bitcoin transactions - Slow OR Fast

[ekoice]

Bitcoin transactions are fast but the confirmation time for the transactions is slow.Thats the main problem due to which shop owners dont accept Bitcoin payments.It has to be solved for Bitcoin progress.

[jeraldskie11]

It depends to the value of Bitcoin. If the Bitcoin that you pay out or you send is huge value, the confirmations is high so it takes time to processed.
And if the Bitcoin you pay out or you send is low value, the confirmations also is low so it takes low time to processed.
Therefore, the more Bitcoin the more confirmation or vise-versa.

[icecube45]

Bitcoin transactions are fast but the confirmation time for the transactions is slow.Thats the main problem due to which shop owners dont accept Bitcoin payments.It has to be solved for Bitcoin progress.

Indeed, the challenges currently faced by users is the time taken to process payments, between 40 minutes to several days. Technology experts believe that Bitcoin can speed this process by creating a 'block' currency, data processing segments that create Bitcoin and record their transactions are much larger. I'm sure someday bitcoin will be improved so that the transaction will be faster.

[qiwoman2]

I have had bitcoin stuck in transit sometimes for more than five or six hours which can be a little annoying but then it does get through. I do get worried though what if that happens with larger amounts of bitcoin? They need to unclog the blockchain a bit i think.

[jossiel]

Bitcoin transactions are fast but the confirmation time for the transactions is slow.Thats the main problem due to which shop owners dont accept Bitcoin payments.It has to be solved for Bitcoin progress.

Indeed, the challenges currently faced by users is the time taken to process payments, between 40 minutes to several days. Technology experts believe that Bitcoin can speed this process by creating a 'block' currency, data processing segments that create Bitcoin and record their transactions are much larger. I'm sure someday bitcoin will be improved so that the transaction will be faster.

I don't know if why there are some people who are transacting very slow. But with my transactions, I can say that it is not fast and it is not low.

Because the waiting time is just normal as long as the payment is already sent what you need to do is just wait for a couple of minutes not longer than hour.

So for me, because there millions of transactions everyday. That is just normal if we experience delays.

[bamboylee]

is it possible that bitcoin will be accepted in local stores, shops etc. since transactions are to slow and customers have to wait until their transactions are verified. And nobody wants to wait.
 Can transactions be seeded up to save customers time or any other way to use bitcoin  at local stores.

I think this is possible since transaction is fast, only the confirmation that will take some time. Some times it will take more than 30 minutes to confirm a single transaction but I think that will just be fine. As long as the transaction is processed it will be confirmed. So I think It is very much applicable in local stores or shops.

[clickerz]

is it possible that bitcoin will be accepted in local stores, shops etc. since transactions are to slow and customers have to wait until their transactions are verified. And nobody wants to wait.
 Can transactions be seeded up to save customers time or any other way to use bitcoin  at local stores.

I think this is possible since transaction is fast, only the confirmation that will take some time. Some times it will take more than 30 minutes to confirm a single transaction but I think that will just be fine. As long as the transaction is processed it will be confirmed. So I think It is very much applicable in local stores or shops.

You maybe have a ppoint here, that once it is processed, it will be confirmed and as to my observations, once processed transaction can never be cancelled.But sometimes, retailer wants to see that bitcoin is really on their wallet to feel secure, then its a hassle to customer. lol

[1Referee]

thats why people starts to invest in altcoins, which gives faster transaction speed like ethereum or NEM. but for me, bitcoin is slow.

People invest...ahummm...gamble with altcoins just because they are greedy and constantly looking for something that changes its price significantly every day. And exactly that is the case with altcoins. It has nothing to do with the fundamentals of Bitcoin. People are addicted to the high fluctuations that altcoins give them. This has nothing to do with investing either. It's ordinary gambling that people do.

Bitcoin transactions are almost instant, just the first confirmation you need to wait for.

Finally someone that is talking real stuff. In most cases that people experience slow confirmations, it is because it's their fault. People not inculding sufficient fees with their transactions are the one to be blamed here. But still, it's Bitcoin that is slow, or boring, or whatever. Ignorance....

[MMA]

Bitcoin transactions are fast but the confirmation time for the transactions is slow.Thats the main problem due to which shop owners dont accept Bitcoin payments.It has to be solved for Bitcoin progress.

yes bitcoin transaction is really fast but the transaction time is a little boring, as some time it really take some more time to conform. but if you pay a little high fee then the conformation also done in a high speed.

