bitcoin transactions - Slow OR Fast

[mastica]

The transactions of bitcoin does happen instant, but the network confirmations usually takes from 20 minutes to some hours to get confirmed, due the possible to double spend bitcoins the merchants in the general wait for atleast 2-5 confirmations, this in the future might change to some seconds, atleast its expected to bitcoin achieve those.

[KingdomHearts]

bitcoin transactions very quickly, because we could do it anywhere at any time, just press the button on your laptop / mobile, if there is internet, we can directly do the transactions. Because that, bitcoin transactions is very fast

i agree with you that bitcoin transaction is really very fastest than other currency or other service and i just use bitcoin for online shopping or other transaction and i am that bitcoin transaction will be more faster in the future and i hope more people will be adopt the bitcoin.

[Mastsetad]

Indeed, the future of bitcoin is bright, in another 2-4 years it will be huge.

The slow confirms are not a problem.

The slow confirmation will be a problem if you're wanted the transaction to be done urgently but you need to wait for at least one confirmation which rarely takes more than 15 minutes for an average time needed for a transaction to be confirmed and luckily less than 15 minutes.

you're not considering it as a problem. that's okay. maybe you're not transacting so often hence you never really got the experience of waiting confirmation to arrive

Same case is with me, maybe because i don't do transactions so often so that is why i have never faced this thing, last night when i was topping up my mobile with bitrefill.com and when i sent the bitcoins to their address, it really surprised me when the transaction did not even take 5 minutes to get confirmed, i don't know why people face so many problems with transactions.

[bitkilo]

As always the transactions are instant but i have noticed that the last few days some transactions have been taking over 30min or more to receive the first confirmation, this is with a nice fee added amd the mempool below 10k waiting.

[Xester]

Indeed, the future of bitcoin is bright, in another 2-4 years it will be huge.

The slow confirms are not a problem.

The slow confirmation will be a problem if you're wanted the transaction to be done urgently but you need to wait for at least one confirmation which rarely takes more than 15 minutes for an average time needed for a transaction to be confirmed and luckily less than 15 minutes.

you're not considering it as a problem. that's okay. maybe you're not transacting so often hence you never really got the experience of waiting confirmation to arrive

To online transactions like purchasing online wherein it will take some time before they send you your items there is no problem. But when we use bitcoin in paying for a cup of coffee in a shop the long confirmation will be a big issue since some confirmation took a 2 to 3 hours time before it is completed. And so if you are a customer you will wait long before you can leave the shop. But another thing, if the shop owner is open minded after checking the blockchain you are allowed to go. But this issue of slow confirmation should not be left aside since big merchants see this as a problem.

[Text]

To online transactions like purchasing online wherein it will take some time before they send you your items there is no problem. But when we use bitcoin in paying for a cup of coffee in a shop the long confirmation will be a big issue since some confirmation took a 2 to 3 hours time before it is completed. And so if you are a customer you will wait long before you can leave the shop. But another thing, if the shop owner is open minded after checking the blockchain you are allowed to go. But this issue of slow confirmation should not be left aside since big merchants see this as a problem.

Then that is one of the disadvantage of bitcoin it terms of confirming transactions if it would be apply on offline shops and merchants. But it is not really a big issue because we can just wait the process and we know that it will be done. 

[Sir Legend]

If we compared to bank transactions, it is definitely the fastest is bitcoin. and with a very small cost, otherwise it is the sender's security is assured.

[TastyChillySauce00]

Indeed, the future of bitcoin is bright, in another 2-4 years it will be huge.

The slow confirms are not a problem.

The slow confirmation will be a problem if you're wanted the transaction to be done urgently but you need to wait for at least one confirmation which rarely takes more than 15 minutes for an average time needed for a transaction to be confirmed and luckily less than 15 minutes.

you're not considering it as a problem. that's okay. maybe you're not transacting so often hence you never really got the experience of waiting confirmation to arrive

To online transactions like purchasing online wherein it will take some time before they send you your items there is no problem. But when we use bitcoin in paying for a cup of coffee in a shop the long confirmation will be a big issue since some confirmation took a 2 to 3 hours time before it is completed. And so if you are a customer you will wait long before you can leave the shop. But another thing, if the shop owner is open minded after checking the blockchain you are allowed to go. But this issue of slow confirmation should not be left aside since big merchants see this as a problem.

well that's right that the merchant could do some steps to check whether the transactions are sent without any intention of cheating by seeing the transaction histories and the fees were spent for each transaction by the sender. but still the confirmation is needed if the merchants are seeking the safest way to deal with their customer.

[kiklo]

If we compared to bank transactions, it is definitely the fastest is bitcoin. and with a very small cost, otherwise it is the sender's security is assured.

If we compare it to placing a letter on a Turtle's Back , then yeah BTC is faster.



If we compare it to almost every other ALT Coin out there, BTC is slow as Shit.

 

[Fatanut]

If we compared to bank transactions, it is definitely the fastest is bitcoin. and with a very small cost, otherwise it is the sender's security is assured.

If we compare it to placing a letter on a Turtle's Back , then yeah BTC is faster.



If we compare it to almost every other ALT Coin out there, BTC is slow as Shit.

 

Well atleast bitcoin doesn't get raped by pump and dump scam. Most people accepts bitcoin primarily and wouldn't exert effort to create a wallet of an altcoin just to receive your payment. In most altcoins, you might be at 100 satoshis today but you can go 1 satoshi tomorrow. Both have their downside but I would prefer to wait for 10 minutes than to wake up just to find out you're now holding a huge amount of shit coin. But I guess you can always choose strong altcoins like ETH.

