money(fiat) you have in your pocket and the transaction is done while sending fee thru bitcoin will take some time because of confirmation . I'm pointing out the fastest way to pay that the money will be on the hand of the seller.

But you can't pay aboard with cash and if you look at usual fiat based centralized payment processor due to chargeback you may have to wait upto 180 days to be sure that what you have received few months ago now can't be reversed.  ;)

More miners join the pools difficulty increases as a result and with electricity costs differently in locations is probably that the price is not ideal for miners so they are trying to maximize their profit by processing the higher fees transactions first.
Solution is for pools to run more nodes they can spare a few computers to run a full node on each one and if all of them do this problem wont go away but at least makes the network faster, 3 transactions per second is a joke considering the growth rate of adoption.

well it's normal that blockchain is getting slow nowadays as it is holding and processing so many transactions every once in a while and all transactions of bitcoin are processing through blockchain so it is not hard to understand why blockchain is getting slow also it seems they are also depending on the amount of your transaction which means the smaller that amount is the slower the transaction will be .

I agree it is not ideal at the minute :(  all that can be suggested is that you pay a higher fee in future.  although to me that is only a short term option, people are going to very sick of paying fees all the time for transactions that not so long ago cost a fraction of what it does now.

Well if we are comparing them in fiat and bitcoin for me much faster to send money in other country is bitcoin..
Here in my country we can deposit money into bitcoin instantly and sending the amount of bitcoin  in other country few minutes or sooner you will receive the money unlikein fiat using remitance like western union it takes 3 to 7days  before you can receive or receive by receivers..

What you said about fees is correct, but this is still evading the problem rather than fighting it.
2 years ago when I wanted to send 330 bytes of data I needed  to include 0.00001 transaction fee.
Today the the same transaction needs roughly 0.00004 fee or it will be stuck for more than 10 hours.
Price of BTC is also much higher than it was 2 years ago.

They are not just going to become fed up with this, but at one stage upping the miners fee are not going to help, because the blocks

can only fit X amount of tx's, and if everyone is increasing fees, it will still lead to delays. You are right about something, and that

would be, that increased fees are just a short term solution.... The spammed network is not helping at all.  >:(

yes it is depending on the traffic, but still i think this issue must be solve on priority basis because it is some make people disappointed, while waiting for the conformation and it take  a little longer time as usual.

I have noticed an increase in transaction confirmation time as well. The confirmation time has never been too consistent, so don't get too concerned if it seems to dip in convenience for awhile, it will always bounce back.

As for now, I suggest either increasing your transaction fee if you need to feel it is necessary, or use a service that will speed up your transaction.

Try ViaBTC https://simpsonswiki.com/wiki/Trumptastic_Voyage

This should speed things up a little for now, hopefully the time decreases soon.

Looking at Bitcoinqueue there's something like 140k transactions unconfirmed with a fee greater than 50 Satoshi per bit, so, yeah, there are a lot of transactions being held back because of confirmation times and there are way too many transactions trying to go on right now.

Looks like there was a spike a day or so ago, and that ended up with a ton of transactions being left unconfirmed.

that's it. pay recommended fee. if you do such thinh, I think there will be no problem on your transaction. bitcoin is more famous so many people do transactions. when we pay recommended fee, the transaction will be normal.

What's the huge loss you are talking about? There's none. And its very simple, just pay the miners fee and you'll be able to confirmed immediately. We don't have choice but to wait for our transaction to get confirmed.

Not for nowadays, A lot of the transaction, and the limit for the block to taking the transactions. So the fees will increase for automatically, none is getting awareness. It will make you lose a lot of your time.
https://bitcointalk.org/index.php?topic=1778871.0
It's usefulness for you.

See unconfirmed tratransaction had came down to almost 3000 https://blockchain.info/unconfirmed-transactions so i hole now the situation could come down to normal. But we can't keep clam beggar we have no idea when the cyber war on blockchain will take place. We pray GOD not to happen such situation again on bitcoin network. So now transaction would take less time I hope and do pay more fees to get your payment confirmed more faster.

I assume this is just a wave of panic from user. There are several issues that cause many people suddenly many bitcoin transactions, one of which is a new fee set by xapo, and some new altcoin wallet that uses a Ponzi system suddenly froze. Hopefully transactions in blockchain can return to normal as soon as possible.