Bitcoin Forum

I don't know much about how BTC or ETH works, but why all cryptocurrencies takes so long to confirm a transaction. I think even 30s is too long, why cant it be instant like PayPal?

especially bitcoin now has a very full network, difficulty block greatly increased with high. so when we only provide a low fee then the transaction will be very slow, even can happen for several days. usually to overcome this the bitcoin users use a high nominal fee to speed up transactions made. this has proved successful and our transactions will be delivered quickly.

Well, especially for Bitcoin, the blockchain network is becoming super congested and this, of course, is leading to lower confirmation times and also higher transaction fees.

If you use the highest transaction fee, it should mean your transaction is confirmed within 5 minutes and most websites only require 1-5 confirmations.

Right now, Bitcoin isn't effective for lower transactions.

Cryptocurrencies, even if it's Bitcoin or some other Altcoin need time to confirm. Don't compare a cryptocurrency with a Payment Processor. There is a whole network behind it, there are blocks, miners, miner earnings and much more.

Every block mined contains a number of transactions, if you've put a low fee (AKA Miner's payment) you will be left behind in the blocks, your transaction will not be contained in the first blocks, in the end, you might wait for a few days for your transaction to confirm. You could start paying high fees for quick transactions, but no one likes paying a fortune for that.

Transactions do not all take long. IT all depends on how much of a fee you paid. If you pay a large fee then your tx will go through almost instantly, but a small fee means it could take up to or even over 24 hours in some cases. :P

BTC transactions are actually INSTANTANEOUS. It's confirmations that take a longer time (10 minutes) because that's how Bitcoin works.
Bitcoin has a block time of 10 minutes and that amount of time was chosen presumably because it is a good compromise of speed, security and bandwidth.
The Lightning Network will allow for instantaneous, off-chain transactions that will not need to be confirmed.

Will in bitcoin now is too crowded as you can see every transaction so many pending and waiting to aprove becauase of too many people are using bitcoin now i think 15 mins is a good time already you cant transact for an instant thats like imposible at the current setuation.

its because crowded transaction and some people spamming with low fees, lets say if your wallet make regular fees on 60 sat/b because that was regular transaction fee on that day, and then a lot people use it too. Better stay on medium fees like 150+ sat/b. If you want get confirm faster, you can use priority fees depend on https://bitcoinfees.21.co

Paypal is centralized, Bitcoin is de-centralized. There needs to be consensus that a Bitcoin transaction has taken place, and thus confirmations are needed.

This happen sometimes transaction takes long as the demand is high. Yes there is need to resolved on this situation but hope it will be corrected soon. And, there is choices of fees by choosing fast and slow transactions to confirm.

No this does not take long, Yesterday i did transaction with low fees and it had credited within 5 mins. Transaction from blockchain.info.
And fee was just 5400 satoshi.

I just noticed that everytime Bitcoin is increasing in value, the transactions takes longer than the usual and the fees are increasing. I don't know why. I know that it usually takes a few confirmations on the block chain before the transactions to be successful but I don't know if the price increase is directly proportional to the transaction process.

It works on the principle of miners getting your transaction confirmed. There follows a big tree of transaction and smaller transactions are included into the bigger blocks which are then split according to destination address. Thus process takes long time now a days because network difficulty is added as well. Too many miners but lots of "congestion" in the network. That's is what happening and making your transaction delayed.

Price increase generally means more activity on the blockchain as well, assuming the price is increasing due to demand (more people using it). Basically, more transactions for less BTC = more congestion.

I think because all cryptocurrencie has many transactions per second so it is not possible instantaneously

Propagation of your transaction is almost instant but proving that your transaction took place and its confirmation will take more time. But once your transaction is confirmed, you are assured that its valid and it cant be changed or erased from the blockchain.

In Paypal your account can be locked and your transactions can be changed using fiat. But its just really numbers in a screen, with BTC every transaction is made using the actual currency and it cant be changed and censored.

The time taken to make a transaction happen in BTC is worth the wait.

i think many people are playing bitcoin now ! So there are a lot of withdraw , transactions ! So the market transaction will stuck and check all the withdraw ! So too many people withdraw ! It means have to take turn to get to your transaction !

