bitcoin transactions - Slow OR Fast

[carlerha]

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

some time it really take a little time to conform but when the traffic increases then the conformation take a lot of tie some time it take hours to complete one conformation. i think this process must to be make more fast.

[Bestwishes745]

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 think it currently do not have any issue for the shops as some of the companies accept bitcoin with zero confirmation but if a problem of zero confirmation started then people will want for 1 confirmation. The developers have to work for the purpose that they device a tool for bitcoin technology that first confirmation is completed as soon as possible without any delay.

[richardsNY]

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 think it currently do not have any issue for the shops as some of the companies accept bitcoin with zero confirmation but if a problem of zero confirmation started then people will want for 1 confirmation. The developers have to work for the purpose that they device a tool for bitcoin technology that first confirmation is completed as soon as possible without any delay.

It's not merchants but the payment processors such as BitPay that make up the rules of how they accept and rank incoming transactions. In case of a low amount valued at around ~$20 then with a proper fee (according to current network situation), then it will get accepted instantly without the need to wait for confirmations to come through. For online payments it's not really a big deal to wait for that confirmation, but when you're standing infront of the checkout desk in a store, then it's completely different.

[serjent05]

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

20 to 40 minutes of transaction confirmation is not an ideal for offline transaction such as buying items in groceries, etc. Just imagine how long will the lane gets when every person have to wait  that long in their transaction.  This is the main reason why merchant are hesitant to accept  Bitcoin in their offline shop.

[Superways]

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.

But nowadays if you look at the shops you will find that even in third world countries people like to use digital system of payment (for example bank cards) even in local shops which have ATM for the reason of security and as these cards are from banks so they have a good fees. In that case if people know about bitcoin then they will adopt it for their shops because bitcoin is a digital currency with digital way of payment and do not involve any third party and is available with lowest fees.

[Viakor]

Most of the times they go fast due to the fact that its easy to send them and I use a standard fee so they are arriving pretty fast!

[agamasrori]

Most of the times they go fast due to the fact that its easy to send them and I use a standard fee so they are arriving pretty fast!

We can send our money with low fee. Although we have to wait atleast 10 minute to complete the transaction but I am fine with that. Atleast I do not have to do difficult prosedur to send my money such as when I transfer my money using paypal or bank transfer.

[Babayega31]

Most of the times they go fast due to the fact that its easy to send them and I use a standard fee so they are arriving pretty fast!

Yes I agree, we can send our money with low fee. Although we have to wait atleast 10 minute to complete the transaction but I am fine with that. Atleast I do not have to do difficult prosedur to send my money such as when I transfer my money using paypal or bank transfer.

Bitcoin transaction is really fast and hassle free as my own experience transacting using my online wallet i never encounter more than 5 mins processing and it amazed me a lot. That time I am sending money to my friend which owe an amount of btc from me in just less than  a minute the amount is already sent and confimed.

[1Referee]

But nowadays if you look at the shops you will find that even in third world countries people like to use digital system of payment (for example bank cards) even in local shops which have ATM for the reason of security and as these cards are from banks so they have a good fees. In that case if people know about bitcoin then they will adopt it for their shops because bitcoin is a digital currency with digital way of payment and do not involve any third party and is available with lowest fees.

Merchants have no interest in accepting Bitcoin as form of payment without a third party payment provider in between. Mainly due to the fact that there is plenty of volatility that they will be exposing themselves to. That's why it's a safe bet for them to use a payment provider that will convert any incoming Bitcoin transaction directly to fiat. That aside, people from third world country find it worthwile to farm their way through faucets for 500-1000 satoshi rewards. How do you expect them to keep up with the average transaction fee of at least 20,000 satoshis? Especially when it comes to buying their daily needs in their local area.

[TastyChillySauce00]

Most of the times they go fast due to the fact that its easy to send them and I use a standard fee so they are arriving pretty fast!

Yes I agree, we can send our money with low fee. Although we have to wait atleast 10 minute to complete the transaction but I am fine with that. Atleast I do not have to do difficult prosedur to send my money such as when I transfer my money using paypal or bank transfer.

Bitcoin transaction is really fast and hassle free as my own experience transacting using my online wallet i never encounter more than 5 mins processing and it amazed me a lot. That time I am sending money to my friend which owe an amount of btc from me in just less than  a minute the amount is already sent and confirmed.

