bitcoin transactions - Slow OR Fast

[Itty Bitty]

I just sent some bitcoin and in 12 minutes there were 5 confirmations. Checked on blockchain.info and between 2016-12-11 12:42:10 and  2016-12-11 13:41:39 (barely 1 hour), there were 16 blocks found!

Is that unusual? Statistical fluke? Exahashes gone wild?

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[warwar]

bitcoin transaction speed today is very different from the first. Well, this time the speed is somewhat reduced. perhaps it is because more and more users bitcoin.

Bitcoin transactions come through instantly. Not sure why people still mix up transaction speed with the time a transaction needs to get confirmed. The number of users has gone up while the blocks are still capped at 1MB. Pools have to make a decision based on the financial gain. Transactions with the highest fees get included in found blocks, everything else will need to wait for other pools to get picked up.

Because unconfirmed transaction are not accepted in most places. Your balance gets updated once the transaction gets a certain number of confirmations (usually at least one), until then you can't use the service.
An example here could be bitcoin casinos, where you can play only after your transfer has been confirmed and in many cases also manually accepted by someone and added to your current balance.

I understand what you say, but waiting for a confirmation and transaction speed are still different things. Services requiring you to wait for your transactions to confirm is not a problem of the network but more the services themselves. I mostly send out transactions in small amounts, but the receiver sees the coins show up in his wallet instantly. And yes, in some cases certain services or casinos don't show them in your balance, but the coins are sent by the network, and sit in the wallets of the receiver instantly.

well you are right sort of some instances like casinos your deposit really doesn't appear after you send it it requires an minute or hour. Well sending to another wallet is fast unlike that one because it is direct but as of now it is slow and not as fast unlike before. I think there is something wrong in the blockchain but I know they could fix that . But there is no prblem at all because you can receive it later on

[michnelli6]

In the past month we had around 8 bitcoin transactions that took nearly 24 hours to confirm so it was very nerve wracking to say the least, but in the end they did finally reach their destination in tact. We are just paying more in miner's fees now to make sure they get transferred in reasonable time.

Honestly if I am doing a 8 bitcoins transaction then for sure I would pay 0.005 btc fees and hence have issues for getting the confirmation. People are used to of paying the normal 0.0001 fees but guys the fees has now a new standard which is 0.0002 or pay as per the size of it.
In simple and short, pay 0.0005 each transaction you make and you will have much quicker confirms.

[geopolisch]

the transaction of bitcoin is very fast compare to other currency this is a transaction you can carry out at your own convenient using your mobile phone but if off late the transaction is not fast as it use to be before now i think they will have to do something about it.

If you compare Bitcoin to other currencies, Bitcoin is definitely the fastest currencies because it is created digitally and used on the Internet. However, Bitcoin is not always fast like you think. Sometimes, unusually, when man does not charge the sending fee, transaction can be forever unconfirmed.

bitcoin is fast compared to fiat but only if you count chargeback time, because fiat is instant but they have the backup of visa and mastercard so they can accept "zero confirmation without probnlem", if you compare it to other altcoin bitcoin is slow, but it has less orphan because of the higher block time

And actually slow confirmations never bothered me at all because most of the people provide you the item you paid bitcoins for if you have paid proper transaction fees and now a days gambling sites like bitsler are accepting deposits without any confirmations. So, where exactly you need confirmations ? Yes surely confirmations is a issue if you send with low fees.

[naidray]

bitcoin transaction speed today is very different from the first. Well, this time the speed is somewhat reduced. perhaps it is because more and more users bitcoin.

Bitcoin transactions come through instantly. Not sure why people still mix up transaction speed with the time a transaction needs to get confirmed. The number of users has gone up while the blocks are still capped at 1MB. Pools have to make a decision based on the financial gain. Transactions with the highest fees get included in found blocks, everything else will need to wait for other pools to get picked up.

That's the beauty of the system because if someone needs urgent confirmation or say quick confirmation they can pay a little higher fees than usual and enjoy the luxury of getting confirmed within next block while someone who does not have such urgency can pay the normal fees and get confirmed normally. And guys which other payment method allows you to do so ? (I mean pay less when less need and pay more when need of confirmation is urgent)

[angaper]

Nothing in this world is perfect, and perhaps this is one of the little limitations that I find in the use of bitcoins as a regular currency, but comparing the great advantages of the blockchain to ensure our transactions and protect our anonymity, I still think this relative slowness is still acceptable.