You can't compare Paypal to cryptocurrencies, they are totally different systems, they have different purposes. Paypal is an online payment processor, which has been developed to manage online payments and give customer support to people using it, they have the authority to decide if a tranaction is OK or not, they can reverse transactions (paypal dispute, claim) if they think that something went wrong during the transaction. You don't store value gerenally on your paypal account, usually you do payment tranactions with your bank card connected to the Paypal account.
Bitcoin is not only a payment processor system yet, it's about storing value, and keeping track of who has bitcoin and how many coins. It's like a ledger system, and it not controlled by any company or authority, this determines that it works different. You should take you time to study at least the basics and you will see the differences and the advantages of those systems.

bitcoin network are currently full load. too many people using bitcoin nowaday. you should change it to other alts coin to make a fast transfer. i would not bother to use bitcoin for my buy and sell because of high fee from bitcoin to miner.

You don't know much about how it works, yet you castigate the amount of time it takes to confirm. Its true that it might not be instant like PayPal but you see it immediately but not available to spend which is what sometimes PayPal use as an option for control purposes. The adabavtages of fees and the reasonable wait time in the case of bitcoin, is enough for me to choose above PayPal.

yupzz ,, that's right .. because now transactions are piling up on the network, chances are there are unnatural transactions / spammers in it. To avoid slow transactions, big fees can be an option or choose transactions under 5k pending.

PayPal have warehouses full of servers to process transactions. We have to rely on a decentralized network to confirm these transactions, before the transactions can be validated. PayPal has been around much longer and they already worked out most of the problems in their systems, where we at Bitcoin are still busy improving it.

We also rely on decentralized decision making to make changes in the code, which will take a little bit longer than centralized networks.

Well for me i think the transaction in blockchains is better than paypal. Even though it is fast. I have always come to notion to accept delays in btc depending on how much is the fee. And i too would agree that small payments are the reason why btc transaction takes so long during this time. Earlier this year, transacstion charge small fees and  it has the same speed today. I think the members should just accept it rather than whinning about the changes in btc.

Transactions take "so long" for the simple reason that you probably paid too low of fees. In the early days of Bitcoin it was possible to pay low fees or even no fee and your transactions would clear near instantly. Now, however, unless you pay 500+ satoshis/byte chances are you are going to be waiting longer than an hour, but this will get fixed with the Lightning Network. (hopefully, that is) :)

PayPal and credit cards can be reversed for MONTHS afterward. Bitcoin gets into the mempool across the network in < 1 second and it is very difficult to double spend thereafter.  Once bitcoin has several confirmations it is pretty much irreversible, certainly after 6.

So in a second, bitcoin is across the network. And in a few seconds on the paypal servers.
In an hour (if you paid reasonable fees), bitcoin is confirmed and can't be reversed. In a few months PayPal and credit cards are final and can't be reversed.

With segwit and lightning, Bitcoin is across the network in a second and micro transactions are easy. And it's confirmations will be as above.

All without relying one a third party who could block your account and remove your money - for any reason.

Tell me again which one takes a long time?

As I am sure everyone else has already clarified by now, if you want your transaction to go through quickly then you need to pay a high fee. It sucks, but until further developments are made it is how it has to be.

it takes so long may be because your transaction fees is to low because some miners preffered the ones that are much higher fees. so next time if you want your transaction to be fast as possible make sure to set the transaction priority to high or you can try some other wallets with the option to adjust your desired transaction fees like coinomi wallet  so you can set the default fee to much higher fee for better and faster results.

Yes this is what I believe on you can choose for the transactions fees that will make fast the transactions. And ofcourse this happen because of the demand of bitcoin that it may take longer. But lets hope for the corrections of the fees.

Unlike other i guess sending money would not be easy unlike in bitcoin it is a new kind of technology that you can send money with bitcoin i guess it is really the most popular currency but we all know because of its popularity a lot of people use where the bitcoin cannot handle so the transaction become slower.

this for your safe for example. but most of altcoins is faster than btc

You know if you want your transactions go confirm easily and instantly then go to paypal and stop using cryptocurrency. It takes computing power to mine a block that's why the blocktime takes minutes to arrive  and it will take longer if you transaction fees is lower and may take hours to confirm

As the transaction gets crowded and many people want to use a low cost, if the transaction you want to quickly confirm try using a higher cost. because the transaction is determined by the miner. then in my opinion the bigger the fee will be the faster our transaction.

