Returning to bitcoin after 2 years! shocked at confirmation time!

[isen]

This was not the bitcoin i had seen!

Indeed, this is not the Bitcoin you had seen, now it's price has increased  800% since the last time you used it (May 2015), and instead of this it's the slow confirmation times that shocked you, this is strange at least.

[unamis76]

What in the world has happened to bitcoin

Nothing, and that's the issue. Bitcoin hasn't scaled, thus transaction with a low fee don't come through (quickly).

[lionheart78]

This was not the bitcoin i had seen!

What in the world has happened to bitcoin


It is almost one day and the transaction has not been confirmed and as a result i am not able to trade in any exchange..

i have heard that the transaction confirmation time has increased but never expected this worst case.. at this rate everyone will soon abandon bitcoin and this is the reason perhaps bitcoin dominance has come down significantly in the crypto space

Bitcoin confirmation time does not change, it is the fee that change to make your transaction to have instant confirmation.  If you pay a transaction fee that requires bitcoin to be instantly confirmed two year ago, well, I guess you will be waiting for days before it confirmed.

What in the world has happened to bitcoin

Nothing, and that's the issue. Bitcoin hasn't scaled, thus transaction with a low fee don't come through (quickly).

This so you need to pay the proper amount for transaction fee.

[GetClams.com]

And next month it will be completely different again. Its called growth and change and with those comes problems. And with problems comes competition and improvements.  Its working perfectly!

[Victorycoin]

This was not the bitcoin i had seen!

What in the world has happened to bitcoin


It is almost one day and the transaction has not been confirmed and as a result i am not able to trade in any exchange..

i have heard that the transaction confirmation time has increased but never expected this worst case.. at this rate everyone will soon abandon bitcoin and this is the reason perhaps bitcoin dominance has come down significantly in the crypto space

Are you Satoshi Nakamoto that had to go into hiding or where on earth did you go to for 2 years, to not be able to keep tab with Bitcoin? Well it is certainly not all bad news, if you can remember the worth of the Bitcoin you left behind and how much it has now been multiplied, you will not miss a smile.

You may want to known that delay in confirmation is a problem that already been identified, soon it would be address.

[Pearls Before Swine]

Simply pay the proper fee. Most clients include that functionality by now.

Well, welcome back OP.  There's been some horribly long confirmation times in the past few weeks, but the network congestion seems to be improving somewhat.  And yes, the fees have gotten far higher than they used to be.  That's to be expected when bitcoin is $1800, and you know it's going to get much worse if we go higher.  I see it as the cost of doing business, just like paying tax on gold or the like.  I'm not too upset, because we've gotten a very nice bump these past two months.

[7jaka7]

If everyone who sends bitcoin, would choose minimum fee (maybe even a zero) how would that change things?
And some of my thoughts about these high fees. When the fees will get extremely high (in $ or € or any other fiat currency) more of people will decide to mine, which means there will be more Hash power, which then leads to faster transactions. Maybe this high fees and long transactions times are really work of men (spam transactions). And who would benefit from this the most? I would say miners...
Only my thoughts, didn't research things properly. Please correct me if I'm wrong.

I just hope that there won't be some greedy people who would take advantage of the whole thing and ruin the whole concept of Bitcoin.

[FlamingFingers]

If everyone who sends bitcoin, would choose minimum fee (maybe even a zero) how would that change things?

That's probably true. People think they can transact any amount of money for 'free' using Bitcoin, which is completely wrong.

When the fees will get extremely high (in $ or € or any other fiat currency) more of people will decide to mine

That's not true. When fees gets higher, people will turn their backs on Bitcoin (except investors and enthusiasts), and proceed with online payment processors like PayPal.

which means there will be more Hash power, which then leads to faster transactions.

Not everyone can afford mining gears, let alone electricity and climate conditions. One needs a Massively huge Hash Power to be capable of processing/confirming transactions faster.

Maybe this high fees and long transactions times are really work of men (spam transactions).

Weird, but true.

And who would benefit from this the most? I would say miners...

Of course, they are. That's why there are a few persons who can manipulate bitcoin (or at least change its directions) because they own a huge chunk of Hash Power (someone like Jihan Wu), and respectively they get a massive amount of money.

[GetClams.com]

If everyone who sends bitcoin, would choose minimum fee (maybe even a zero) how would that change things?
And some of my thoughts about these high fees. When the fees will get extremely high (in $ or € or any other fiat currency) more of people will decide to mine, which means there will be more Hash power, which then leads to faster transactions. Maybe this high fees and long transactions times are really work of men (spam transactions). And who would benefit from this the most? I would say miners...
Only my thoughts, didn't research things properly. Please correct me if I'm wrong.

