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Author Topic: Can we still say that BTC transactions are faster?  (Read 3950 times)
Rude Boy
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June 10, 2016, 02:23:46 AM
 #81

confirmation times depends on blocks as well as fees. Even though you sent more free than recommended, you've to wait until the current block to solve.
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Transactions must be included in a block to be properly completed. When you send a transaction, it is broadcast to miners. Miners can then optionally include it in their next blocks. Miners will be more inclined to include your transaction if it has a higher transaction fee.
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June 10, 2016, 02:52:25 AM
 #82

I think yes i can still say it is fast transactions.But sometimes delayed just umderstand all  things that is in on every transactions you made.Because of millions of transaction being process per day blockchain server may have problem handling it thats why sometimes it is delayed and not being confirmed.One fact is about the blocs fees and amount of transfer

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June 10, 2016, 03:01:18 AM
 #83

Can we still say that bitcoin transactions are faster?
I have send some of my bitcoins to an address and about one hour has been passed but still there is not even a single confirmation.

what do you say about the transaction timing?

Just pay higher fee. Problem solved.

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June 10, 2016, 03:01:26 AM
 #84

Only one time my transaction took more than 2 hours why? because I used custom fee with block chain.info.
Other wise when I buy bitcoin from an exchange site with my credit card just after sending money to them when I open my wallet and
can see my bitcoins in it. I will gladly wait 5 minutes and get 3 confirmations with only 0.0001B fee.
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June 10, 2016, 03:10:36 AM
 #85

I also think that it is still faster just delayed but I think it will be back to normal after july.
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June 10, 2016, 03:13:29 AM
 #86

Bitcoin block target time has always remained at 10 minutes and it hasn't changed. Difficulty is automatically adjusted to suit the 10 minutes frequency every 2016 blocks. The average timing has always been close to 10 minutes even though some blocks may be longer due to variance. Miners can choose to exclude certain transaction that doesn't meet the criteria that they have set. TX fee is the main factor however.

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June 10, 2016, 11:47:02 AM
 #87

bitcoin transactions are not very fast. Add 0.0001 btc fee per kilobyte and it will confirm in 15-20minutes or even faster than this. if it is not confirming then we can say that u have not spent enough fees.
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June 10, 2016, 11:55:08 AM
 #88

Can we still say that bitcoin transactions are faster?
I have send some of my bitcoins to an address and about one hour has been passed but still there is not even a single confirmation.

what do you say about the transaction timing?

I think its depends in your using to send your bitcoin, mine i send some bitcoin in my friends wallet using coins.ph to coins.ph my transaction is smooth. But if i transact with other wallet or i deposit in other wallet my transaction is too slow i wait only 30minutes to 1hour. I think it is not fast because many transaction are doing in everyhour so i think thats the reason why it is not pass like other altcoin.
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June 10, 2016, 12:44:45 PM
 #89

Well, i don't know. Because when i do some transactions sometimes the confirmation is very slow, sometimes it's fast. If bitcoin can make it fast, i'm sure it's a big advantage too for bitcoin.
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June 10, 2016, 02:12:48 PM
 #90

Everytime the price rises, there is a backlog of transactions - I'm pretty sure this is the reason the price drops back down again. Bitcoin will continue to struggle until this is resolved, and I'm amazed it hasn't already.

 
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June 10, 2016, 03:21:57 PM
 #91

Well, i don't know. Because when i do some transactions sometimes the confirmation is very slow, sometimes it's fast. If bitcoin can make it fast, i'm sure it's a big advantage too for bitcoin.
you're right, the transaction did happen quickly, but it sometimes feels his confirmation for a long time, sometimes its confirmation makes people bored waiting.
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June 11, 2016, 05:46:24 AM
 #92

Can we still say that bitcoin transactions are faster?
I have send some of my bitcoins to an address and about one hour has been passed but still there is not even a single confirmation.

what do you say about the transaction timing?
Same thing happened to me also a week before when am trading with someone.

