Bitcoin Forum

Over 30 Minutes and btc transaction still isn't verified

4 confirmations in 30 minutes

WTF

Is the backbone of btc that slow

WOW

4 confirmations in 30 minutes is way under target confirmation time. Of course, a transaction is verified at one confirmation (arguably, at the time it's relayed)...

On average each block - and thus each confirmation - needs 10 minutes. 4 in 30 minutes is actually fast.


Backbone?

I had one take almost an hour to confirm yesterday. Not a big deal now, but if we want mass acceptance this is something that could be an issue.

4 in 30 is actually pretty good.

I dont mind waiting for a few minutes, but anything over 15-20 could become a problem from a customer to business aspect.
People want to pay for their goods or services and be done with it. They dont want to hang around and wait 20-30 minutes for their transaction to go through.
I think the wait time could be a problem. Maybe in the future we can have that figured out and have transaction times around a couple minutes tops.

You have got 1 extra confirmation. I'd expect 3. 1 per 10 minute.

There is no backbone of BTC. Backbone is a concept of centralized networks. This is mesh... P2P.

Reason of this speed is no technical problem. It is written in the code.

You wouldn't hang around for 20-30 minutes. As soon as it's relayed, there's no reason for the product or service not to be delivered unless it's a large purchase, in which case, there's very little risk in waiting for more than two confirmations. Above, say, $5,000, you may want to wait for 4-6.

CC, check, and cash fraud is a part of life for retailers. BTC fraud is exceptionally rare (and usually some other fault of the service than fake transactions being confirmed) and it's significantly more secure than a check in most instances, where stores certainly don't wait for checks to clear to provide the service or product.

TCP/IP is the main transfer protocol that moves the world today, the backbone structure of the net is TCP/IP and the hardware of fiber hubs and routers and such is the nets backbone.

Now as I understand btc, it was developed to use the same backbone of the modern world, that being the net.

The 6 hops it takes to 'confirm' a transfer is basically performing a slow dance of the tcp/ip dance each packet of data uses.

So btc uses the backbone of the net and yet it takes an hour or so to find 6 nodes to verify?

Any ideas what is wrong with btc to be so SLOOOOOWWWWWWWWW if it's main transfer protocols are using the net which is super fast today.

What is causing the lag in tech for btc confirmations to be so slow?

Depends on which business u r talking about...

1. When u r sending money from Netherland to Mexico, WU takes a day and a LOT in the commission. BTC is by far better than that.

2. When u r buying a domain/hosting u just pay and may check back after 5 hour, because the product is not something to be immediately delivered. If u use BTC merchant cant force recurring payment and there is no chance of your personal info to get stolen.

Sorry, I disagree with the bold part even for a small amount. There are sites like bitundo.com trying to scam before first confirmation.

Yeah, sorry - I was thinking a B&M store with small-ticket items.

Will the slow confirmation times constitute a problem in the future?

I have had high priority transactions sitting for 2 full hours for 6 confirms. 4 in 30 mins is not out of the ordinary. Was the fee included at least .0001?

I would expect 1 confirmation every 10 minutes on average so 4 in 30 minutes is quite good. Sometimes it takes miners an hour to find a block, sometimes it takes a minute.

What was the transaction cost on that specific transaction?

When there are no transaction fee, it will take longer to be processed. In theory 10 min per confirmation should be the accepted maximum time it should take.

The currently block average is 8 minutes per block, so dont be anxious, we are way under the supposed time between blocks.

I've waited 90 minutes for a single confirmation before. Your case sounds exceptionally normal. Who even makes you wait for 6 confirmations these days?

Hopefully it won't be like Inputs.io. That worked very well, until it didn't.

I waited 1 hr and 15 mins once, and the amount was for .1 which seems rare scenario but shit happens.