Yes, right now the transaction are taking ridiculous amount of time... I dont know why this is happening, three days ago i sent a payment and with high fees, 0.0013 (almost $6) and it took FOUR HOURS to get the first confirmation, and 7 to get the six confirmations that the receiver needs to use that bitcoin.
That is taking so much time, i think it need to be fixed as soon as possible, also fees are a little bit high, but that is obviously that is because the demand of miners, and it is reasonable.

If possible, use alternatives to Bitcoin.  Ethereum, Litecoin or Ripple are all significantly faster and cheaper. 

Bitcoin is not made to send money in 5 minutes. Don't you know about the 10 Minutes blocktime?

not all cryptocurrencies takes too long to confirm a transaction, you can try with dgb and litecoin. it is less than 3 minutes i guess because i am trying to send m litecoin and dgb from one exchange into other, its directly in my wallet. maybe the network is heavy load or something happen but for bitcoin, we need to wait and its normal.

As of now, bitcoin organize movement is curiously high because of expanding interest for transactions per block. block sizes are restricted, so this implies exchanges which surpass the limit with respect to a block stall out in a line for affirmation by bitcoin minners. This line of unsubstantiated exchanges is known as the bitcoin mempool.

The uplifting news? Many people are keen on utilizing bitcoin for exchanges. The terrible news is that this network  movement may create postponements of a couple of hours to a couple of days for a few clients and a sit tight time of weeks for few clients.

This. Because the cryptocurrency space is now so huge with more than 50% of total marketcap being alts, scaling will happen in the alt space. Have your saving money locked away in a bitcoin wallet and your spending money in an altcoin wallet.

Credit card transactions take 180 days to confirm, yet I see no one complaining about it. BTC transactions take only 10 minutes to confirm that your money is sent and will never be stolen. Most newbies are clueless and don't value what BTC does enough because they don't understand the concept of decentralization.

Once we get Lightning Network wallets and user friendly out, people will no longer complain because they will be able to make instant transactions for cheap which apparently it's all newbies care about.

because paypal transactions are not as much done bitcoin in a day (I mean the number of people who make transactions). the daily bitcoin transaction queue is overwhelming and booming. so if you want to speed up the transaction, you can choose a higher cost.

Congestion, that's why we are having a very long confirmation for our transactions. I'll give you a very easy example, if you are in the drive-thru of Mcdonalds and there are 5 people in-line, so you have to wait for a longer time right? And miners are giving those transactions priority that has higher fees. With PayPal, it's an instant, it also happens when you send bitcoin from the same web wallet bitcoin address.

it depend on market because if you sell bitcoin into ethereum you cannot transact it easily because you need to wait until your item (coin) will buy.

As there are many transactions of bitcoins are going on in world and miners gives priority to higher fees so it is expected that if you have paid higher fees then it won't take time for confirmations.And by the way bitcoin transactions are fast like instantaneous like PayPal but it is confirmations from miners which take time.As bitcoins are becoming legalised and famous in many countries so there is traffic in network which cause delays in confirmations and have to pay more for fast but I think 10 or 30 mins isn't that long period of time if the transactions are not that important as you don't have to keep a check on transactions to confirm it.

yes it all needs process mr.karena bitcoin or eth different than on paypal and such, maybe one day can also like paypal.

Why Bitcoin transaction can like paypal in someday? The system and funsction of cryptocurrency is diferent to paypal, and also cryptocurrency as Ethereum, Bitcoin never hold our money like Paypal when we send a huge money 8)

A Bitcoin transaction is instant as is a credit card but a credit card takes 72 hours to "confirm" in the system while Bitcoin takes on average 10 minutes. Try to rethink your definition of what slow is...  ???  ;D

You are right, that time of transactions is to long. The transfer time, like preposters already stated depends on traffic in network and the fees that are paid. But to implement bitcoin to "real life" (offline shops, restaurants and so on) it is very imported to enable instant payments. Therefore a lightning network will be implemented.