Bitcoin dev need to look this. Confirmation really need faster like cash transaction. Bitcoin miners also need to look for possibilities to minimize transaction fees because its really high for small transaction.
With this type of improvements, hopping after couple of years we can use bitcoin similar to cash.
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June 11, 2016, 05:57:14 AM
 #93

Bitcoin transactions are fast as long as you choose to include an adequate miners' fee. But I have had a couple of instances where the Bitcoin wallet I was using had technical problems and the transactions were slowed artificially and this happened mostly with the old Blockchain wallet. I think you either didn't include an optimal fee or there was something wrong with the Blockchain network for your transaction to have been unconfirmed for 1 hour. But if you are comparing Bitcoin to other digital money payment processors I am not so sure which one is faster, but Bitcoin is certainly more secure  Wink
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June 11, 2016, 07:33:19 AM
 #94

Banks transfers between accounts on average take 3-5 working days, and maybe more, if the foreign translations. In cryptocurrency instantaneous transaction. However, when working with large amounts of evidence it is recommended to wait a few transaction network, it usually takes less than an hour.

P.S
By the way. Lastest news:
"Bitcoin Core Team has developed a solution to reduce data transfer time on the network

The update includes a number of methods to reduce the time blocks spread across the network. The basic idea is to take advantage of the fact that the memory pools in total units have similar data. Therefore, the node can send to other nodes only the graphic description of the block, and they are already create a block from scratch. This will save bandwidth since the unit as such fully should not be transmitted."

https://bitcoincore.org/en/2016/06/07/compact-blocks-faq/
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June 11, 2016, 08:51:54 AM
 #95

you're right, the transaction did happen quickly, but it sometimes feels his confirmation for a long time, sometimes its confirmation makes people bored waiting.
Bitcoin does not care for your lack of knowledge needed to use it. There is no 'sometimes' and 'long time' for properly constructed transactions (assuming reasonable block-intervals).

I think you either didn't include an optimal fee or there was something wrong with the Blockchain network for your transaction to have been unconfirmed for 1 hour.
You're talking about the blockchain.info wallet? Then it might be best to always properly clarify your statements, as there was almost never "something wrong with the blockchain" (since blockchain.info != bitcoin's blockchain), but there are problems with blockchain.info (from time to time).

But if you are comparing Bitcoin to other digital money payment processors I am not so sure which one is faster, but Bitcoin is certainly more secure  Wink
Bitcoin is still faster.

P.S
By the way. Lastest news:
-snip-
That is off-topic.

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June 11, 2016, 09:14:49 AM
 #96

yes bitcoin funds transfer transactions so fast. but it depends on the amount of fees that input. if appropriate, the transaction speed will be fast. but if the amount of money we send big, while we enter a small fee, the delivery will be slow.
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June 11, 2016, 09:45:23 AM
 #97

confirmation times depends on blocks as well as fees. Even though you sent more free than recommended, you've to wait until the current block to solve.
I think that gives a greater fee will be prioritized? so the block will be faster solve those who provide greater fee?
but the reality may differ only slightly with only 10k fee satoshi. bitcoin transaction speed is medium #imo
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June 11, 2016, 11:19:35 AM
 #98

BTC is ALWAYS faster than international transfers

also i had this explained to me more too, basically
if the btc you are sending has been static for some time (sat in wallet for weeks)
it will be confirmed quicker
if it is of more substantial amount (ie over 1 BTC)
it will be confirmed quicker
if you are sending BTC that has been moving recently (ie you bought it then sent it)
it will take longer to be confirmed, especially if smaller amount as well
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June 11, 2016, 11:56:26 AM
 #99

I think that gives a greater fee will be prioritized? so the block will be faster solve those who provide greater fee?
No. The amount of fees that could potentially be included in a block will not be able to 'speed' up solving of it. You don't understand how Bitcoin works.

bitcoin transaction speed is medium #imo
So medium speed = 1-3 seconds on average. Interesting "opinion".

if the btc you are sending has been static for some time (sat in wallet for weeks), it will be confirmed quicker
I've read somewhere that the miners have moved away from this model (I'm not sure whether this is true though, as I can't find direct information about it).

if it is of more substantial amount (ie over 1 BTC)  it will be confirmed quicker
The amount that is being transferred is irrelevant when it comes to priority.

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June 11, 2016, 12:28:03 PM
 #100

if the btc you are sending has been static for some time (sat in wallet for weeks), it will be confirmed quicker
I've read somewhere that the miners have moved away from this model (I'm not sure whether this is true though, as I can't find direct information about it).
That's because it only ever applied to free transactions, which miners are indeed moving away from. Core still prioritises free transactions this way when mining, but you need to change the default settings to allow free transactions in the first place. Most miners don't, but since some do, this is what determines whether a particular free transaction will take several days to be confirmed or never. It's probably better to just pay the recommended fee than to rely on this behaviour, though.

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