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Author Topic: Can we still say that BTC transactions are faster?  (Read 3842 times)
Superways
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June 08, 2016, 11:40:26 AM
 #1

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?
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June 08, 2016, 11:45:37 AM
 #2

Yea somtimes it take long time to get confirmed even with 0.0005 fee
and also fee of sending bitcoin is too high when we send small like 0.001 with fee 0.0001 it take 10% of it
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June 08, 2016, 11:47:44 AM
Merited by Foxpup (3)
 #3

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?

Faster compared to what?
money transfers within the same bank => probably not
money transfers between two banks in the same country => don't know
international money transfers => yes

The fee depends on the size of the transaction, not the amount of coins being transferred. It also depends on the amount of unconfirmed transactions and the fees that were added to these unconfirmed transactions, the miners usually add the transaction with the highest fee to byte ratio from the unconfirmed transaction pool, so you'd better be in this category if you want fast confirmations Wink.

In order to speed things up next time, you might want to check : https://bitcoinfees.21.co/
Calculate the size of your transaction in bytes, multiply by the fee the is recommaned by this page, and maybe round up a little bit, and you'll have a reasonable chance of getting added to the next block (not 100% tough!!!).

Also, keep in mind that the average blocktime is 10 minutes. This means that some blocks will be found faster, others will be found slower. It is well possible for a transaction to be added to a block after only 1 minute, while an other transaction takes 20 minutes, but they're both still added to the next block.
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June 08, 2016, 02:07:53 PM
 #4

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?
Maybe not, for now. Some in my transaction take a long time to reach a block confirmation. Some system in bitcoin needs to solved. Bitcoin needs to upgrading their system on confirmation, especially for bitcoin wallet providers.

 
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June 08, 2016, 02:13:25 PM
 #5

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?

Faster compared to what?
money transfers within the same bank => probably not
money transfers between two banks in the same country => don't know
international money transfers => yes

You forgot to mention cash transactions. Zero fee. Instant. Smiley
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June 08, 2016, 02:21:53 PM
 #6

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?

Faster compared to what?
money transfers within the same bank => probably not
money transfers between two banks in the same country => don't know
international money transfers => yes

You forgot to mention cash transactions. Zero fee. Instant. Smiley

Cash transactions are dangerous IMO, bitcoin transactions are the fastest, @OP if you need your transactions to get confirmed faster, then pay a larger fee

COYB
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June 08, 2016, 02:31:00 PM
 #7

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?

Faster compared to what?
money transfers within the same bank => probably not
money transfers between two banks in the same country => don't know
international money transfers => yes

You forgot to mention cash transactions. Zero fee. Instant. Smiley

Cash transactions are dangerous IMO, bitcoin transactions are the fastest, @OP if you need your transactions to get confirmed faster, then pay a larger fee

Dangerous? Most of my daily transactions are cash, have been since I was a kid.
Was mugged once. Would have lost far more if used BTC, would have given my priv. key for sure.
Because am a wimp, there were three d00ds, and one had a popper.
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June 08, 2016, 02:31:20 PM
 #8

i dont think that the bitcoin is really fast paying method there are allot of other paying methods and they all go really fast i think it only are going slow if your internet connection is bad other things does nothing.
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June 08, 2016, 02:33:41 PM
 #9

YES.
you can still say that bitcoin transactions are faster than anything else. if by transaction you mean sending bitcoin and the other address receiving it (seeing on blockchain) it takes couple of seconds.

but what takes time is the confirmation, and zero confirmation isn't usually a bad thing. and double spends are still rare.

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June 08, 2016, 02:39:33 PM
Merited by Foxpup (3)
 #10

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?

You said nothing about the fee that you paid.
You said nothing about inputs or outputs of the transaction.
You haven't shared the transaction ID for anyone else to look at the transaction.

Therefore, it is impossible to make a value judgement on your statement.

I've never had a transaction take more than 3 seconds to transmit and be received, so yes reasonable transactions are still very fast.

It has always been true that confirmations require blocks, and that blocks occur on average once every ten minutes.

Ten minutes "on average" can result in a block within a second, or an hour-and-a-half without a block.

In many cases, confirmations are not necessary.  When they are necessary, the security that results is typically worth waiting for (either worth it to the sender, or to the recipient).  The more important the confirmation is to the sender, the higher fee they should pay to ensure that they don't have to wait more than one block.

If you sent a un-reasonable transaction (dust outputs and/or insufficient fee), then you set yourself up for failure, and are only complaining about your own inability to properly use the system.

If you sent a reasonable transaction, then the recipient feels that they need the security that comes with a confirmation and you accepted that requirement when you chose to transact with that recipient.

Lauda
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June 08, 2016, 02:41:45 PM
Merited by Foxpup (3)
 #11

It seems that a lot of members do not even know the difference between a confirmation and a transaction. As soon as the network receives the transaction, i.e. the other end holds an unconfirmed amount, your TX has arrived. This process is near-instant for Bitcoin. Besides, if you include the adequate fee then your TX will confirm (on average) in 10 minutes.