If you think 30 seconds is too low for you then I think cryptocurrencies are not really for you. Or you may take a look at Ripple xD
I am fine with waiting 1 hour to see a Bitcoin transaction fully completed, it's much better to what it was sometimes before. Of course, faster than 1 hour would be nice too


I think you should read the OP more carefully to avoid to reply out of topic

of course when bitcoin is applied to offline purchases, of course, it can not be because the constantly changing bitcoin price then allows the trader to lose when the price of bitcoin becomes low, so bitcoin is as good as it is

It is still not fully solved yet because last week only there were so many unconfirmed transactions and my one of the withdrawal took more than 12 hours to confirm. These transactions are instant because within few seconds or minutes you can see your transaction enter into blockchain after you send or receive. But that transaction to confirm it takes time in the blockchain. Paypal works in different and it has its own drawbacks too.

Just learn more about how paypal transaction works, it is not instant because transaction can be reversed even after 180 days if buyer file a chargeback claims. On the other hand bitcoin and eth transactions are non-reversible so when they will get few confirmation there is no way to reverse it.

Cryptocurrencies are way better than paypal like centralized payment gateway which can froze your millions of $ with very weak reason anytime.

Not completely solved but yes segwit did a lot good. Before segwit even with high fees like 300-400 sat/byte transactions were taking more than 20-25mins to get confirmed at few instances but now even a small fee is getting them confirmed in 5-10 mins. That's some progress I guess.

I guess segwit did something good. It seems all transactions are going in smoothly and fairly quickly. Though the problem now is solve, this might not be the case in the future. Maybe bitcoin unlimited would be the next solution, who knows. If bitcoins does get a lot more popular bitcoin code must really adopt, it should be scaleable.

It is maybe because of the high popularity more and more transactions are taking place daily because of this the network becomes slow and if you want your transaction to atleast get 1 confirmation it will cost you more because all transactions are done by miners and they won't mine transaction with less fees

well it is true that the transaction fees is getting high and some people are suffering from the low transaction but in the past people were enjoying the free transaction but it was very slow and low transaction but as the well beginning is the half done so transaction is happening it is not going to be stop so I am great full at least the system is working so bitcoin will go more and more high and some day the transaction will be fast enough to get done even in hours.

most of my transaction so fast. when i deposit do gambling site like primedice at stake. but sometimes also it takes so long. like sometimes if take up to 12hours.and when i withraw from that site sometimes also take so long. only recieveng in my wallet.

Sending small amounts of bitcoin isn't viable anymore...
For bigger transactions it is ok if you pay the fee... but sending 20 dollar in btc and paying 5 dollar fee is crazy

Yes it is 100 percent true that in this world the high valuable persons and things gets the first choice, and the lower prices things are in back steps, it is natural. There is nothing something serious that why transaction takes so much time.

I think one day the bitcoin transaction will be in seconds. Just we will have to wait for it to be accepted and legalized be all the people and the governments. Then we will eat the fruit of bitcoin.

I think because of the increasing number of transactions, where we know that currently bitcoin is getting popular. I think the queue is also getting better, so make the transaction process also longer.

Actually, Bitcoin is quite a bit faster in verifying transfers than the credit card system. When paying with a CC, the transaction is not really completed for days and can even be reversed some months later. If you were to pay for something online using bitcoin, the transaction would be acknowledged by the merchant in seconds, similar to the time you might wait for a paypal or CC payment screen to acknowledge your payment.

Well, especially for Bitcoin, the blockchain network is becoming super congested and this, of course, is leading to lower confirmation times and also higher transaction fees.Will in bitcoin now is too crowded as you can see every transaction so many pending and waiting to aprove becauase of too many people are using bitcoin now i think 15 mins is a good time already you cant transact for an instant thats like imposible at the current setuation.

This happens when the demand is long and the loan is long. But according to the situation it needs to be resolved. However, it is expected that it will be amended very quickly. I think the number of cryptocurrency is more due to the completion of their transaction.

I think it depends on your transaction fee that you will pay if you want a faster transaction the you should pay a higher fee and i think it is because of the traffic in the blockchain and the increase in njmber of transactions there are many transactions that happens in a minute even in a second, i use the low transaction fee it may take about 3 minutes to verify and transfer it to the reciever and i think thats very fast, maybe you should choose some wallet that has some low transaction fee because i think it varies from the wallet that you will use.

As mentioned earlier, a Bitcoin transaction generally needs 6 confirmations from miners before it’s processed. The average time it takes to mine a block is 10 minutes, so you would expect a transaction to take around an hour on average.
However, the recent popularity boom of Bitcoin has caused congestion on the network. The average time for one confirmation has recently ranged anywhere from 30 minutes to over 16 hours in extreme cases .

