bitcoin transactions - Slow OR Fast

[Ewinsane]

If we compare with other bank transactions Bitcoin transactions are very fast,  With in a few seconds you make a transaction, we will get a confirmation message.

yeah you are right that bitcoin transaction is very much faster than bank transaction because we can buy anything in few second and we can send our bitcoin in few second so bitcoin transaction is very much faster than other service or bank.

[bitbob82]

Bitcoin transactions are pretty fast to my guess .not so much like card transactions .hope when its popilarity increase more then it transactions will faster than it is now.

i think it changes from time to time. when the traffic increase on the networking then the transaction fell down to a low level. while other time the transaction remain too fast.

[shinratensei_]

If we compare with other bank transactions Bitcoin transactions are very fast,  With in a few seconds you make a transaction, we will get a confirmation message.

Nope, it's different. The confirmation always takes over 10 minutes which mean it will take along than rather than the bank transaction.
The bitcoin system is different with the bank system. The decentralized system will make bitcoin have a lot of nodes. The bank has used the centralized system and at the same time, they've become the trust nodes.
Just take a confirmation by the bank to get the transaction will be delivered.

[Mastsetad]

Bitcoin transactions are pretty fast to my guess .not so much like card transactions .hope when its popilarity increase more then it transactions will faster than it is now.

i think it changes from time to time. when the traffic increase on the networking then the transaction fell down to a low level. while other time the transaction remain too fast.

It probably depends on the traffic in transactions network, when there are a lot of transactions being processed at the same time then they take more time for confirmation, but if there aren't a lot of transactions in process at a time then a transaction might take less time.

[1982dre]

If we compare with other bank transactions Bitcoin transactions are very fast,  With in a few seconds you make a transaction, we will get a confirmation message.

No waiting days for transfers either, it's instant, how it should be.

Bitcoin is indeed instant but the problem is the confirmation. Without it, you can't do anything with it. Last months the queue with unconfirmed transactions grows way to big. I have seen 80k+ unconfirmed transactions. If you sent some bitcoin just before such queue with for that moment the right fee you are fucked up. I guess about the confirmation time they should increase the block size.

[Mr. Big]

I could say that it gets slower and slower, The other day, it took me few hours to receive my payment, and it is not like that before, it's taking too long now... Today, I send at around 2:00 PM Philippines time, and until now, it is still unconfirmed in the blockchain, I pay .0005 for the transaction fee and it is almost the same as paying small amount for it...  But it's okay, I'll just wait for it patiently, since I can't do anything to make it faster... 

[ged00u]

I could say that it gets slower and slower, The other day, it took me few hours to receive my payment, and it is not like that before, it's taking too long now... Today, I send at around 2:00 PM Philippines time, and until now, it is still unconfirmed in the blockchain, I pay .0005 for the transaction fee and it is almost the same as paying small amount for it...  But it's okay, I'll just wait for it patiently, since I can't do anything to make it faster... 

can not agree more. Bitcoin transaction is getting slower and slower over every year. I think the main reason is because the number of people using bitcoin increases which raises the number of transactions. This process makes the miners can not confirm all transactions at the time. I do not know what will happen if everyone on this planet uses Bitcoin. The transactions may be slower than ever.

[danherbias07]

I could say that it gets slower and slower, The other day, it took me few hours to receive my payment, and it is not like that before, it's taking too long now... Today, I send at around 2:00 PM Philippines time, and until now, it is still unconfirmed in the blockchain, I pay .0005 for the transaction fee and it is almost the same as paying small amount for it...  But it's okay, I'll just wait for it patiently, since I can't do anything to make it faster... 

can not agree more. Bitcoin transaction is getting slower and slower over every year. I think the main reason is because the number of people using bitcoin increases which raises the number of transactions. This process makes the miners can not confirm all transactions at the time. I do not know what will happen if everyone on this planet uses Bitcoin. The transactions may be slower than ever.

Yeah with a lot of transaction going on it cannot be handled. Same with computers which if you happened so many application it slows down. Are those who confirm this transactions can be enlarged? It is the miners right?

[sadiq basha]

Bitcoin transactions are normal but the time taken for confirmation message of that transaction is more. It has to be solved otherwise buying goods in shops using bitcoins would remain only as a dream.

[pinoycash]

Most of my transaction got confirmation within 15 mins upto 1 hour after sending, i hardly experience waiting more than 1 hour for a transactions to confirm, im using coinpayments and coins.ph as wallet and works fast

[1Referee]

Bitcoin transactions are normal but the time taken for confirmation message of that transaction is more. It has to be solved otherwise buying goods in shops using bitcoins would remain only as a dream.

It won't be solved as in block times getting lowered. In some cases your transation will also get accepted without any fees, but that's mostly only the case when you purchase digital goods that can be withdrawn by the merchant in question. That being said, Bitcoin is not the ultimate currency tool that you can use for your daily shopping needs. Just keep using fiat as that offers a far better/faster payment experience. Bitcoin usage nowadays has to come from people looking to use Bitcoin as store of value, or as an investment tool.