[cpfreeplz]

Transactions are instant so I think you're mistaken op. The only thing that can be slow in confirmations which if you're buying a pop who cares about getting confirmations for the $1. Maybe 1 but most places won't need any.

[kiklo]

Transactions are instant so I think you're mistaken op. The only thing that can be slow in confirmations which if you're buying a pop who cares about getting confirmations for the $1. Maybe 1 but most places won't need any.

The Merchant cares because not waiting for the confirmation, means that product for $1 could be stolen if the confirmations never come.

Only idiots accepts BTC without waiting for 3 to 6 confirmations.

Reasons
https://en.bitcoin.it/wiki/Double-spending

Attack vectors
Race attack

Traders and merchants who accept a payment immediately on seeing "0/unconfirmed" are exposed to a double-spend occurring, if there was a fraudulent attempt that successfully communicated one transaction to the merchant yet communicated a different transaction that spends the same coin that was first to eventually make it into the block chain.

Merchants can take precautions (e.g., disable incoming connections, only connect to well connected nodes) to lessen the risk of a race attack but the risk cannot be eliminated. Therefore, the cost/benefit of the risk needs to be considered when accepting payment on 0/unconfirmed when there is no recourse against the attacker.

The research paper Two Bitcoins at the Price of One finds that the protocol allows a high degree of success by an attacker in performing race attacks. The method studied in the research paper depends on access to the merchant's Bitcoin node which is why that even prior to this paper, recommendations for merchants include disabling incoming connections and to choose specific outgoing connections[1].
Finney attack

Another attack the trader or merchant is exposed to when accepting payment on 0/unconfirmed. The Finney attack is a fraudulent double-spend that requires the participation of a miner once a block has been mined[2]. The risk of a Finney attack cannot be eliminated regardless of the precautions taken by the merchant, but the participation of a miner is required and a specific sequence of events must occur. Thus the attack is not trivial nor inexpensive to perform and only makes sense for the attacker when the gains from the attack are significant. Just like with the race attack, a trader or merchant should consider the cost / benefit when accepting payment on just one confirmation when there is no recourse against the attacker.
Vector76 attack

Also referred to as a one-confirmation attack, is a combination of the race attack and the Finney attack such that a transaction that even has one confirmation can still be double-spent. The same protective action for the race attack (no incoming connections, explicit outgoing connection to a well-connected node) significantly reduces the risk of this occurring.

It is worth noting that a successful attack costs the attacker one block - they need to 'sacrifice' a block by not broadcasting it, and instead relaying it only to the attacked node.

See on BitcoinTalk or further example of an attack scenario.
Brute force attack

This attack has a chance to work even if the merchant waits for some confirmations, but requires relatively high hashrate.

The attacker submits to the merchant/network a transaction which pays the merchant, while privately mining a blockchain fork in which a double-spending transaction is included instead. After waiting for n confirmations, the merchant sends the product. If the attacker happened to find more than n blocks at this point, he releases his fork and regains his coins; otherwise, he can try to continue extending his fork with the hope of being able to catch up with the network. If he never manages to do this, the attack fails and the payment to the merchant will go through.

The probability of success is a function of the attacker's hashrate (as a proportion of the total network hashrate) and the number of confirmations the merchant waits for. For example, if the attacker controls 10% of the network hashrate but the merchant waits for 6 confirmations, the success probability is on the order of 0.1%[3].
>50% attack

Also referred to as a majority attack. If the attacker controls more than half of the network hashrate, the previous attack has a probability of 100% to succeed. Since the attacker can generate blocks faster than the rest of the network, he can simply persevere with his private fork until it becomes longer than the branch built by the honest network, from whatever disadvantage.

No amount of confirmations can prevent this attack; however, waiting for confirmations does increase the aggregate resource cost of performing the attack, which could make it unprofitable or delay it long enough for the circumstances to change or slower-acting synchronization methods to kick in.

 

FYI:
Maybe instead of trying to trick Vendors into unnecessary risk of being robbed.
You Guys should bug the BTC Devs why they can't complete 4 confirmations in 2 minutes like my favorite Altcoin can.   