I just hope that there won't be some greedy people who would take advantage of the whole thing and ruin the whole concept of Bitcoin.

And that is the way it is designed to work  and stay in equilibrium. It is a thing of beauty.

[Marma Kalari]

This was not the bitcoin i had seen!

Indeed, this is not the Bitcoin you had seen, now it's price has increased  800% since the last time you used it (May 2015), and instead of this it's the slow confirmation times that shocked you, this is strange at least.

The price of bitcoin has increased and we all know that but we have to understand that it is not that easy to gamble with the price we have with bitcoin and the confirmation time and transaction charges are really shocking and nothing is strange because these are the facts we are facing right now.Earlier i used to spend time in dice sites but with the price so high i really cannot play in those bitcoin based dice sites as i do not want to get busted like i used to in the past,simply because of the price and even if i want to send micro transaction it is not possible now.

[jakelyson]

This was not the bitcoin i had seen!

Indeed, this is not the Bitcoin you had seen, now it's price has increased  800% since the last time you used it (May 2015), and instead of this it's the slow confirmation times that shocked you, this is strange at least.

Maybe he have expected that bitcoin have adopted to the amount of users coming in and the transactions that would bring. But instead, bitcoin has remained stagnant and failed to scale thus high transaction fee and confirmation time. Giving higher fee for faster confirmation is not a solution. It will just make the fee bloat indefinitely as more people want their tx to be first in line. But we cannot make the miners  choose the right solution right away because they are still enjoying the high fees they are getting.

[megynacuna]

Being away for two years is quite a long time for you to expect major changes and so don't be surprised I'm sure if you close your eyes for the next two years you'll return to a Bitcoin with improvements that will meet your preferences. I'm not justifying the delayed confirmations but I'm also surprised you were expecting to see the same thing.

[classicsucks]

This was not the bitcoin i had seen!

What in the world has happened to bitcoin


It is almost one day and the transaction has not been confirmed and as a result i am not able to trade in any exchange..

i have heard that the transaction confirmation time has increased but never expected this worst case.. at this rate everyone will soon abandon bitcoin and this is the reason perhaps bitcoin dominance has come down significantly in the crypto space

A few other changes have occurred - if you don't pay a high fee, people here on the forum will abuse you and tell you it's your fault. Ignore those tools - they can't grasp that if everyone paid high fees, all transactions still can't be confirmed!

Oh, also, most rational talk here of increasing the blocksize limit is met with pro-Segwit spam. Save your breath.

[bitbunnny]

Don't know anyone who was absent so long time from Bitcoin world. How did you manage?  It must have been a kind of shock for you, many things have changed.
Confirmation time depends a big deal of the transactions fee so try to avoid very low fees. Otherwise O think in two years time many good things have happened for Bitcoins.

[dihari]

2 years ago, we don't really care about fees of payment transaction blockchain and we can easily send and receive bitcoin in just minutes. But now, I can't understand​ why I have to pay miner to confirm my transaction when they have reward on block they solve.

[Reid]

Yes it is not the bitcoin you have seen. It grew in price and a lot happened.
You could try to review everything just for updates so you would see the reasons why and how you could hasten your transaction time.
You may have been too much excited getting back and didn't realize this could happen.
But also, from the start it is the more you pay the faster.

[audaciousbeing]

This was not the bitcoin i had seen!

What in the world has happened to bitcoin


It is almost one day and the transaction has not been confirmed and as a result i am not able to trade in any exchange..

i have heard that the transaction confirmation time has increased but never expected this worst case.. at this rate everyone will soon abandon bitcoin and this is the reason perhaps bitcoin dominance has come down significantly in the crypto space

Sincerely, thats how bad things have turned out to be but we are still here. When I joined bitcoin all those people predicting the death of bitcoin based on reasons like this that they foresaw, I believe that everything they were saying is a myth. I transfer and receive within minutes even with confirmations couple with low fees but now the only thing that can be said is 'the good old days'.

[Gens09]

This is the most common problem in many bitcoin user most of the time in the transaction it almost take forever like you would think you will be lucky if you receive it in 12hours but for me it was just normal and the main thing is we just adopted this kind of system and its okey the important is we receive the transactions.I mean this nothing we can do unless pay high fees.

[qiwoman2]

I pay n average one dollar to do a Bitcoin transaction if I want it to be sent in a reasonable time frame so I try not to send less than 50 bucks worth at a time and don't use it for small transactions anymore. I prefer to use other altcoins that are cheap and work faster for the smaller transactions I execute.

[AjithBtc]

First of all Op after a long break getting back to bitcoin is simply good and soon he'll omit the transaction confirmation is not at all an big issue. In the past the transaction fee is low as the price is low along with the low usage. Now everything has increased even with big fee confirmation delay happens just because of increased user profiles.