[Viviyang]

It depends on how much transaction fees you are giving and apart from that if their is heavy transaction traffic on the blockchain network then the transaction gets delay in confirmation . If you have payed the correct transaction fees , then it will take very less time to get confirmation.

[BlockEye]

bitcoin transaction speed today is very different from the first. Well, this time the speed is somewhat reduced. perhaps it is because more and more users bitcoin.

Bitcoin transactions come through instantly. Not sure why people still mix up transaction speed with the time a transaction needs to get confirmed. The number of users has gone up while the blocks are still capped at 1MB. Pools have to make a decision based on the financial gain. Transactions with the highest fees get included in found blocks, everything else will need to wait for other pools to get picked up.

That's the beauty of the system because if someone needs urgent confirmation or say quick confirmation they can pay a little higher fees than usual and enjoy the luxury of getting confirmed within next block while someone who does not have such urgency can pay the normal fees and get confirmed normally. And guys which other payment method allows you to do so ? (I mean pay less when less need and pay more when need of confirmation is urgent)

Right it can be an advantage that we can be picked first and be accommodate seems like a special treatment to do it we need give extra or higher the fees to be able to get the confirmation we needed ASAP. But still I'm hoping that there'll be no specially treatment we will just need to pay the right amount and be accompanied a accordingly.

[OROBTC]

In the past month we had around 8 bitcoin transactions that took nearly 24 hours to confirm so it was very nerve wracking to say the least, but in the end they did finally reach their destination in tact. We are just paying more in miner's fees now to make sure they get transferred in reasonable time.

Honestly if I am doing a 8 bitcoins transaction then for sure I would pay 0.005 btc fees and hence have issues for getting the confirmation. People are used to of paying the normal 0.0001 fees but guys the fees has now a new standard which is 0.0002 or pay as per the size of it.
In simple and short, pay 0.0005 each transaction you make and you will have much quicker confirms.

Yep.  Essentially ALL of my Bitcoin transactions are "important", so I pay up, typically BTC0.0002, sometimes more, sometimes less.  Depending on size of transaction and how fast I want it confirmed (usually fast, I'm a busy guy).

Even BTC0.0005 is not all that much is US$: $0.38 or so, if important enough to merit fastest service from the miners.  38 cents is nothing.

[Skarner21]

In the past month we had around 8 bitcoin transactions that took nearly 24 hours to confirm so it was very nerve wracking to say the least, but in the end they did finally reach their destination in tact. We are just paying more in miner's fees now to make sure they get transferred in reasonable time.

Honestly if I am doing a 8 bitcoins transaction then for sure I would pay 0.005 btc fees and hence have issues for getting the confirmation. People are used to of paying the normal 0.0001 fees but guys the fees has now a new standard which is 0.0002 or pay as per the size of it.
In simple and short, pay 0.0005 each transaction you make and you will have much quicker confirms.

Yep.  Essentially ALL of my Bitcoin transactions are "important", so I pay up, typically BTC0.0002, sometimes more, sometimes less.  Depending on size of transaction and how fast I want it confirmed (usually fast, I'm a busy guy).

Even BTC0.0005 is not all that much is US$: $0.38 or so, if important enough to merit fastest service from the miners.  38 cents is nothing.

0.0002 sat is not enough if you get above 200 bytes sometimes i am getting 800 or 900/b and 20k sat it takes longer time to receive.
But above 20k or if you are paying 50k sat it is more fast to be approve than the 20k fee.
The problem is we ca not know if our transaction will be high size or not.. 
Do you think there is a way to know it?

[agamasrori]

It depends on how much transaction fees you are giving and apart from that if their is heavy transaction traffic on the blockchain network then the transaction gets delay in confirmation . If you have payed the correct transaction fees , then it will take very less time to get confirmation.

Yeah, there are already two choice. People who wants faster transaction can choose to pay higher fee. But customer always choose lowest fee cost. I hope bitcoin transaction can get faster, couse I think its still litle bit slow.

[TastyChillySauce00]

In the past month we had around 8 bitcoin transactions that took nearly 24 hours to confirm so it was very nerve wracking to say the least, but in the end they did finally reach their destination in tact. We are just paying more in miner's fees now to make sure they get transferred in reasonable time.

Honestly if I am doing a 8 bitcoins transaction then for sure I would pay 0.005 btc fees and hence have issues for getting the confirmation. People are used to of paying the normal 0.0001 fees but guys the fees has now a new standard which is 0.0002 or pay as per the size of it.
In simple and short, pay 0.0005 each transaction you make and you will have much quicker confirms.

