bitcoin transactions - Slow OR Fast

[larryfromjapan]

I have had no problems lately at all using circle poloniex.

[ajun96]

i think we should think about lowring the confirmations why dont you just accept 0 confirmations or make a special wallet which accepts zero confirmation by this you can have the instant transactions with extremly low fees

Lol yeah I also think that is why stores or merchants else does not want to say that the payment is made when you've sent bitcoin, they'll wait at least a transaction received one confirmation, I think it was the right idea, because it is possible that the transaction will be canceled when the process transactions are very old and has not received one confirmation though, so wait for confirmation going to be done by all merchants

[kiklo]

For me bitcoin transactions is fast.
Because you can easily send your
money with other people.It is a big help to people who
consume time in sending money.

true agree I agree with you. because you can send bitcoin anywhere very fast and simple. I think it's a problem confirmation is not too influential

I agree that bitcoin transaction is instant and the only problem is the delayed of the confirmation.  But the problem in crediting bitcoin is that, bitcoin "transaction" does not stop with just sending it, receiver needs at least 2 to 3 confirmation before they credit the transaction.  And this confirmation is the problem due to the time it needs to be confirmed. And I think this problem maybe solved by the implementation of SegWit (Segregated Witness)

SegWit can't fix it

Since old nodes will only download the witness-stripped block, they only enforce the 1 MB block size limit rule on that data.

IE: Because China refuses to update
https://bitcoincore.org/en/2016/01/26/segwit-benefits/

It is not possible to solve this problem without either a hardfork, or substantially decreasing the block size. Since segwit can’t fix the problem, it settles on not making it worse: in particular, rather than introducing an independent limit for the segregated witness data, instead a single limit is applied to the weighted sum of the UTXO data and the witness data, allowing both to be limited simultaneously as a combined entity.

Lightening Network is BTC's Best Chance , but it will also fail , if BTC Transaction capacity is unable to keep up when the transactions it has to put on the Blockchain.
Which at the BTC current transactions limits, makes that Lightening network failure a When , not an if.

 

[kiklo]

i think we should think about lowring the confirmations why dont you just accept 0 confirmations or make a special wallet which accepts zero confirmation by this you can have the instant transactions with extremly low fees

Lol yeah I also think that is why stores or merchants else does not want to say that the payment is made when you've sent bitcoin, they'll wait at least a transaction received one confirmation, I think it was the right idea, because it is possible that the transaction will be canceled when the process transactions are very old and has not received one confirmation though, so wait for confirmation going to be done by all merchants

Grocery Store let you buy foods with 0 confirmations,
you leave the store with his product, BTC never receives any confirmations , so the Merchant just got robbed by you.
Double Spend:

A double spend is an attack where the given set of coins is spent in more than one transaction.
There are a couple main ways to perform a double spend:
Send two conflicting transactions in rapid succession into the Bitcoin network. This is called a race attack.

90% of the Merchants accepting BTC for actual Physical Products are immediately converting to Fiat within minutes of receiving it to avoid any possible loss,
because their bills are in FIAT, and they are running a business not playing the markets.  
Fluctuations of a few bucks could cost a corporation Millions. (The more Confirmations the more they can be certain it was recorded on the blockchain.)

 

[rizkyhiw]

i think we should think about lowring the confirmations why dont you just accept 0 confirmations or make a special wallet which accepts zero confirmation by this you can have the instant transactions with extremly low fees

I believe that currently anyone is allowed to accept 0 confirmation transactions if they want but it is not a wise idea as the transaction you accept may be "double spent" with a higher fee to someone else shortly after.

Would you really feel safe accepting a transaction before it has been confirmed by the network?

this is the bitcoin problem , and nowadays i feel the transaction processed slower damn
another altcoins even have faster process than bitcoin
bitcoin claimed as the fastest transaction ever , but today i feel it's not
unless yeah you accept the 0 confirmation tx which it's not recommended as vulnerable.

[nagasaking]

i think we should think about lowring the confirmations why dont you just accept 0 confirmations or make a special wallet which accepts zero confirmation by this you can have the instant transactions with extremly low fees

I believe that currently anyone is allowed to accept 0 confirmation transactions if they want but it is not a wise idea as the transaction you accept may be "double spent" with a higher fee to someone else shortly after.