It's probably you're not doing transactions that often and that much. I've rarely seen some transaction that gets confirmed that fast even if it already happens to you for many times as you stated.
And about your words that saying the amount is already sent and confirmed within less than a minute, I can say it's a bit dreamy even the fact that it could possibly happen but even the average of transaction to be confirmed is 10 minutes, and yeah i know it's "average" but that's just a bit odd

[Devboy]

A normal transactions you have to wait 10 minutes for a transaction to be confirmed.Some times transactions taking a long time to be processed by the network problem.It depends also which types of wallet you use and fee that you set.

[BitHodler]

A normal transactions you have to wait 10 minutes for a transaction to be confirmed.Some times transactions taking a long time to be processed by the network problem.It depends also which types of wallet you use and fee that you set.

Type of wallet doesn't make any difference when it comes to getting your transaction confirmed. The only thing important are the fees that you set up.

10 minutes are the average block times, but that doesn't mean it's also 10 minutes that you have to wait in order to get your transaction confirmed in an ideal situation.

In some cases you can get 3 confirmations within 10 minutes, and in some cases you don't get a single confirmation in an hour. There are no certainties.

[Ewinsane]

A normal transactions you have to wait 10 minutes for a transaction to be confirmed.Some times transactions taking a long time to be processed by the network problem.It depends also which types of wallet you use and fee that you set.

yeah you are right that normal transaction time is 10 minute and i think its very fast transaction than other service or bank and there is maximum people prefer that bitcoin transaction is very much faster . 

[Turk Ace]

Maybe when you enter the store you can load your account then ybu the time you at the till it will habe loaded. It would habe to be a third party program that let's you spend preloaded credits.

[BitMaxz]

A normal transactions you have to wait 10 minutes for a transaction to be confirmed.Some times transactions taking a long time to be processed by the network problem.It depends also which types of wallet you use and fee that you set.

yeah you are right that normal transaction time is 10 minute and i think its very fast transaction than other service or bank and there is maximum people prefer that bitcoin transaction is very much faster .  

Honestly the speed of the transaction are depends in transaction size and the fee there is no exact time that you can set for your every transaction..
Some the transaction speed is not the same even you are just sending the same amount of bitcoin and paying the same fee.
But the other transaction is slow.. and the other transaction is fast. so if you want to be fast in transaction better to set your fee in 50k per kb.. for the best result.. And just found some thread here just like this link https://www.viabtc.com/tools/txaccelerator/
That they can help you to speed up your transaction once you transaction still not receive any confirmation..

[jovs]

Maybe when you enter the store you can load your account then ybu the time you at the till it will habe loaded. It would habe to be a third party program that let's you spend preloaded credits.

Certainly yes that would be how it's going to be used if bitcoin can be used as payment in store. Hopefully, digital currency will be used in next generation to make the transaction faster, easier and very convinient. Unlike in our bank, ususally the transaction took almost 24 in order to be confirmed. Unlike in digital currency like bitcoin, confirmation can be taken in just 5 minutes and above.

[DOGE12321]

In the future, if Bitcoin does progress to this stage I think that prices for everyday items would increase for faster transactions. By this I mean that cafés and other stores would actually charge more in their products to account for the transaction fee.

[DOGE12321]

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.

bitcoin via third party payment processors will be, just like c-cards now. for something large like a car, waiting 10 minutes is fine

Isn't Bitcoin decentralised meaning that transactions are peer to peer? If so I don't think that it makes sense to employ third party payment processors. It would just destroy the underlying philosophy of Bitcoin.

[Yuuto]

One of the main things that is negative for bitcoin is I think the 10 minute blocks. If you purchase something in real life, are you really going to be able to wait on average, 10 minutes to get, say a cup of coffee from your local cafe?

I think that is something to consider. The vendor needs to know that you are not double spending anything, although it is rare that someone in real life would do that.

But if you are transferring money overseas bitcoin is still by far the best option, less fees than WU and quicker as well.

[Omega Weapon]

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... 

There does not seem to be a huge difference between the smaller fees, that is why I send a small fee instead of a bigger one, besides I don't need the confirmation to be fast, as long as I get the confirmation is fine by me.