[prabowo96]

Bitcoin is fast for international transactions, comparated to another old ways to transfer money, bitcoin solved a lot of problems

Bitcoin is slow for local transactions, if you will use it in an store will be boring wait 10-60 minutes until the transaction confirm

[mrcash02]

Bitcoin is fast for international transactions, comparated to another old ways to transfer money, bitcoin solved a lot of problems

Bitcoin is slow for local transactions, if you will use it in an store will be boring wait 10-60 minutes until the transaction confirm

Bitcoins transaction is fast when you pay a high fee.

Bitcoin transaction is slow when you pay low fees.

That is what make the transaction speed go up or down... Who pays more, have priority. Somedays we need to highest fees to make our transactions go on an average speed, because there is a lot of people using bitcoins at same time and paying higher fees.

[millgates]

is it possible that bitcoin will be accepted in local stores, shops etc. since transactions are to slow and customers have to wait until their transactions are verified. And nobody wants to wait.
 Can transactions be seeded up to save customers time or any other way to use bitcoin  at local stores.

I think It is fast enough, although it will be nice if it can get faster, with this speed will not apropriated for transaction in supermarket. But it is really fast to sent money to outside of region.

[bitkilo]

Bitcoin transactions are almost instant, just the first confirmation you need to wait for.

Finally someone that is talking real stuff. In most cases that people experience slow confirmations, it is because it's their fault. People not inculding sufficient fees with their transactions are the one to be blamed here. But still, it's Bitcoin that is slow, or boring, or whatever. Ignorance....

Exactly as long as you use it in the correct way and add the right size fee for you transaction there is little if anything constantly wrong with confirmation times.

Sometimes the mempool might back up a little but it's still always quicker than the 3-5 business days the banks will make you wait.

[requester]

I had faced problem of large transactions where there was a delay even I had paid the necessary minimum transaction fees. I  had two such transactions that were not confirmed for about 7 to 9 hours. But those are rare situations, and most of my other transactions went on normal, and took about 1 to 5 mins to get all the confirmations. I feel it'd be fine to accept Bitcoin transactions in store, but it will prove disgusting if it takes lot of time.

[ashiqdey]

For me it is really fast and accurate when I wanted to buy something online or withdraw my money through my bitcoin wallet I can easily withdraw it to my bank partner and use it if I want it. Bitcoin transaction for me is really fast but for transaction in store if by the mercy of God happens late like 2 3 hours then the system sucks.

[cpfreeplz]

The Merchant cares because not waiting for the confirmation, means that product for $1 could be stolen if the confirmations never come.

Only idiots accepts BTC without waiting for 3 to 6 confirmations.

-snip-

FYI:
Maybe instead of trying to trick Vendors into unnecessary risk of being robbed.
You Guys should bug the BTC Devs why they can't complete 4 confirmations in 2 minutes like my favorite Altcoin can.   

Rofl. Shilling at it's most blatant. Way to go. Do you really want for 3-6 confirmations for such a small transaction? Do you know how much effort would need to go into double spending for $1? And do you know that it takes months for a confirmation from a credits card yet everywhere accepts them? Maybe you need to rethink the fundamentals.

[Juggy777]

is it possible that bitcoin will be accepted in local stores, shops etc. since transactions are to slow and customers have to wait until their transactions are verified. And nobody wants to wait.
 Can transactions be seeded up to save customers time or any other way to use bitcoin  at local stores.

I think people will definitely wait. Technology will be progressing so, it will be faster than before. If I had the option I would wait if I could pay via Bitcoins. So far it's all positive. Look at blockchain Bitcoin in dubai and Swizz accepting money at railway station. Also a school in India accepts it, and many atms and gas stations have started it. So yes people are moving towards it, and waiting time is not a issue.

[mirakal]

is it possible that bitcoin will be accepted in local stores, shops etc. since transactions are to slow and customers have to wait until their transactions are verified. And nobody wants to wait.
 Can transactions be seeded up to save customers time or any other way to use bitcoin  at local stores.

I think people will definitely wait. Technology will be progressing so, it will be faster than before. If I had the option I would wait if I could pay via Bitcoins. So far it's all positive. Look at blockchain Bitcoin in dubai and Swizz accepting money at railway station. Also a school in India accepts it, and many atms and gas stations have started it. So yes people are moving towards it, and waiting time is not a issue.

We do not need to wait as it's already here, the technology that you are saying has been in existence for many years and we are using it now. I do not have any issue with the speed of transaction as I feel it's way faster than other payment processor.