bitcoin transactions - Slow OR Fast

[kiklo]

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.

Maybe you should quit being a lying jackass, but your choice. 

Actually the Vendors I use determine how many confirmations I end up waiting.
None of them do less than 3 confirmations, because of the double spend security issues.

Your understanding is warped, the focus of this topic is transaction time.
I go buy gas for my car, swipe the card and can leave in a few seconds.
A Direct BTC transaction would require I sit there for 30 minutes to an hour before 3 confirmations.

So really shrill that. 

 

[Dudeperfect]

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.

I faced same situation, sometimes it takes less than 10 minutes for transaction confirmation but sometimes it takes too much time. I am not sure but we should actually find a solution for faster offline transactions because no one would like to wait in a store for transaction to get it confirmed. Paying high fees is a solution but that is affordable while dealing in large amount, I won’t pay huge fees for low amount transactions.

[shinratensei_]

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.

I paying more but I just get the middle priority and it takes average 12-15 minutes for every transaction. and what about that?

I thought this are depending on the delay of the block are take your transaction.

But i don't think if paying more will giving a large impact for this.

[Catlonid]

My opinion is transactions of bitcoin is fast. because we need a connection we will use bitcoin or transactions. but also transaction of bitcoin is slow it happen occurred if connect unstable.

[whizter]

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.

to me i think the bitcoin transaction is fast enough and but the problem is in conformation, as some time it take some more time, but some time the conformation also take second while other time it take hours to conform the transaction, i think this problem should be solve on priority basis.

[coinsocieties]

In my opinion, it does not matter if they are slow or fast.  With in a few seconds of you making a transaction, you can see that the transaction in in the chain waiting to be approved or confirmed.  When this happens, the chances of it falling back out are slim to none, so the money is there once the transaction starts.  This is just my opinion.

[mrcash02]

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.

to me i think the bitcoin transaction is fast enough and but the problem is in conformation, as some time it take some more time, but some time the conformation also take second while other time it take hours to conform the transaction, i think this problem should be solve on priority basis.

If you want faster confirmation, you should pay a higher fee when doing a transaction. When the blockchain is overloaded of transactions, it will take more time to complete. On these days you need to pay more fees.

But somedays you don't need to pay very high fees, because there are less transactions at same time.

[kiklo]

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.

to me i think the bitcoin transaction is fast enough and but the problem is in conformation, as some time it take some more time, but some time the conformation also take second while other time it take hours to conform the transaction, i think this problem should be solve on priority basis.

If you want faster confirmation, you should pay a higher fee when doing a transaction. When the blockchain is overloaded of transactions, it will take more time to complete. On these days you need to pay more fees.

But somedays you don't need to pay very high fees, because there are less transactions at same time.

Or just use any Alt coin , that is cheaper to send and will be received faster than BTC, mainly because they can handle more transactions volume and BTC can't.
If you are partial to China own Crypto use LTC or Doge, faster confirmations and very inexpensive to send. 


 

[Sled]

Now a days, Bitcoin transactions are used to be slower than before because the amount of people that are using bitcoin are dramatically growing every month or even weeks. Getting slower transactions or confirmations doesn't mean that the bitcoin is getting to the end but this is a good signal that our community is growing bigger and bigger we just need some addition for miner to bear the growing population of bitcoin users so that the transactions or confirmations will be maintained.

[Raimonn]

Bitcoin transactions are fast, the most problems that users had is about confirmations, sometimes the blocks are full and if they use low fees it can takes more than 1 hour to confirm. If you use the correct fees there isn't any problem.

[delliaerd]

Now a days, Bitcoin transactions are used to be slower than before because the amount of people that are using bitcoin are dramatically growing every month or even weeks. Getting slower transactions or confirmations doesn't mean that the bitcoin is getting to the end but this is a good signal that our community is growing bigger and bigger we just need some addition for miner to bear the growing population of bitcoin users so that the transactions or confirmations will be maintained.

At first time I getting in bitcoin world almost one years ago bitcoin transactions more faster rather than now, one years ago when I sent some bitcoin , it only take a few minutes to confirmed transactions.
But now when i need to sent my bitcoin into someone should wait more than 10 minutes for confirmation of transactions. Even i ever wait almost 30 minutes.

[kiklo]

Now a days, Bitcoin transactions are used to be slower than before because the amount of people that are using bitcoin are dramatically growing every month or even weeks. Getting slower transactions or confirmations doesn't mean that the bitcoin is getting to the end but this is a good signal that our community is growing bigger and bigger we just need some addition for miner to bear the growing population of bitcoin users so that the transactions or confirmations will be maintained.

