Bitcoin transaction Times SUCK

[cyberpinoy]

So when are the developers of Bitcoin going to fix the horrid transaction times of Bitcoin, waiting 35 minutes to 2 hours for a transaction to confirm one time is getting a bit ridiculous.

And for you Bitcoin lovers Dont waste our time quoting any crap from bloickchain.info, I dont want to hear it, because you know what, those stats and charts on blockchain.info are not accurate and it doesnt matter what those things say when the end user is experiencing actual times of 30 minutes to 2 hours.

I mean you guys want acceptance, you want adaptation yet your biggest competitor in what Bitcoin  is supposed to be used for can transact cash in 15 minutes. it takes me 5 to 8 hours to get cash for my bitcoins, its time to step up the game a bit.

EDIT: oh and yes before the bitcoin lovers even go there, I pay a 10,000 Satoshi transaction fee for High Priority on all of my personal transactions I send. So lets not try the pay a bigger fee for faster transaction times.

So the question remains what are the Bitcoin developers doing to fix this problem with transaction times we have been facing for the past year or more, that seems to keep getting worse as they ignore it and keep posting biased charts from unreliable sources.

[josephno1]

In my experience it takes around 10-15 minutes for a conformation. How much are you sending and how much are you spending in transaction fees?

[cyberpinoy]

In my experience it takes around 10-15 minutes for a conformation. How much are you sending and how much are you spending in transaction fees?

Brother I send payments all day long anywhere from .5 BTC up to 3 BTC at a time, always use 10,000 satoshi for transaction fees. I have not had a 10 to 15 minute transaction in over a year, 20 minutes is the fastest I have seen in a year. average of 35 minutes longest 2 hours and 25 minutes.

[CEG5952]

In my experience it takes around 10-15 minutes for a conformation. How much are you sending and how much are you spending in transaction fees?

Brother I send payments all day long anywhere from .5 BTC up to 3 BTC at a time, always use 10,000 satoshi for transaction fees. I have not had a 10 to 15 minute transaction in over a year, 20 minutes is the fastest I have seen in a year. average of 35 minutes longest 2 hours and 25 minutes.

Really? Well in a month, I always receive and send an amount varying from 0.5-2BTC and I never had any longer confirmation time of 20 minutes.

[josephno1]

Are the payments from one output? Have you tried using other alt currencies such as Fastcoin which apparently has a confirmation of around 12 seconds or Litecoins (Which take a few a minutes)

Just saying but economic protest is one of the most effective methods of protest

[cyberpinoy]

Really? Well in a month, I always receive and send an amount varying from 0.5-2BTC and I never had any longer confirmation time of 20 minutes.

Yea it is beginning to really get on my nerves, I have clients who needed a BTC withdraw form our site the other night for a time sensative trade, and it took almost an hour just for 1 confirm I was so angry. It makes me look bad HAHA. I sent ti out as soon as I saw the request but wow it took forever to confirm.

Are the payments from one output? Have you tried using other alt currencies such as Fastcoin which apparently has a confirmation of around 12 seconds or Litecoins (Which take a few a minutes)

Just saying but economy protest is one of the most effective methods of protest

The most recent one had 3 outputs, but my other wallet has only 1 to 2 usually still with the same times.

Yes I use a variety of different coins on a weekly basis actually, I run a stake mining pool and deal with 11 to 15 different coins thru-out the week including LTC Bitcoin DOGE which are used for payment and deposits, and the 10 wallets we are running as well. Bitcoin has by far the absolute slowest transaction times compared to all the others I use.

[achow101]

Transaction times are instantaneous. Confirmation times are not. I also send my transactions with a 10,000 Satoshi fee, and they confirm anywhere from 5 to 20 minutes. Right now though, there is an ongoing spam attack, so transactions will take longer. It is recommended to use a higher fee right now for anything urgent. Also, your confirmation times vary because of the block time variation. Blocks are actually not found every ten minutes, but on average, are found every ten minutes. Sometimes they come out very quickly, other times it can take up to 2 hours.