[Mr. Big]

I could say that it gets slower and slower, The other day, it took me few hours to receive my payment, and it is not like that before, it's taking too long now... Today, I send at around 2:00 PM Philippines time, and until now, it is still unconfirmed in the blockchain, I pay .0005 for the transaction fee and it is almost the same as paying small amount for it...  But it's okay, I'll just wait for it patiently, since I can't do anything to make it faster... 

can not agree more. Bitcoin transaction is getting slower and slower over every year. I think the main reason is because the number of people using bitcoin increases which raises the number of transactions. This process makes the miners can not confirm all transactions at the time. I do not know what will happen if everyone on this planet uses Bitcoin. The transactions may be slower than ever.

Yeah with a lot of transaction going on it cannot be handled. Same with computers which if you happened so many application it slows down. Are those who confirm this transactions can be enlarged? It is the miners right?

Just to update you guys, after five hours, I now see one confirmation in my tx...It's too long, I think there is something that makes the confirmation too long, maybe there's really so many transactions, I don't know, I am not sure since I am not expert at this but,  is this a sign that we need a much bigger transaction fee so it will be confirmed fast?

[Lauda]

Yeah with a lot of transaction going on it cannot be handled. Same with computers which if you happened so many application it slows down.

Analogy is flawed, stop posting nonsense.

Are those who confirm this transactions can be enlarged? It is the miners right?

Read this: English Grammar for Dummies.

That being said, Bitcoin is not the ultimate currency tool that you can use for your daily shopping needs. Just keep using fiat as that offers a far better/faster payment experience. Bitcoin usage nowadays has to come from people looking to use Bitcoin as store of value, or as an investment tool.

I disagree unless you're talking about 'fiat' as in cash only. Compare the speed of SEPA transactions, international bank transfers (et. al.) to Bitcoin transfers, and you will see how superior it truly is.

Just to update you guys, after five hours, I now see one confirmation in my tx...It's too long, I think there is something that makes the confirmation too long, maybe there's really so many transactions, I don't know, I am not sure since I am not expert at this but,  is this a sign that we need a much bigger transaction fee so it will be confirmed fast?

It's quite simple: Your included fee rate in satoshis/byte is under the recommended. You can see the required information here. You don't need to be any kind of tech expert, you just need to use your brain (that is for those that have one).

[1Referee]

I disagree unless you're talking about 'fiat' as in cash only. Compare the speed of SEPA transactions, international bank transfers (et. al.) to Bitcoin transfers, and you will see how superior it truly is.

I was pointing at doing daily shoppings in physical stores. In that regard, fiat through cash, or fiat through payment via NFC with phone or bank card are superior. Benefits are that everything is instant, no fees involved, people enjoy insured payments, etc. If you look at Bitcoin when it comes to transferring money from one point to another, then yes, it's surely superior to what fiat related infrastructures can offer.

[Tanic]

Most of my transaction got confirmation within 15 mins upto 1 hour after sending, i hardly experience waiting more than 1 hour for a transactions to confirm, im using coinpayments and coins.ph as wallet and works fast

I thought if you work for YoBit campaign you use that site for your transactions 
I use YoBit and there all operations are fast. The maximym that I was waiting is like 30 mins when my friend transferred to me like 0,5 BTC. With little ammounts everything happen for a minute.

[Harlot]

Most of my transaction got confirmation within 15 mins upto 1 hour after sending, i hardly experience waiting more than 1 hour for a transactions to confirm, im using coinpayments and coins.ph as wallet and works fast

I thought if you work for YoBit campaign you use that site for your transactions 
I use YoBit and there all operations are fast. The maximym that I was waiting is like 30 mins when my friend transferred to me like 0,5 BTC. With little ammounts everything happen for a minute.

Yobit is a trading cryptocurrency site. I have no experience with Yobit but maybe you are talking about direct sharing of Bitcoin. The thread is talking about Wallet to wallet transactions which is usually slower. Right now my fastest was 1 hour. But it does not concern me as I don't spend it after all. It can be considered slow for people who have businesses.

[genos]

I thought if you work for YoBit campaign you use that site for your transactions 
I use YoBit and there all operations are fast. The maximym that I was waiting is like 30 mins when my friend transferred to me like 0,5 BTC. With little ammounts everything happen for a minute.

Yeah you only sent that amount not wrong if the transactions confirmation is around 30 minutes. Because the amount of bitcoin you send have the impact to how long the confirmation .

[millgates]

Bitcoin transaction is fast, just compare it with banks money transfer that really difficult and high fee. Also bitcoin transaction is the most practicaly that I ever know.

[virusasog]

Bitcoin transaction is fast, just compare it with banks money transfer that really difficult and high fee. Also bitcoin transaction is the most practicaly that I ever know.

I do not know why you comparing the bitcoins with the banks. If you have faster bitcoin transaction means simply make high fees on that transaction. That would move faster. Personally I would suggest you use the minimum amount as fees. Maximum 20 to 40 minutes would be transaction time.q

[Rinder]

Bitcoin transactions are normal but the time taken for confirmation message of that transaction is more. It has to be solved otherwise buying goods in shops using bitcoins would remain only as a dream.

I dont see why you saying make any shop with bitcoin will remain a dream, you know you can get a debit card use your bitcoin balance to make the payments, i dont know where those card will be accepted, but i do remember to someone went into market and pay with his card of bitcoin. I do understand you do wanna to pay directly with your phone, get the code and transfer the bitcoins, but those will require extra time, and at the moment the confirmations might be an issue since the money can be double spent.