bitcoin transactions - Slow OR Fast

[bitkilo]

I say Slow Wins the Argument Now:

https://bitcointalk.org/index.php?topic=1689151.msg16952006#msg16952006

What is the normal amount of bitcoins transactions in queue? Currently it is close to 30000 transactions.
I have a transaction waiting for over 16 hours now. It has a fee, so am I guarenteed that it will be confirmed?

view the queue length here
https://blockchain.info/unconfirmed-transactions

 

FYI:
Average Block is holding between 1400 & 2600 transactions,
blockspeed of 10 minutes

Ok I'll let you say bitcoin is slow today but this is a rare occurrence, my transaction quoted above still has not confirmed.
If i had control over that tx i would have checked the charts first and added the appropriate fee, that is another problem with online wallets that they don't update their fee structures often enough.

But on the bright side the transaction did appear instantly lile always and will still be available quicker than a bank transfer.

[kiklo]

I say Slow Wins the Argument Now:

https://bitcointalk.org/index.php?topic=1689151.msg16952006#msg16952006

What is the normal amount of bitcoins transactions in queue? Currently it is close to 30000 transactions.
I have a transaction waiting for over 16 hours now. It has a fee, so am I guarenteed that it will be confirmed?

view the queue length here
https://blockchain.info/unconfirmed-transactions

 

FYI:
Average Block is holding between 1400 & 2600 transactions,
blockspeed of 10 minutes

Ok I'll let you say bitcoin is slow today but this is a rare occurrence, my transaction quoted above still has not confirmed.
If i had control over that tx i would have checked the charts first and added the appropriate fee, that is another problem with online wallets that they don't update their fee structures often enough.

But on the bright side the transaction did appear instantly lile always and will still be available quicker than a bank transfer.

Everything is available quicker than a bank transfer.
Alts are way faster, my favorite ZEIT has 20X the transactions capacity of BTC in 10 Minutes, but far be it from me to try an change a man's religion in Bitcrap. 

 

[Juggy777]

Currently I see Bitcoin transactions very slow, so to expect it at a grocery store would be crazy. It's take sometimes very long for money to come. Until they can figure it out, I really doubt. Maybe later on with new and new technology it could. But at current rate not possible.

[mirakal]

I say Slow Wins the Argument Now:

https://bitcointalk.org/index.php?topic=1689151.msg16952006#msg16952006

What is the normal amount of bitcoins transactions in queue? Currently it is close to 30000 transactions.
I have a transaction waiting for over 16 hours now. It has a fee, so am I guarenteed that it will be confirmed?

view the queue length here
https://blockchain.info/unconfirmed-transactions

 

FYI:
Average Block is holding between 1400 & 2600 transactions,
blockspeed of 10 minutes

Ok I'll let you say bitcoin is slow today but this is a rare occurrence, my transaction quoted above still has not confirmed.
If i had control over that tx i would have checked the charts first and added the appropriate fee, that is another problem with online wallets that they don't update their fee structures often enough.

But on the bright side the transaction did appear instantly lile always and will still be available quicker than a bank transfer.

True, the fact that we can see the transaction appear in the blockchain though it was just unconfirm it already give us a comfortable feeling that our transaction was recognize, if that is not for emergency then there's no problem to wait for it to be confirm even a day.

[bitkilo]

Currently I see Bitcoin transactions very slow, so to expect it at a grocery store would be crazy. It's take sometimes very long for money to come. Until they can figure it out, I really doubt. Maybe later on with new and new technology it could. But at current rate not possible.

Bitcoin was not designed for over the counter payments, it's an online currency and people need to see it as that.
If you want to spend your bitcoins in a shop then use a btc debit card.

[kiklo]

Currently I see Bitcoin transactions very slow, so to expect it at a grocery store would be crazy. It's take sometimes very long for money to come. Until they can figure it out, I really doubt. Maybe later on with new and new technology it could. But at current rate not possible.

Bitcoin was not designed for over the counter payments, it's an online currency and people need to see it as that.
If you want to spend your bitcoins in a shop then use a btc debit card.

Have you guys ever considered what happens when the poor or middle class are unable to afford the extra fees to send BTC?
I mean BTC need every transaction per block possible and the last block # 440052
for 12.50 BTC by    HaoBTC has only 1 transaction in it. 