Actually the problem is directly with the BTC code itself, numbers of Miners is irrelevant.

Either of the following would fix BTC transactions problems.

1. Increase the Block Size
or
2. Change the Block Speed to 5 minutes to Double Transaction Capacity or 2 minutes to Quadruple Transactions Capacity
    (This Option will also make the confirmations much faster.)

(However China is refusing to update, so problem is Political in the BTC community not Technical as the above would fix it.)
(The Fact China can block the needed changes , proves they are the Masters of BTC and the rest of you are their Servants.)
(Want Freedom Go to an Proof of Stake Altcoin the Chinese don't Control.) (Their ASICS are useless against Proof of Stake)

   

[Skarner21]

Bitcoin transactions are fast, the most problems that users had is about confirmations, sometimes the blocks are full and if they use low fees it can takes more than 1 hour to confirm. If you use the correct fees there isn't any problem.

In electrum wallet there is a choices if you want within a block to 1 up to 25 block before it confirms i choose the maximum to send because its cheap fee and i takes few minutes to receive so it is depends in your fee to increase your priority you should put your fee into maximum or even within 2 blocks before it is confirm it takes few minutes for me to receive.. but if you pay for lowest fee sometime it takes few hours to receive..

[john2231]

Before segwit added i experience of long time to confirm for every transaction in some free online wallet like coinbase . i think even in yobit when i was planning to transfer my funds to other trading site it takes a long time to confirm i notice in the transaction that there is a block lock before it confirm it takes few hours ago before i receive i notice the fee is low according to priority. so i think there is update for bitcoin transaction that is why i am halving again about transaction and now it increase the transaction fee for high priority.. i tested that even in free it fine for me but using blockchain and high fee it takes few minutes to receive..

[Qunenin]

Not a wait for a long time, it is just like cards using, and also when you use your ATM card, than off course you have wait, only 10 min less than and maximize. So same situation in bitcoin when you use in store and also when you will use in billing payment and other way, But i think should use it because it is different way and also should know the different technology.

[kiklo]

https://blockchain.info/

Height    Age    Transactions    Total Sent    Relayed By    Size (kB)
438677    3 minutes    2853    23,070.32 BTC    BTCC Pool    998.86
438676    36 minutes    294    870.02 BTC    GBMiners    749.19

33 minutes before it found 1 Block  



 

[michkima]

For me its fast enough. Let's remember; no one earns from any transaction. (The fees are just very minimal, and a lot of people share that) Unlike in banks, where every transaction the bank receives something that's why it's fast to send money through bank transfers. However, if you are transferring from one bank to anther, that is another story. Transferring money over to other banks will incur expensive transaction fees and will probably take long. Unlike in bitcoins; you can send money to anyone in the world for a minimal fee and with little wait time.

[red4slash]

first in 2014 when I began to recognize bitcoin, bitcoin transactions very fast .. maybe because its still a little bit, but now in addition to a large fee, bitcoin transactions are also counted slightly slowed from previous years..

[1Referee]

first in 2014 when I began to recognize bitcoin, bitcoin transactions very fast .. maybe because its still a little bit, but now in addition to a large fee, bitcoin transactions are also counted slightly slowed from previous years..

That's not true. First of all, transactions come through instant, it's the confirmation times that will make you wait. I am using Bitcoin since very early 2013, and there is no difference in confirmation times from my experience. Some times I had the luck to get 3 or 4 confirmations in 30 minutes, and some times I had to wait like +45 minutes in order to get a single confirmation. That's still the case for me.

However, in order to achieve the same, I have to include a significantly higher fee compared to how it was back in the days when I started with Bitcoin in 2013. I was sending transactions without any fees, and they got included in the first block nearly all the time. Right now it's completely different. Low value transactions without any fees are ignored directly.

Some months ago, I have sent 1BTC that was sitting like 6 months in my wallet without any fees, and it got confirmed after 11 blocks. I did the same with 0.10BTC that has been sitting in its wallet for about a week, but the result was that it didn't get confirmed at all. And it's not even dust. Pools nowadays make most of their decisions based on the financial benefit, and not based on which transaction gets more priority.

[jonahmarieaton101]

Actually the transactions for bitcoin is dependent upon the transactions making by the user. If the transaction is easy well it is a fast transaction but if the transaction is difficult of course it will take a long time to be done.