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atlosas (OP)
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May 30, 2016, 05:23:22 PM |
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Hello, is there any progress being done with these ridiculous confirmations times?
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"With e-currency based on cryptographic proof, without the need to
trust a third party middleman, money can be secure and transactions
effortless." -- Satoshi
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achow101
Moderator
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Just writing some code
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May 30, 2016, 05:56:42 PM |
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Hello, is there any progress being done with these ridiculous confirmations times?
Sure. Just pay a higher fee. And yes there is work to increase scalability which in theory will allow more transactions to confirm and reduce fees by increasing block capacity. Segwit is being worked on as are hard forks to increase the block size limit. But the only real way to guarantee that your transaction confirms in a timely manner is to pay a high enough fee. |
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belcher
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May 30, 2016, 07:24:22 PM |
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Sometimes no amount of fees can speed up confirmations https://en.bitcoin.it/wiki/Confirmation#Confirmation_TimesSomething can be done, implement a network of routed payment channels that confirm instantly. Also known as the lightning network. |
1HZBd22eQLgbwxjwbCtSjhoPFWxQg8rBd9 JoinMarket - CoinJoin that people will actually use. PGP fingerprint: 0A8B 038F 5E10 CC27 89BF CFFF EF73 4EA6 77F3 1129 |
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Jet Cash
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https://JetCash.com
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May 30, 2016, 07:50:05 PM |
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10 minute average block generation times are far too long. Until they are reduced dramatically, Bitcoin has a limited future.
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belcher
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May 30, 2016, 11:33:45 PM |
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They're only too long if you think every coffee purchase or micropayment must be on the blockchain to be broadcasted to every single node.
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1HZBd22eQLgbwxjwbCtSjhoPFWxQg8rBd9 JoinMarket - CoinJoin that people will actually use. PGP fingerprint: 0A8B 038F 5E10 CC27 89BF CFFF EF73 4EA6 77F3 1129 |
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Syke
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May 31, 2016, 12:31:22 AM |
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Bitcoin is working as designed.
/topic-closed
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Buy & Hold
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Bitspenser
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May 31, 2016, 02:40:26 AM |
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Yes, there are many things you can do for faster confirmations. Like don't be greedy and use https://bitcoinfees.21.co/ to find out what fee you should use. I have had very quick confirmations using the suggested fees from that site. |
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Jet Cash
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May 31, 2016, 11:27:11 AM |
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They're only too long if you think every coffee purchase or micropayment must be on the blockchain to be broadcasted to every single node.
If you are buying Bitcoin for cash, then you don't want to stand around for 30 minutes or more before you feel confident that it is safe to hand over several hundred pounds. |
Offgrid campers allow you to enjoy life and preserve your health and wealth. Save old Cars - my project to save old cars from scrapage schemes, and to reduce the sale of new cars. My new Bitcoin transfer address is - bc1q9gtz8e40en6glgxwk4eujuau2fk5wxrprs6fys |
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DannyHamilton
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May 31, 2016, 12:23:58 PM |
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If you are buying Bitcoin for cash, then you don't want to stand around for 30 minutes or more before you feel confident that it is safe to hand over several hundred pounds.
If you have a trust relationship with the other party, then there is no need to wait for confirmations at all. If you don't have a trust relationship, then 10 minutes (on average), and less than 10 minutes the majority of the time, is a reasonable amount of time to wait for the ability to engage in a non-reversible trust-free transaction. |
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pedrog
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May 31, 2016, 12:55:40 PM |
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Hello, is there any progress being done with these ridiculous confirmations times?
Nothing will be done in the immediate future, probably for a few years, if you want reliability and speed you need to find some other way. |
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