Would you really feel safe accepting a transaction before it has been confirmed by the network?

this is the bitcoin problem , and nowadays i feel the transaction processed slower damn
another altcoins even have faster process than bitcoin
bitcoin claimed as the fastest transaction ever , but today i feel it's not
unless yeah you accept the 0 confirmation tx which it's not recommended as vulnerable.

i think it all depends from the blockchain , because not everytime i got slow transaction when send my bitcoin, that is why i always use fee that suggested by blockchain ( the minimum fee ) because i am not see that much different with high fee or minimum fee

[Ziskinberg]

i think we should think about lowring the confirmations why dont you just accept 0 confirmations or make a special wallet which accepts zero confirmation by this you can have the instant transactions with extremly low fees

I believe that currently anyone is allowed to accept 0 confirmation transactions if they want but it is not a wise idea as the transaction you accept may be "double spent" with a higher fee to someone else shortly after.

Would you really feel safe accepting a transaction before it has been confirmed by the network?

this is the bitcoin problem , and nowadays i feel the transaction processed slower damn
another altcoins even have faster process than bitcoin
bitcoin claimed as the fastest transaction ever , but today i feel it's not
unless yeah you accept the 0 confirmation tx which it's not recommended as vulnerable.

I think it depends on the time because there are times that transactions are faster and I believe that is just normal as we are transacting online and we have volume of transactions everyday. What will happen when people will adopt with bitcoin?

I hope this problem will not happen more often because I heavily rely on my transaction in the blockchain.

[bitkilo]

I can't complain too much about the confirmation times, whenever i am expecting coins they seem to confirm within about 10min max depending on what fee the tx is sent with.
Things did slow down a week or so ago when the mempool got a little backed up but that sorted itself out pretty quick.

[genos]

For me bitcoin transactions is fast.
Because you can easily send your
money with other people.It is a big help to people who
consume time in sending money.

true agree I agree with you. because you can send bitcoin anywhere very fast and simple. I think it's a problem confirmation is not too influential

Yes you are right. Basicaly bitcoin transaction is fast. If you sent fiat from europe to asia you need to wait until 3 or 4 days. But bitcoin only need a few minutes. And also bitcoin fee is lower. Distance is not a problem for bitcoin. Bitcoin is only need an electricity and internet connection. So if we compare bitcoin with fiat, we will get the fact that bitcoin is better than fiat.

[bitkilo]

For me bitcoin transactions is fast.
Because you can easily send your
money with other people.It is a big help to people who
consume time in sending money.

true agree I agree with you. because you can send bitcoin anywhere very fast and simple. I think it's a problem confirmation is not too influential

Yes you are right. Basicaly bitcoin transaction is fast. If you sent fiat from europe to asia you need to wait until 3 or 4 days. But bitcoin only need a few minutes. And also bitcoin fee is lower. Distance is not a problem for bitcoin. Bitcoin is only need an electricity and internet connection. So if we compare bitcoin with fiat, we will get the fact that bitcoin is better than fiat.

Yep that's right and don't forget that those 3-4 days are "business" days too so if you have a weekend and/or a public holiday in there you could be waiting as much as 7 days for your own money to clear.
With bitcoin nobody has to ever worry about "business days" again 

[Ziskinberg]

For me bitcoin transactions is fast.
Because you can easily send your
money with other people.It is a big help to people who
consume time in sending money.

true agree I agree with you. because you can send bitcoin anywhere very fast and simple. I think it's a problem confirmation is not too influential

Yes you are right. Basicaly bitcoin transaction is fast. If you sent fiat from europe to asia you need to wait until 3 or 4 days. But bitcoin only need a few minutes. And also bitcoin fee is lower. Distance is not a problem for bitcoin. Bitcoin is only need an electricity and internet connection. So if we compare bitcoin with fiat, we will get the fact that bitcoin is better than fiat.

Yep that's right and don't forget that those 3-4 days are "business" days too so if you have a weekend and/or a public holiday in there you could be waiting as much as 7 days for your own money to clear.
With bitcoin nobody has to ever worry about "business days" again 

Banks do that to make sure transactions are legitimate, and they can freeze any transaction when it's illegal transactions. 3-4 days, yeah, I have experience that in international remittance, so i can say that bitcoin is way faster than bank.

They system is different as banks are centralize and bitcoin is decentralized, so for decentralized (no checking if transactions are illegal or not).

[Shiroslullaby]

Bitcoin transactions may be faster than a bank taking 3-4 business days,
but this discussion was (initially) about using Bitcoin in a retail store setting.

This one of Bitcoins biggest challenges in my opinion.
No store is going to accept BTC payments unless they have a confirmation time near instant, because customers simply will not wait.
Until this technical problem can be solved, we are forced to use outside companies to load BTC onto a credit card,
or a third-party app to perform some sort of confirmation or escrow.