[CEG5952]

Really? Well in a month, I always receive and send an amount varying from 0.5-2BTC and I never had any longer confirmation time of 20 minutes.

Yea it is beginning to really get on my nerves, I have clients who needed a BTC withdraw form our site the other night for a time sensative trade, and it took almost an hour just for 1 confirm I was so angry. It makes me look bad HAHA. I sent ti out as soon as I saw the request but wow it took forever to confirm.

Are the payments from one output? Have you tried using other alt currencies such as Fastcoin which apparently has a confirmation of around 12 seconds or Litecoins (Which take a few a minutes)

Just saying but economy protest is one of the most effective methods of protest

The most recent one had 3 outputs, but my other wallet has only 1 to 2 usually still with the same times.

Yes I use a variety of different coins on a weekly basis actually, I run a stake mining pool and deal with 11 to 15 different coins thru-out the week including LTC Bitcoin DOGE which are used for payment and deposits, and the 10 wallets we are running as well. Bitcoin has by far the absolute slowest transaction times compared to all the others I use.

Maybe you could advise your clients about the speed of confirmation in a transaction. Not to mention the announcement above isn't cleared yet.

News: ♦♦♦ If you are using any wallet other than Bitcoin Core 0.10.x or 0.9.5, then you should not trust incoming transactions until they have ~30 confirmations. More info. (https://bitcointalk.org/index.php?topic=1108304.0)

[cyberpinoy]

Transaction times are instantaneous. Confirmation times are not. I also send my transactions with a 10,000 Satoshi fee, and they confirm anywhere from 5 to 20 minutes. Right now though, there is an ongoing spam attack, so transactions will take longer. It is recommended to use a higher fee right now for anything urgent. Also, your confirmation times vary because of the block time variation. Blocks are actually not found every ten minutes, but on average, are found every ten minutes. Sometimes they come out very quickly, other times it can take up to 2 hours.

I wonder if mining pools like F2Pool would split their hash evenly over 3 different pool servers and mine to 3 different wallets instead of all that hash mining to the same wallet if this would help to speed up transaction times. Not saying they would even be willing to do it because they have well proven securing Bitcoins Network is not something they are interested in any way at all, but just a thought. It would give like a fishnet of miners under one big area, thus also giving them 3 different sources to hit different blocks instead of all that hash working on the same block.

Just curious

[cyberpinoy]

Maybe you could advise your clients about the speed of confirmation in a transaction. Not to mention the announcement above isn't cleared yet.

News: ♦♦♦ If you are using any wallet other than Bitcoin Core 0.10.x or 0.9.5, then you should not trust incoming transactions until they have ~30 confirmations. More info. (https://bitcointalk.org/index.php?topic=1108304.0)

Yes I am sure they know about the transaction times, and I understand the recent attack attempt (its what I am calling it) but these transaction times are not new in any way, this is a problem users have been facing for at least a year if not longer in some cases. This is a problem that the developers need to address as their competition can make transactions in 15 minutes and this includes exchanging them from one currency to another. Just to send bitcoin from one person to another takes well over 15 minutes in most cases. Getting it from Bitcoin to local cash can take 5 to 8 hours in a lot of cases.

As developers, they have to ask the question, what incentive does a new user have to use Bitcoin, if he can send his cash from USA to his friend in Australia, and his friend can ahev ti exchanged and put in his hand in 15 minutes. If he uses bitcoin his friend still has to find a way to exchange that BTC to AUD and have it put in his bank account or picked up at western union.

[gentlemand]

Odd.

I've never waited longer than 20-30 minutes or so in the last couple of years for multiple confirmations even during the current glut. I don't think my fees are above average either.

[achow101]

Transaction times are instantaneous. Confirmation times are not. I also send my transactions with a 10,000 Satoshi fee, and they confirm anywhere from 5 to 20 minutes. Right now though, there is an ongoing spam attack, so transactions will take longer. It is recommended to use a higher fee right now for anything urgent. Also, your confirmation times vary because of the block time variation. Blocks are actually not found every ten minutes, but on average, are found every ten minutes. Sometimes they come out very quickly, other times it can take up to 2 hours.