 

[danherbias07]

Currently I see Bitcoin transactions very slow, so to expect it at a grocery store would be crazy. It's take sometimes very long for money to come. Until they can figure it out, I really doubt. Maybe later on with new and new technology it could. But at current rate not possible.

Bitcoin was not designed for over the counter payments, it's an online currency and people need to see it as that.
If you want to spend your bitcoins in a shop then use a btc debit card.

Have you guys ever considered what happens when the poor or middle class are unable to afford the extra fees to send BTC?
I mean BTC need every transaction per block possible and the last block # 440052
for 12.50 BTC by    HaoBTC has only 1 transaction in it. 


 

I am one of the poor sides. I do think of this all of the time. That is why I am doing every transaction in a bigger amount with low fees, although it takes time I dont really mind it. As long as it will still go to my other account. But this will be a problem as we progress and I hope there will be a solution for this for some might consider this inconvenient.

[Velkro]

I would say fast enough for me currently, but there are cases it takes couple hours.
Then its impossible to use it in many diffirent situations (selling/buying)

[kiklo]

Everyone BoyCott BTC for 24 hours because of the Ignored Transaction Problems
https://bitcointalk.org/index.php?topic=1690300.0



 

[groll]

Everyone BoyCott BTC for 24 hours because of the Ignored Transaction Problems
https://bitcointalk.org/index.php?topic=1690300.0



 

I think this proposal is good for the community. If bitcoin transactions are becoming slow because there's a traffic of ignored transactions out there, then others should give way even just for some couple of hours so that the older transactions would be processed and be completed and the ongoing transactions could move on. By this i think there could be an improvement on the pacing of bitcoin transactions.

[Positid]

Everyone BoyCott BTC for 24 hours because of the Ignored Transaction Problems
https://bitcointalk.org/index.php?topic=1690300.0



 

I can't do that brother, I have transactions daily with bitcoin and it's business for me. If I do that I will not earn for one day, so sorry not to participate. Anyway, what happen to the link, seems not working anymore.

[kiklo]

Everyone BoyCott BTC for 24 hours because of the Ignored Transaction Problems
https://bitcointalk.org/index.php?topic=1690300.0



 

I can't do that brother, I have transactions daily with bitcoin and it's business for me. If I do that I will not earn for one day, so sorry not to participate. Anyway, what happen to the link, seems not working anymore.

Censored because they were afraid of it.
If it was your business, I understand it did not have to be everyone , but a good # would have sent a message
Boycott of BTC is still on for 24 hours for all that can.


 

[hawkins]

I think it's been quite a lot of problems on bitcoin transaction, even though it is still fast, but very much hampered by the length of the activity that occurs confirmation. yeah, but I think it is a normal thing, because bitcoin users also are more and more, so no wonder it will slow down the transaction, because there will probably be hundreds or even thousands of transactions per second

[Fatanut]

Everyone BoyCott BTC for 24 hours because of the Ignored Transaction Problems
https://bitcointalk.org/index.php?topic=1690300.0



 

I can't do that brother, I have transactions daily with bitcoin and it's business for me. If I do that I will not earn for one day, so sorry not to participate. Anyway, what happen to the link, seems not working anymore.

Censored because they were afraid of it.
If it was your business, I understand it did not have to be everyone , but a good # would have sent a message
Boycott of BTC is still on for 24 hours for all that can.


 

Or maybe they just don't want to see a spammy thread? There has been some times when the bitcoin transaction is slow, and you're going to sell all of your coins just because of that? Please upload some pictures proving that you're actually boycotting bitcoins. I bet you can't. It's so immature to think that you should leave the bitcoin community just because it took you longer than expected to send or receive your coins.

For what it's worth, no one would support that idea. At least not for now.

[Doamader]

Looks wizzard for me someone ask to boycott bitcoin, because its finding some issues with the confirmations, this is the second time that happens, instead attack bitcoin we need some solution to clean all transactions and hold the ammount of transactions that should grow over the next years with the community of bitcoin.

[kiklo]

Or maybe they just don't want to see a spammy thread? There has been some times when the bitcoin transaction is slow, and you're going to sell all of your coins just because of that? Please upload some pictures proving that you're actually boycotting bitcoins. I bet you can't. It's so immature to think that you should leave the bitcoin community just because it took you longer than expected to send or receive your coins.

