BTC2Social
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Activity: 20
Merit: 0
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June 15, 2016, 11:53:56 AM |
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Damn, a lot of people feeding the troll here...
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There are several different types of Bitcoin clients. The most secure are full nodes like Bitcoin Core, but full nodes are more resource-heavy, and they must do a lengthy initial syncing process. As a result, lightweight clients with somewhat less security are commonly used.
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ImHash
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June 15, 2016, 12:03:29 PM |
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best thing about bitcoin is it's speed comparing to other banking methods in the world. lol I have paypal and visa but still not able to
Get some money in them from other country, but already have at least 200 transactions world wide with bitcoin. never say is slow but the best.
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zodin
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June 15, 2016, 12:10:39 PM |
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how can you say that look the present rate of bitcoin and then compare it with a month before. you will see that how fast the bitcoin is.
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bitconerian
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Activity: 37
Merit: 0
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June 15, 2016, 12:13:30 PM |
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Damn, a lot of people feeding the troll here...
I see you're account farming? Can I help? clippy.gif |
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7788bitcoin
Legendary
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Activity: 2282
Merit: 1023
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June 15, 2016, 12:47:57 PM |
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Transactions are too slow. Will someone fix it or do we need a better coin?
So far if you are paying sufficient fee, the confirmation time will be faster... However, that's the "CONFIRMATION" time. Further discussion on this will lead to the blocksize debate... Transaction wise, it is almost instant. |
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Lauda
Legendary
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Activity: 2674
Merit: 2965
Terminated.
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June 15, 2016, 12:56:54 PM |
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Why would credit card users complain about that 180 days?
Their contract is immediate and goods are received.
Comparing to CC's doesn't work because someone takes the risk until the purchases clear. This is not the case with Bitcoin. Are you saying bitcoin is ok, in comparison, if confirmation takes less than 180 days?
Confirmations take 10 minutes on average. how can you say that look the present rate of bitcoin and then compare it with a month before. you will see that how fast the bitcoin is.
This doesn't make sense. Further discussion on this will lead to the blocksize debate...
A block size limit increase could possibly ease the problem temporarily, but that is it. |
"The Times 03/Jan/2009 Chancellor on brink of second bailout for banks" 😼 Bitcoin Core ( onion) |
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Dabs
Legendary
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Activity: 3416
Merit: 1912
The Concierge of Crypto
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June 15, 2016, 01:06:32 PM |
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If you pay more than the minimum relay fee (currently 0.00005), and a little bit more than the estimated fee for confirmation in 25 blocks (estimatefee 25) then your transaction will get included in a block within an hour or two, almost guaranteed. Free transactions (the ones without a tx fee) still get included provided the priority is very high.
Transactions are broadcast in seconds, and after about 10 seconds, if there is no double-spend attempts and if the minimum fees are included, you can be sure that particular transaction will get confirmed. That's how bitpay and other bitcoin payment processors work. They don't need to wait for a block or a confirmation.
Only small websites like bitcoin casinos wait for a block or more before allowing you to play. Some exchanges wait for 3 confirmations or more.
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Wendigo
Legendary
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Activity: 2604
Merit: 1036
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June 15, 2016, 01:09:31 PM |
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Transactions are too slow. Will someone fix it or do we need a better coin?
If you are transacting Bitcoin to websites that require 0 confirmations to use the funds you will get your coins credited and ready to use almost momentarily. Credit and debit card transactions are instant too, but there is some time required for their transactions to clear behind the scenes so to speak on the banks' end. The Bitcoin network on the other hand can 'clear' the transactions over the network before the funds become available to spend, and I don't think this feature makes Bitcoin slow but rather more secure in a way. My 2 cents on the matter. |
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fllipperr
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June 15, 2016, 01:11:11 PM |
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transaction of bitcoin may varry if theres a lot of requests then it is slow but if theres a few request then its fast.
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Ayers
Legendary
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Activity: 2604
Merit: 1023
Leading Crypto Sports Betting & Casino Platform
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June 15, 2016, 01:18:32 PM |
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If you pay more than the minimum relay fee (currently 0.00005), and a little bit more than the estimated fee for confirmation in 25 blocks (estimatefee 25) then your transaction will get included in a block within an hour or two, almost guaranteed. Free transactions (the ones without a tx fee) still get included provided the priority is very high.
Transactions are broadcast in seconds, and after about 10 seconds, if there is no double-spend attempts and if the minimum fees are included, you can be sure that particular transaction will get confirmed. That's how bitpay and other bitcoin payment processors work. They don't need to wait for a block or a confirmation.
Only small websites like bitcoin casinos wait for a block or more before allowing you to play. Some exchanges wait for 3 confirmations or more.
what if the average number of tx with proper fee exceeds the block limit, it's not guaranteed anymore that my transaction with proper fee, will be confirmed in 1-2 hours right? |
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RodeoX
Legendary
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Activity: 3066
Merit: 1145
The revolution will be monetized!
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June 15, 2016, 01:20:31 PM |
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Bitcoin transactions are the fastest global transactions ever created in the history of history.
...
Only if you completely ignore all the other cryptos, of which Bitcoin is one of the slowest. Most secure maybe, but definitely not the fastest. True. There are other coins based on bitcoin that are now faster. And some very old systems are also fast. For example Hawala (حِوالة) , which means transfer, is an Islamic banking system based on trusted brokers. It is basically instantaneous but requires profound trust. Satoshi and I don't like the need to trust. But anyway, good point. |
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rizzlarolla
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June 15, 2016, 01:21:25 PM |
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Why would credit card users complain about that 180 days?