Say that you want to give your friend Dave a generous birthday gift of five bitcoin (5 BTC). To do so, you need to use your private key to send a message to the public blockchain announcing this transaction. This transaction message contains three parts:
1. Input: the source transaction of the bitcoins you’re sending to Dave. This code explains the history of how the bitcoins came to your public key.
2. Amount: the number of bitcoins—in this case, five—that you intend to send to Dave.
3. Output: Dave’s public key, or the address to which you are sending the bitcoins.

Unfortunately for Dave, this process does not occur instantaneously. In fact, bitcoin transactions are subject to delays ranging from a few minutes to a few days. This is because bitcoin requires miners to verify transactions. Transactions are usually lumped into “blocks,” to be verified and added to the public blockchain; according to standard bitcoin protocol, it takes about ten minutes to mine one block.

I do see that there is a fundamental difference between cryptocurrencies and traditional payment methods. In most of the cases of transferring funds in traditional payment methods Vostro method is used so it takes place immediately but in the case of cryptocurrencies, you actually send funds from one point to another and there is a miner between sender and receiver to your transaction.

Miner has the right to confirm the transaction but he cannot identify or interfere with the transaction whereas, in traditional payment methods, the Central authority has full control over the transaction. That's the fundamental difference making cryptocurrencies secure as compared to that of traditional payment methods. On the other hand, this technology is still in the development mode and I am expecting growth in the coming years and we will definitely have some concrete solutions for it.

It depends for crypto translations, there are crypto fast transactions, much depends on the network congestion that you use blockchain of crypto.

May be its the normal time for transactions of cryptoz as it needs to be checked several before transfeerring

I don't think 30sec is too long even though the optimum time taken for transaction is around 20-25 sec and that's ok to ensure safe transactions

it's true what you say, but I think it's very natural, because so many users or networks we're using, so this is what makes the transaction slower and on the other hand because of the very low cost that causes that factor, try to use it with a very expensive cost of course your transaction will be quickly resolved.

The transaction time for bitcoin is actually longer if there are a lot of transaction, and a lot to be verify. Thus more to pay if you want to get the transaction done sooner.

Paypal has no blockchain and its movement is internal. Bitcoin is also fast, if you try using blockchain.info and send some bitcoins to another address in blokchain.info then you will notice that it will only take a blink of an eye and your bitcoin is already transferred since the transaction is done internally. But if you send out btc to an external wallet then that would take long since it needs some confirmation to avoid double spending.

Delay in transaction, it mostly happen as a natural things. And many are cost by network delivery, and the human error are involved by not using enough Gas, if it is Ethereum transaction, it need enough gas execute any transaction out.

I think, the blockchain network is becoming super congested and this, of course, is leading to lower confirmation times and also higher transaction fees. Time was chosen presumably because it is a good compromise of speed, security and bandwidth. The Lightning Network will allow for instantaneous, off-chain transactions that will not need to be confirmed. Right now, Bitcoin isn't effective for lower transactions.
 ??? ???

due to many users.

no idea, about it. I am gonna enquire it too

It might be due to problems in blockchain system. I dont know specifically

Sometimes a great pressure is created on the transactions tunnel creating a single long queue that's why it takes time

It might be due to problems in blockchain system. I dont know specifically

sometimes cuz there are too many transaction, and other times  because the transaction it's sended with a low rate fee

depends

Because sometimes it depends on the transaction fee that we are using in cryptocurrency on which is not fixed the higher the fee it makes the transaction fast and also sometimes the network of it was become congested that makes the transaction slow to confirm.

if according to my knowledge the old btc delivery is due to the small free make a problem like experience my friend experience at the time of its free settlement small thing become old but big fee will be fast according to

Probably one day somebody is going to create a fork of the bitcoin which can comfort the smaller btc transaction but for now you have to wait the confirmation or pay a fortune

Please check back where you made the Bitcoin deposit because there are some wallets that require verification in the form of e-mail, sms, or other verification form to send your Bitcoin from one wallet to another wallet. You may have to click on a confirmation link in your e-mail, or enter a new sms or password pin to make sure that you really want to transfer your Bitcoin from that wallet to your VIP account wallet. If you have fulfilled these steps but your Bitcoin still has not received confirmation, try next time give a bigger miner fee for the transaction to be processed fast.