For what it's worth, no one would support that idea. At least not for now.

Or maybe they were afraid it would happen, who knows, the only thing I know for certain is they censored the primary topics created for it, thus making sure it gained no massive movement.

Pictures  
Pictures can be faked Genius.

Aside from my word, unless I give you all of my exchange info & passwords would be the only way for you to really know for certain.
And I don't give personal info to strangers so put your candy away, Mr. Stranger.  
So take my word or take nothing , because your opinion really does not matter to me.

I did need to buy some altcoins, but I purchased ETH with US$ and converted it to LTC instead.
(You act like there are no other options.)

Also you don't know jack about me, if you did you would know, I don't hold Bitcrap as an investment.
I trade Alts because they have a higher reward potential than BTC,
Alts can increase or decrease 2X to 5X easy,  that ship sailed for BTC years ago.
Fact: BTC highest Price of ~$1275 was on Nov 13, 2013,  and now it is still under $800 , it has been in the hole for over 3 years, only the miners are making a good profit on it.

 

[kiklo]

BTC Transactions Congestion Problems  

Simulation Example
each block has 1 MB of transactions with a theoretical Limit of 4200 transactions per block with a 10 minute BlockSpeed , [] is a block
One Hour of Blocks
[1] 10 minutes [1] 10 minutes [1] 10 minutes [1] 10 minutes [1] 10 minutes [1] 10 minutes
6 Blocks * 4200 Transactions =  25200 Maximum Theoretical Transactions per Hour

BTC Transactions Congestion Solutions  

Simulation Example Updated with Larger BlockSize and Shorter BlockSpeed
each block has 2 MB of transactions with a theoretical Limit of 8400 transactions per block with a 2½ minute BlockSpeed , [] is a block
One Hour of Blocks
[2] 2½ minutes [2] 2½ minutes [2] 2½ minutes [2] 2½ minutes
[2] 2½ minutes [2] 2½ minutes [2] 2½ minutes [2] 2½ minutes
[2] 2½ minutes [2] 2½ minutes [2] 2½ minutes [2] 2½ minutes
[2] 2½ minutes [2] 2½ minutes [2] 2½ minutes [2] 2½ minutes
[2] 2½ minutes [2] 2½ minutes [2] 2½ minutes [2] 2½ minutes
[2] 2½ minutes [2] 2½ minutes [2] 2½ minutes [2] 2½ minutes

24 Blocks * 8400 Transactions = 201600 Maximum Theoretical Transactions per Hour

Compare Updated Simulation with Original
201600 / 25200  = 8
Updated Version can handle 8X the Transaction Capacity.  

Now the educated asshats that live in these forums will tell you it can't work or it is a security risk, (They are Lying!)
Real World Examples.
PoW coin LTC has a 2½ minute block time with no problems whatsoever from it.
In Fact Chinese Mining Pools are over 51% of the BTC Hash rate , and are also over 51% of the LTC Hashrate.
In Fact some alts run at a 30 second blockspeed.
Oh, they also will complain, it will affect the Block Reward and Halving Dates,
(All of that are Variables that can be modified to compensate for the changes)

If they lower the Blockspeed,
then they will have to increase the Final Supply Number of Bitcoins or allow it to get to the Final Supply Number 4X faster than it would have.

If they only increase the BlockSize ,
then the Block rewards and halving dates are not affected, and will not need modification.
But Transactions grow will be directly proportional to the increase in BlockSize.
IE: 2 MB Block only Double the Transaction Capacity
     8 MB Blocks would increase by 8X also  

 

[myparentsdisownedme]

I think it will be a long time until they are accepted in normal stores

Cities will probably adapt first though

[Sweetbtc]

Currently I see Bitcoin transactions very slow, so to expect it at a grocery store would be crazy. It's take sometimes very long for money to come. Until they can figure it out, I really doubt. Maybe later on with new and new technology it could. But at current rate not possible.

I guess not all the grocery store would be crazy because they are not all using bitcoin rather put some specification on that, some will get on trouble if so, but I guess bitcoin is in good condition right now

[mastica]

This is something bitcoin core must take care, this year is the second time the transactions taking too many time to get confirmed into the network, some people are saying its China influence over the miners, making the transactions be as pending. This must change on the next years to avoid this problem, since a delay like this that were hours expecting can damage bitcoin business.