I wonder if mining pools like F2Pool would split their hash evenly over 3 different pool servers and mine to 3 different wallets instead of all that hash mining to the same wallet if this would help to speed up transaction times. Not saying they would even be willing to do it because they have well proven securing Bitcoins Network is not something they are interested in any way at all, but just a thought. It would give like a fishnet of miners under one big area, thus also giving them 3 different sources to hit different blocks instead of all that hash working on the same block.

Just curious

It wouldn't make a difference. As long as the hashrate is the same, blocks will be found with an average of 10 mins between each. Every miner could be solomining and the exact same thing would happen, except one guy would get all 25 BTC instead of having the reward distributed.

[jaberwock]

Confirmation times are usually less than 10 mins.

But some people for some unknown reason decided to burn money in what they call stress tests, generating thousands of unconfirmed transactions and long waiting times. The developers never thought about such scenario, I think

[d4n13]

Not to overstate the obvious, but when you have 50,000 transactions waiting in line... why not bust the bank and put $0.20 on the table.

I know 10,000 satoshis is customary, and it is sicking to see customs die... but honestly, if you send many transactions a day and they are important, tack a $0.20 fee on them.  Shoot for 50,000 to 90,000 satoshis, or even 200,000 satoshis if your sending a few thousand dollars over the network.

Network isn't broken,
confirmations are not broken,
micropayments, now those are busted for the near term. 

[Amph]

again this, you can solve it by

using off-chain service for small amount, reliable like xapo

inctrease your fee to 100k satoshi, still nothing in comparison with fiat

waiting until this summer storm will end...

[OrientA]

again this, you can solve it by

using off-chain service for small amount, reliable like xapo

inctrease your fee to 100k satoshi, still nothing in comparison with fiat

waiting until this summer storm will end...

Side chain is made necessary now.

[Amph]

again this, you can solve it by

using off-chain service for small amount, reliable like xapo

inctrease your fee to 100k satoshi, still nothing in comparison with fiat

waiting until this summer storm will end...

Side chain is made necessary now.

well than you can go and use monero, it is faster than bitcoin, with 1 min confirmation also you have anonimity, and it look pretty stable at the moment, win-win situation

[EternalWingsofGod]

In my experience it takes around 10-15 minutes for a conformation. How much are you sending and how much are you spending in transaction fees?

Brother I send payments all day long anywhere from .5 BTC up to 3 BTC at a time, always use 10,000 satoshi for transaction fees. I have not had a 10 to 15 minute transaction in over a year, 20 minutes is the fastest I have seen in a year. average of 35 minutes longest 2 hours and 25 minutes.

That's strange can you provide a set of tx ids
My transactions tend to be in the standard 10-30 minute range of blocks even with fees usually I haven't sent recently seeing as its being tested but since you mentioned over a year I find that suprising.
That said I can understand your irritation seeing how time sensitive transactions are a pain like Bitpay with its timer...

[everaja]

So when are the developers of Bitcoin going to fix the horrid transaction times of Bitcoin, waiting 35 minutes to 2 hours for a transaction to confirm one time is getting a bit ridiculous.
So the question remains what are the Bitcoin developers doing to fix this problem with transaction times we have been facing for the past year or more, that seems to keep getting worse as they ignore it and keep posting biased charts from unreliable sources.

35 minutes  to 2 hours is nothing i have seen myself getting struck in 2 days delay for a single confirmation , and  not say it i have seen my friends transaction vanishing from block chain and he eventually lost that bid.

So the question remains what are the Bitcoin developers doing to fix this problem with transaction times we have been facing for the past year or more, that seems to keep getting worse as they ignore it and keep posting biased charts from unreliable sources.

well there is much they can do as some bitcoin haters are spamming the block chain by doing small/tiny transactions and leading to delay , all immediate response is to increase the fee , already a thread going on this issue , hope you will love to see the thread : https://bitcointalk.org/index.php?topic=1113292.0

[deliciousowl]

Still better than like 3-6 months for credit cards, and 1-5 days for banks. Grow up.