Their contract is immediate and goods are received.
Comparing to CC's doesn't work because someone takes the risk until the purchases clear. This is not the case with Bitcoin. That is exactly what I was trying to tell pereira. It was his bad not mine. Are you saying bitcoin is ok, in comparison, if confirmation takes less than 180 days?
Confirmations take 10 minutes on average. Duh. Your statement is not relevant to what I asked pereira here. I doubt that irrelevant comment is even true. Link please? Blocks take 10 minute on average to find. |
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rizzlarolla
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June 15, 2016, 01:22:49 PM |
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If you pay more than the minimum relay fee (currently 0.00005), and a little bit more than the estimated fee for confirmation in 25 blocks (estimatefee 25) then your transaction will get included in a block within an hour or two, almost guaranteed. Free transactions (the ones without a tx fee) still get included provided the priority is very high.
Transactions are broadcast in seconds, and after about 10 seconds, if there is no double-spend attempts and if the minimum fees are included, you can be sure that particular transaction will get confirmed. That's how bitpay and other bitcoin payment processors work. They don't need to wait for a block or a confirmation.
Only small websites like bitcoin casinos wait for a block or more before allowing you to play. Some exchanges wait for 3 confirmations or more.
what if the average number of tx with proper fee exceeds the block limit, it's not guaranteed anymore that my transaction with proper fee, will be confirmed in 1-2 hours right? Correct. Exactly what happened yesterday. |
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Herbert2020
Legendary
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Activity: 1946
Merit: 1137
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June 15, 2016, 01:24:09 PM |
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Bitcoin transactions are the fastest global transactions ever created in the history of history.
...
Only if you completely ignore all the other cryptos, of which Bitcoin is one of the slowest. Most secure maybe, but definitely not the fastest. True. There are other coins based on bitcoin that are now faster. And some very old systems are also fast. For example Hawala (حِوالة) , which means transfer, is an Islamic banking system based on trusted brokers. It is basically instantaneous but requires profound trust. Satoshi and I don't like the need to trust. But anyway, good point. hehe, it is not instantaneous , it has two forms and both of them take at least 1 hour (1 to 3 hours) to confirm. but the only good thing about it is that it is free, there is zero fees for sending this kind of transaction  |
Weak hands have been complaining about missing out ever since bitcoin was $1 and never buy the dip.
Whales are those who keep buying the dip.
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Dabs
Legendary
Offline
Activity: 3416
Merit: 1912
The Concierge of Crypto
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June 15, 2016, 01:31:28 PM |
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There is no guarantee, but there is high probability that your transaction will get confirmed in a block. If the average tx with proper fee exceeds the block limit, the estimate moves higher. If you pay more than the minimum, or higher than the average or estimate, then you will get a higher probability of your transaction being confirmed sooner.
Right now:
estimatefee 25
0.00024126
estimatefee 2
0.00057960
So you just pay a tx fee higher than that lower number above and you'll be fine. If you pay a fee higher than the second number, your tx will simply be confirmed in an estimated 2 blocks time. This is from the bitcoin core estimatefee command.
A long time ago, the fee was 0.01, then lowered to 0.001. 0.0005 isn't that bad, it's still less than a dollar equivalent.
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CoinsRoyal
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June 15, 2016, 01:35:58 PM |
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That is true there are always people who think that the coin is rising to slow but that only depends about what you are doing with the coin just holding is not profide the price increase...
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pawel7777
Legendary
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Activity: 2436
Merit: 1559
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June 15, 2016, 01:37:42 PM |
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...
what if the average number of tx with proper fee exceeds the block limit, it's not guaranteed anymore that my transaction with proper fee, will be confirmed in 1-2 hours right?
Simple, all the transactions that didn't make it to the block will be labelled as 'spam'. Problem solved. But seriously, if demand exceeds block capacity, then there's no such thing as 'proper' fee. |
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JeanMcCoy
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June 15, 2016, 01:53:07 PM |
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Bitcoin is not slow and many people thinks that it is slow and that is because they dont have the patience to wait a long time until the value will be higher.
And that is why patience is important in Bitcoin because you have choose the right moment to sell it and that is important.
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rizzlarolla
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June 15, 2016, 01:54:31 PM |
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There is no guarantee, but there is high probability that your transaction will get confirmed in a block. If the average tx with proper fee exceeds the block limit, the estimate moves higher. If you pay more than the minimum, or higher than the average or estimate, then you will get a higher probability of your transaction being confirmed sooner.
Right now:
estimatefee 25
0.00024126
estimatefee 2
0.00057960
So you just pay a tx fee higher than that lower number above and you'll be fine. If you pay a fee higher than the second number, your tx will simply be confirmed in an estimated 2 blocks time. This is from the bitcoin core estimatefee command.
A long time ago, the fee was 0.01, then lowered to 0.001. 0.0005 isn't that bad, it's still less than a dollar equivalent.
Aw crap. Another staff member talking bollocks! "If you pay more than the minimum, or higher than the average or estimate, then you will get a higher probability of your transaction being confirmed sooner." Wow what a plan. Dont tell every one though or.. "If the average tx with proper fee exceeds the block limit, the estimate moves higher." Leaving all the previous high fee payers stuck in the mempool. Oh well "it's still less than a dollar equivalent." until... "the estimate moves higher." Doh! |
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NordicRanger
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June 15, 2016, 01:55:42 PM |
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The bitcoin is going to slow and that is only because there are to many people who are just holding them and i know that for sure. Because if we all spent some coins the price will rise allot trust me.
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