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Title: What would speed up confirmation time? Post by: 9kv on September 11, 2014, 01:38:28 AM What is the factor that would speed up time for a single transaction to get a single confirmation the most? Difficulty? Number of miners? Gh/s? etc.
Title: Re: What would speed up confirmation time? Post by: 9kv on September 11, 2014, 01:46:22 AM We would need an ever increasing global hash rate (so it constantly outpaces the difficulty adjustment which aims for 10 minute blocks). Ah, I see. That's what I was thinking - it would increase ahead of the difficulty every time.Why do confirmation times need sped up? The difficulty should be something a lot lower, imho - I know it would increase the size of the blockchain but other "minimal" wallets like Electrum would be fine. The reason being so is that it's near-impossible to pay for anything with Bitcoin in the real world without a fear of doublespending. Right now Bitcoin is happily confined to a digital prison. Title: Re: What would speed up confirmation time? Post by: Cyrax89721 on September 11, 2014, 02:29:37 AM Well I'm sure you can agree along with everyone else that the occasional 1+ hour blocks are mildly irritating when you're waiting for a few confirmations to process.
Title: Re: What would speed up confirmation time? Post by: jaberwock on September 11, 2014, 02:42:16 AM Either bigger and bigger hashrate or less blockchain transactions.
No other option for Bitcoin Title: Re: What would speed up confirmation time? Post by: deepceleron on September 11, 2014, 02:53:01 AM Paying a higher fee.
Really, this question has been done to death. The block finding probability that gives us an average one block per 10 minutes is a good compromise between speed of payment processing and the risks of orphans and wasted mining security. Credit card payments don't really end up in the seller's account until the end of the month, and aren't really secure for the 180 days that someone can make a chargeback. Bank wire transmissions cost a lot more, take days, and still can be revoked. Bitcoin transfers money permanently, and faster than you can drive to the 7-11 and buy milk for cash, for a fee less than a tenth of anything else. Only fiat cash is faster, and then you still have to go meet a person to give them the paper. Title: Re: What would speed up confirmation time? Post by: charlieSeen on September 11, 2014, 04:10:23 AM What is the factor that would speed up time for a single transaction to get a single confirmation the most? Difficulty? Number of miners? Gh/s? etc. None of the above. You need to include a higher TX fee if you want the TX to confirm in a short amount of time (as measured by number of blocks until the TX is confirmed). Title: Re: What would speed up confirmation time? Post by: Brangdon on September 11, 2014, 01:04:52 PM What is the factor that would speed up time for a single transaction to get a single confirmation the most? Wrong question. I think you really want to know how to make it safer to accept zero confirmations. Having nodes relay (as flagged) double-spend attempts would be one way. Title: Re: What would speed up confirmation time? Post by: 9kv on September 11, 2014, 03:24:59 PM What is the factor that would speed up time for a single transaction to get a single confirmation the most? Wrong question. I think you really want to know how to make it safer to accept zero confirmations. Having nodes relay (as flagged) double-spend attempts would be one way. Title: Re: What would speed up confirmation time? Post by: LetsMakeItBTC on September 11, 2014, 03:31:42 PM Honestly I think people is way too concerned about this. As soon as you see the payment has been done, and it's being processed in the blockchain, then who cares if it takes one hour to confirm? nothing will go wrong, as soon as the money is sent on the correct address you are set.
Title: Re: What would speed up confirmation time? Post by: 9kv on September 11, 2014, 04:18:40 PM Honestly I think people is way too concerned about this. As soon as you see the payment has been done, and it's being processed in the blockchain, then who cares if it takes one hour to confirm? nothing will go wrong, as soon as the money is sent on the correct address you are set. "nothing will go wrong"Except double spending? Title: Re: What would speed up confirmation time? Post by: Velkro on September 11, 2014, 04:20:35 PM This is problem for programmers, common people can just only look and discuss, eventually give suggestions :)
Title: Re: What would speed up confirmation time? Post by: Meuh6879 on September 11, 2014, 04:22:00 PM What is the factor that would speed up time for a single transaction https://bitcoinwisdom.com/bitcoin/difficulty Title: Re: What would speed up confirmation time? Post by: byt411 on September 12, 2014, 06:02:39 PM Honestly I think people is way too concerned about this. As soon as you see the payment has been done, and it's being processed in the blockchain, then who cares if it takes one hour to confirm? nothing will go wrong, as soon as the money is sent on the correct address you are set. "nothing will go wrong"Except double spending? No, including double spending. Bitcoin was designed to prevent double spending, and I have no idea why you are even worrying about it because it won't happen. Title: Re: What would speed up confirmation time? Post by: DannyHamilton on September 12, 2014, 07:19:03 PM Code: +----------+ I will buy a member account (60 activity or higher). I am buying $75 BTC (current preev rate as of August 9: 0.1272) for $77 PayPal. I will exchange my 95 Paypal for bitcoin at preev rate. Right now I wouldn't even dream of paying with Bitcoin for anything but large transactions online. There is no simple way to pay with bitcoins for a $4 purchase at a convenience store. Confirmations need to be quicker as well. I've shoplifted smaller items in the past than $3... When there are real uses for bitcoin I think it will finally stabilize. Bitcoin needs to have an easier time in the real world or else it will remain confined to a small portion of the population. My proposal for this is to have an option (default value: true) on each transaction to get the geolocation of each IP (Country only) and put that in the txn hash. What is the factor that would speed up time for a single transaction to get a single confirmation Title: Re: What would speed up confirmation time? Post by: dankkk on September 13, 2014, 07:22:08 PM Honestly I think people is way too concerned about this. As soon as you see the payment has been done, and it's being processed in the blockchain, then who cares if it takes one hour to confirm? nothing will go wrong, as soon as the money is sent on the correct address you are set. "nothing will go wrong"Except double spending? |