Yep.  Essentially ALL of my Bitcoin transactions are "important", so I pay up, typically BTC0.0002, sometimes more, sometimes less.  Depending on size of transaction and how fast I want it confirmed (usually fast, I'm a busy guy).

Even BTC0.0005 is not all that much is US$: $0.38 or so, if important enough to merit fastest service from the miners.  38 cents is nothing.

0.0002 sat is not enough if you get above 200 bytes sometimes i am getting 800 or 900/b and 20k sat it takes longer time to receive.
But above 20k or if you are paying 50k sat it is more fast to be approve than the 20k fee.
The problem is we ca not know if our transaction will be high size or not.. 
Do you think there is a way to know it?

To calculate the transactions' size had been discussed in this link : http://bitcoin.stackexchange.com/questions/1195/how-to-calculate-transaction-size-before-sending , Though you don't really need to calculate the exact size of a transaction if the wallets you were using have had a automated fees. it will calculate the size itself and determine the recommended fees for the transaction

[Khailerdaz]

Bitcoin transaction is fast because nothing impossible in technology. If someone gives you a bitcoin, you can easily convert it into something. In bitcoin transactions, it needs some of our real information to verify our identity.

[jossiel]

Bitcoin transaction is fast because nothing impossible in technology. If someone gives you a bitcoin, you can easily convert it into something. In bitcoin transactions, it needs some of our real information to verify our identity.

Yes surely it is fast but it depends on the miners fee you got because when you are going to send some bitcoins and the miners you paid is not that acceptable.

Then the miners will put your transaction into the last queue and they will prioritize those transactions that has acceptable and paid miners fee.

So that's the reason why sometimes our transactions are slow.

[Evansloin]

Some are fast and some are slow its really depending on the fee' you are using to be hones, I have sometimes fast confirms but also sometimes very slow.

[Positid]

Bitcoin transaction is fast because nothing impossible in technology. If someone gives you a bitcoin, you can easily convert it into something. In bitcoin transactions, it needs some of our real information to verify our identity.

Yes surely it is fast but it depends on the miners fee you got because when you are going to send some bitcoins and the miners you paid is not that acceptable.

Then the miners will put your transaction into the last queue and they will prioritize those transactions that has acceptable and paid miners fee.

So that's the reason why sometimes our transactions are slow.

There are really times that the transactions are slow even if you choose to pay a bigger fee. But so far, it's satisfying to me.

[carlisle1]

Bitcoin transaction is fast because nothing impossible in technology. If someone gives you a bitcoin, you can easily convert it into something. In bitcoin transactions, it needs some of our real information to verify our identity.

Yes surely it is fast but it depends on the miners fee you got because when you are going to send some bitcoins and the miners you paid is not that acceptable.

Then the miners will put your transaction into the last queue and they will prioritize those transactions that has acceptable and paid miners fee.

So that's the reason why sometimes our transactions are slow.

There are really times that the transactions are slow even if you choose to pay a bigger fee. But so far, it's satisfying to me.

lol i think so, It is not actually depending on the amount you are about to send and it seems you are still on the fair queue because they are not relying on the amount that you have transact but at the time that you have made a transaction so meaning to say it is not often Fast or Slow if you unfortunately chased the last queue then you really have to wait .

[thejaytiesto]

I just made a bitcoin transaction to make a payment, and it went smooth, the average 10 minutes for the confirmation to happen was there as always. I used bitcoin core's recommended fee. I only ever had a problem when it was during a massive ddoss spam attack, other than that during normal usage I have never had any delays. I think the problem is because people using wallets that don't recommended the proper fee.

[ardentvolcanoes]

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.

lol it is just like you are on the grocery and you are about pay for the stuffs that you are going to buy but you seems to be on the long queue so you really have to wait until you get near to the cashier then it is almost the same with the bitcoin transaction you often got stuck on the long queue because you are not the only person who makes a bitcoin transaction time to time although the transactions are not steady on the fast processing but still it satisfies most of the users and I think that transaction process will be improved in the future .

[RodeoX]

It's worth remembering that bitcoin is the fastest way to send money. Credit cards take days or weeks to confirm and are rife with fraud. When I order something online, a vendor can wait for confirmation that normally takes minutes. Then the vendor can ship with absolute certainty of payment. Unlike a card, the vendor has money, not the promise of future money, but the actual money.