[kiklo]

Well atleast bitcoin doesn't get raped by pump and dump scam.

LOL, you paying over $700 for BTC right now,
on Jan 16th, 2015 you were paying ~$218,
On Nov 13, 2013 you were paying ~$1275 per coin. (Those guys are still in the hole.)

Looks like a Pump & Dump to me, Next Dump is due in late Jan 2017.  
Set your clock.


 

[bitkilo]

Well atleast bitcoin doesn't get raped by pump and dump scam.

LOL, you paying over $700 for BTC right now,
on Jan 16th, 2015 you were paying ~$218,
On Nov 13, 2013 you were paying ~$1275 per coin. (Those guys are still in the hole.)

Looks like a Pump & Dump to me, Next Dump is due in late Jan 2017.  

Those were the crazy days when people were still largely naive about such thing like digital currency hacks and exchange liquid btc assets.
I think you know very well that the rise up to $1275 per btc price was inflated by the bots at mtgox, things have settled down now, it’s called growing pains.

[Liang_Kubur]

One factor that makes the bitcoin transactions money different from the usual is the issue of speed. After I tried to send a few times, I thought of this the bitcoin is great and the most important is the small fee.

[Nevis]

Its not always slow most of the time it is fast and instant.It has the potential to be accepted on local stores even if the transactions may came slow because bitcoins once send the transaction cannot be cancelled unlike paypal

[Fatanut]

Well atleast bitcoin doesn't get raped by pump and dump scam.

LOL, you paying over $700 for BTC right now,
on Jan 16th, 2015 you were paying ~$218,
On Nov 13, 2013 you were paying ~$1275 per coin. (Those guys are still in the hole.)

Looks like a Pump & Dump to me, Next Dump is due in late Jan 2017. 
Set your clock.

Well I guess I am lucky because I started being really into bitcoins around March. The price has almost doubled since. Let's see what would happen in January 2017. I would most probably remember this post anyway. If you would consider price fluctuations as pump and dump of course it would seem like a non-stop pump and dump to you. I think it's only normal to see major price fluctuations. No one guaranteed that bitcoin will increase continuously with just very little dumps along the way.

[Positid]

Well atleast bitcoin doesn't get raped by pump and dump scam.

LOL, you paying over $700 for BTC right now,
on Jan 16th, 2015 you were paying ~$218,
On Nov 13, 2013 you were paying ~$1275 per coin. (Those guys are still in the hole.)

Looks like a Pump & Dump to me, Next Dump is due in late Jan 2017. 
Set your clock.

Well I guess I am lucky because I started being really into bitcoins around March. The price has almost doubled since. Let's see what would happen in January 2017. I would most probably remember this post anyway. If you would consider price fluctuations as pump and dump of course it would seem like a non-stop pump and dump to you. I think it's only normal to see major price fluctuations. No one guaranteed that bitcoin will increase continuously with just very little dumps along the way.

Correct, the pump and dump is very normal in bitcoin. I believe those who were able to invest for short term are already making a good profit now, while those who prefer to invest as long term will have to be faithful with bitcoin so the moment it will dump they will not panic.

[Betwrong]

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.

If I was a store owner I'd accept zero confirmation transactions from the people I know personally or from regular customers who I know wouldn't cheat. And by the way I think it's not so easy to execute a double spend, so I think if you are not selling very valuable things for BTC you should be okay even accepting zero confirmation transactions from complete strangers.

[novemberwoah]

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.

Yes you are right, to buy directly I think bitcoin is still not feasible because the transaction is relatively long. If the transaction directly on the bitcoin stores, we need a transaction about 5 minutes but with paper money transaction only a few seconds. It was not time efficient when using bitcoin.
But for online transactions, I think bitcoin can be very good, because for online transactions although bitcoin takes a few minutes I guess it does not matter.

[rickadone]

For me bitcoin transaction is a bit quite fast than before. There  is a problem right now about bitcoin transactions and this will take a couple of weeks before it is solved. This trouble happened before.

The transaction problem is existing from a long time and actually the problem is the confirmation of transaction, as we receive the confirmation with delay, otherwise the transaction of bitcoin is very fast, I think this problem must be solved on priority basis. As we do face problems when we are going to pay for shopping in our local shops as we have to wait till the transaction to be included after that new blocks to be mined out.

I personally was facing this but I have now made a habit of paying around .0005 bitcoins as a fees on each of my transactions and hence I now don't feel such issues too much, though I would love to pay even .002 btc and get instant confirmation, if possible somehow haha

[Zadicar]

For me bitcoin transaction is a bit quite fast than before. There  is a problem right now about bitcoin transactions and this will take a couple of weeks before it is solved. This trouble happened before.

The transaction problem is existing from a long time and actually the problem is the confirmation of transaction, as we receive the confirmation with delay, otherwise the transaction of bitcoin is very fast, I think this problem must be solved on priority basis. As we do face problems when we are going to pay for shopping in our local shops as we have to wait till the transaction to be included after that new blocks to be mined out.

I personally was facing this but I have now made a habit of paying around .0005 bitcoins as a fees on each of my transactions and hence I now don't feel such issues too much, though I would love to pay even .002 btc and get instant confirmation, if possible somehow haha

Depends on the situtation of bitcoin user if hes transaction are on rush then he should really pay the higest fee soo that the transaction would be prioritize and transactions would be fast but if you arent in a hurry then no fee or less fee would be okay since transfers are irreversible it would surely arrive on your wallet though.