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Author Topic: [2016-03-07] Transaction Bottleneck Could Kill Bitcoin, NYU Academic Warns  (Read 211 times)
CrimBit
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March 07, 2016, 03:12:52 PM
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Decentralization: Good And Bad

Yermack called it ironic that bitcoin’s democratic process, afforded by its decentralized nature, made it popular but is now undermining it. The service currently has thousands of miners to clear a transaction. For the system to grow, the miners must agree on a solution to the current problem.

He said people saw the bottleneck coming.

Members who have invested thousands of dollars to mine bitcoin stand to lose their investment once the system changes. Those with the fastest computers – most of whom happen to be in China –are still profiting, Yermack said, and these individuals, therefore, have no reason to change the rules of the bitcoin system since others will benefit at their expense.

https://www.cryptocoinsnews.com/transaction-bottleneck-kill-bitcoin-nyu-academic-warns/
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March 07, 2016, 05:07:02 PM
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Over an hour to confirm today.

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March 07, 2016, 08:05:05 PM
 #3

Over an hour to confirm today.

From time to time you end up having no luck when waiting for 40 minutes or more. I mostly see my transactions confirm within 20 minutes on average. Some times you get 1 confirmation in an hour and some times you get 4 or 5 confirmations within 30 minutes.
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