Until Bitcoin can get almost instant transaction confirmation it will always need to be partnered with another tech when used for purchases in-person,
or be used only as an online payment system.

[madwica]

No doubt that bitcoin transaction is very fast i can not encounter that it take an hour to confirm my transaction that is why i also recommend bitcoin to all my friends to use for their online transaction and the feedback is great.

[Deus Ex Machina]

How fast a transaction is depends on the fee you gave the miners, how busy is the network and what kind of transaction you are having since buying something from a local store needs to be very fast while buying something for which you need to sign a contract does not need to be that fast.

[mirakal]

How fast a transaction is depends on the fee you gave the miners, how busy is the network and what kind of transaction you are having since buying something from a local store needs to be very fast while buying something for which you need to sign a contract does not need to be that fast.

There is no fix time to determine how fast the transaction in the blockchain as sometimes it's fast and sometimes it's low. You are right it depends on the miners, if the volume is high and miners are low of course what will happen is that the transaction is low.

Whatever it is in overall bitcoin transaction is still fast.

[sobsitesearch]

For me i can say that bitcoin transaction is really fast and i do not encounter the delay like sending bitcoin to my friends it take only 10 - 20 seconds then they already received it like also if exchange to fiat it only take 5-10mins i can take it easily.

[kiklo]

How fast a transaction is depends on the fee you gave the miners, how busy is the network and what kind of transaction you are having since buying something from a local store needs to be very fast while buying something for which you need to sign a contract does not need to be that fast.

There is no fix time to determine how fast the transaction in the blockchain as sometimes it's fast and sometimes it's low. You are right it depends on the miners, if the volume is high and miners are low of course what will happen is that the transaction is low.

Whatever it is in overall bitcoin transaction is still fast.

BTC transfers are so slow, it is painful.
You can tell when people have never used other coins.

Credit cards are faster,
90% of the Altcoins are way faster.

Use Litecoin or Dogecoin , if you are Partial to Chinese PoW mined coins.
You see the difference and wonder why you wasted 30 minutes to and hour on BTC, when LTC & Doge are way faster. (Cheaper to send too)

 

FYI:
ZEIT is Faster than all 3 of them.  
Only 2 minutes to complete 4 Confirmations.

BTC takes ~30 minutes to complete 3 confirmations.

[kiklo]

For me i can say that bitcoin transaction is really fast and i do not encounter the delay like sending bitcoin to my friends it take only 10 - 20 seconds then they already received it like also if exchange to fiat it only take 5-10mins i can take it easily.

Ok,
exactly how are you sending BTC that it is received by your friends in 10-20 seconds.
The BTC BlockChain Block Speed is 10 minutes, so what you are saying is impossible,
You can't even get 1 confirmation on the blockchain in that amount of time.

Only way that would be possible is an Off Blockchain transfer, which if that is the case you aren't even using the BTC blockchain and is totally irrelevant to the topic.

So enlighten us , how you are doing the impossible.  


 

[Invulner]

Bitcoin transactions are incredibly fast if you compare it to the clearing times that Western Union and other money transfer "experts" offer. It is instantaneous across the globe, no matter where you are and who you are. However, the confirmations that are required are often taking a long time and is quite annoying especially if you are trying to take advantage of arbitrage between the markets.

[kiklo]

Bitcoin transactions are incredibly fast if you compare it to the clearing times that Western Union and other money transfer "experts" offer. It is instantaneous across the globe, no matter where you are and who you are. However, the confirmations that are required are often taking a long time and is quite annoying especially if you are trying to take advantage of arbitrage between the markets.

If you compare it a letter in the Mail, then yes, it would seem fast.

But when you compare it to other forms of electronic payments, it is super slow.
Visa Cards, PayPal, other Crypto coins are all lightening fast compared to BTC.

Confirmations are required to keep people from double spending the coins, ignore receiving the recommend confirmations at your own peril.
My favorite altcoin can do 4 full confirms in ~2 minutes, you guys should bug the BTC developers and ask them why they can't match an alt coin for speed.  


 

FYI:
Just to Prove what I am saying,
Here is ZEIT Block Explorer : https://chainz.cryptoid.info/zeit/
Watch the blocks scroll by lightening fast and the age showing the Seconds between each Block.

Then Look at the BTC BlockChain
https://blockchain.info/
Ask the BTC devs why it takes them 10 to 20 minutes for 1 block, but yet an alt coin can run thru a block about every 30 seconds.