Faster compared to what?
money transfers within the same bank => Yes
money transfers between two banks in the same country => yes
international money transfers => yes
FTFY. Money transfer within the same bank? Unless you are talking about changing a few numbers within their database, then this process takes time. As an example, look at Visa purchases. They take quite a lot of time to clear, even though it seems that they are instant to the user (e.g. while purchasing at a counter).

i dont think that the bitcoin is really fast paying method there are allot of other paying methods and they all go really fast i think it only are going slow if your internet connection is bad other things does nothing.
Your thinking is completely wrong.

I've never had a transaction take more than 3 seconds to transmit and be received, so yes reasonable transactions are still very fast.
-snip-
This. To add to this: I've never had a TX take longer than 10-20 minutes to confirm (excluding unusual block timing).

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June 08, 2016, 02:45:09 PM
 #12

I've never had a transaction take more than 3 seconds to transmit and be received, so yes reasonable transactions are still very fast.
Not sure what you mean by "reasonable." You never had to wait for (at least one) confirm?
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June 08, 2016, 02:47:27 PM
 #13

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?

Man, that's a long time you have to wait. I don't know maybe I've made not enough transactions to be the judge here, there were around a 100 of them, but I have never experienced such a delay. Normally it takes 5-10 minutes even with the transaction fee as low as 0.0001 BTC.

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June 08, 2016, 02:51:29 PM
 #14

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 would say that your fee wasn't high enough. Please post the TXID in OP and we'll have a look. You can always check https://bitcoinfees.21.co/ to see if you've got an appropriate transaction fee for that day.
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June 08, 2016, 02:57:08 PM
 #15

They are a sort of fast but its really laying at the fee's when you are paying these days, it really makes me angry sometimes..


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June 08, 2016, 03:03:16 PM
 #16

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?
It depends on the time or timing, sometimes many transaction is happening. Blockchain is always the problem. They use to get some error sometimes
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June 08, 2016, 03:07:09 PM
 #17

Not sure what you mean by "reasonable." You never had to wait for (at least one) confirm?
Possibly a reasonable number of inputs and outputs (i.e. total size). A transaction that is, e.g. 900kB big is not usually reasonable.

They are a sort of fast but its really laying at the fee's when you are paying these days, it really makes me angry sometimes..
There's nothing to be "angry" about. This is how the system was supposed to work; you shouldn't expect free transactions (although it was possible in the past).

It depends on the time or timing, sometimes many transaction is happening. Blockchain is always the problem. They use to get some error sometimes
Wrong. You are most likely confusing blockchain.info with the Bitcoin blockchain. These are two separate things. When there are blockchain.info relevant errors, only blockchain.info users are affected; i.e. Bitcoin remains functional for everyone else.


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June 08, 2016, 03:12:27 PM
 #18

I've never had a transaction take more than 3 seconds to transmit and be received, so yes reasonable transactions are still very fast.
Not sure what you mean by "reasonable." You never had to wait for (at least one) confirm?

The title of this thread says nothing about confirmations.  Just transactions.

Transactions are VERY fast.  They rarely take more than a few seconds.

Confirmations are not transactions.  Confirmations can take longer, but they often are not necessary.

When the sender or recipient of a transaction requires one (or more) confirmations, it is either because they don't understand the purpose of confirmations, or because they feel a need for the added security that a confirmation brings.

I've engaged in transactions where either I or the other party felt a need to wait for one (or more) confirmations, but all parties were aware of that before engaging in the transaction and everyone understood that it could take more than an hour per confirmation. I've also engaged in MANY transactions (both as sender and as recipient) where neither party felt a need to wait for confirmations.

Bitcoin as a payment system can be fast or as slow depending on the particular requirements of the parties involved in the transaction. If you don't want to wait, then don't engage in transactions with entities that require confirmations.  If you want to engage in transactions with entities that require confirmations, then you need to understand that you could be waiting more than an hour per confirmation.  Complaining about it isn't going to change it.

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June 08, 2016, 03:18:41 PM
 #19

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?

Faster compared to what?
money transfers within the same bank => probably not
money transfers between two banks in the same country => don't know
international money transfers => yes

You forgot to mention cash transactions. Zero fee. Instant. Smiley

Cash cannot compete with Bitcoin as a digital payment method for eCommerce. Try paying someone with cash in another country, and see how long you will wait for the postal service to send that money

through the postal service.  Roll Eyes ....Remittance serves were supposed to solve that problem, and they still struggling to get it right... If and when they do, you pay a premium fee for that privilege to transfer

that value. Bitcoin does this with limited fees, and at a relative speed, depending on the size of that fee. 

 
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June 08, 2016, 03:40:44 PM
 #20

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?
bitcoin transactions are very fast. just 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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