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Author Topic: Blockchains inability to process several transactions causes an uproar  (Read 311 times)
groll (OP)
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July 05, 2016, 12:44:32 AM
 #1

Blockchains inability to process several transactions per second cause an uproar by legacy financial sector and mainstream media. The delay in bitcoin transfer and transaction has been the turmoil of bitcoin investors for years. Some are delayed by 3 to 4 hours and others are delayed even up to 8 hours or more. Moroever, many wish for a solution to this matter and up to this moment no clear solutions has been made.
AgentofCoin
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July 05, 2016, 12:55:50 AM
Last edit: July 05, 2016, 01:07:09 AM by AgentofCoin
 #2

Blockchains inability to process several transactions per second cause an uproar by legacy financial sector and mainstream media. The delay in bitcoin transfer and transaction has been the turmoil of bitcoin investors for years. Some are delayed by 3 to 4 hours and others are delayed even up to 8 hours or more. Moroever, many wish for a solution to this matter and up to this moment no clear solutions has been made.

There is no delay in Bitcoin's "transfer and transaction". The transaction is instant.
The delay that exists, is the the amount of time that your transaction takes before it is added to a block.
That delay usually will average around 10 minutes, but can be longer or shorter based on miner's luck (& hashes).

To reduce any wait over 10 minutes, a user should pay a miner's fee that corresponds to how fast you want a single confirmation.
At times, due to the number of transactions in the mempool, a user may need to pay a higher miner's fee to skip over other users.
Paying a Miner's fee is a way to pay for confirmation priority. If there is need for priority, pay a higher fee.


Bitcoin's ability to have "instant confirmations" or "increased throughput" is being worked on and is a separate issue.

I support a decentralized & unregulatable ledger first, with safe scaling over time.
Request a signed message if you are associating with anyone claiming to be me.
Vintry Dribbler 1975
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July 05, 2016, 01:09:20 AM
 #3

Blockchains inability to process several transactions per second cause an uproar by legacy financial sector and mainstream media. The delay in bitcoin transfer and transaction has been the turmoil of bitcoin investors for years. Some are delayed by 3 to 4 hours and others are delayed even up to 8 hours or more. Moroever, many wish for a solution to this matter and up to this moment no clear solutions has been made.

Where are you quoting from?  How long ago did these mainstream media sites report this?
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