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

[RocketSingh]

This was not the bitcoin i had seen!

So?

What in the world has happened to bitcoin

Nothing!

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..

Pay proper fee as per https://btc.com/stats/unconfirmed-tx

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

As more cryptos launch with pre-set price and hence an inflated market cap, bitcoin dominance will look tinier. But, that does not change the fact that bitcoin remains as the most secure crypto where one can hold million+ USD. It seems, that the price increase of Bitcoin has not left any positive impact on u. Hence, I'd suggest, for faster confirmation crypto, u may sell all your bitcoin for dogecoin.

[aTriz]

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

I wonder why you think it is such a big increase?
It is a fact that currently, we have to wait longer for our transactions being confirmed in a block, but the difference is not so big in my opinion.
I have to say that the fee is more harmful for every bitcoin user, especially for those who are doing many transactions.
I really miss the times where we could just pay 0.0002BTC for doing one transaction: but they have passed and we have to accept that fact.
After all, it makes bitcoin a little bit useless for doing micropayments, but it is still a great way to make some profits or just pay for digital goods/wares for shipping.

[BitcoinPC]

Transaction is slow because you are using a small amount, if you increase your amount than may be it will not happen. But i also accept if bitcoin want to maintain its progress than should do something faster for bitcoin. Majority of bitcoin users are using the bitcoin for transactions and if they will not comfort than definitely bitcoin has troubling in future. 

[jonnybravo0411]

Transaction is slow because you are using a small amount, if you increase your amount than may be it will not happen. But i also accept if bitcoin want to maintain its progress than should do something faster for bitcoin. Majority of bitcoin users are using the bitcoin for transactions and if they will not comfort than definitely bitcoin has troubling in future. 

I'm still not very much versed in these issues, but it seems to me that it is pointless to translate small amounts because the percentage is quite large and the financial transaction will be unprofitable.

[Netnox]

This can't continue like this in the long term. As we know, the number of users is increasing with every passing day, and therefore it can be expected that the number of transactions will also rise. If we are having such delays and backlogs now, what will be the situation after one year?

[Jalum]

Bitcoin's confirmation time is not that bad considering that amount of time it requires for some Bank Wire's funding an account overseas. There's a bunch of Banks that require people to wait about 28 days in order to get their money, Bitcoin does not require that much of a wait.

[sportis]

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

Not necessarily true. At the moment, there are currently more than 140,000 unconfirmed transactions. My last transaction took over 8 hours, and I paid nearly $4 to simply move coins from my hot wallet to an exchange.

Confirmation times will be the downfall of Bitcoin, if a soft fork (at the least) doesn't happen. I personally have made the switch over to LTC, ETH and XMR, simply because of the nearly instant (and much cheaper) transactions. BTC will always be the gold standard, but unfortunately, with more and more people learning about it, the slower that confirmations will become.

Wow, I did not know it was up to $4 for a BTC transaction fee.
Send $50 of LTC , transaction fee was 1 penny.
I also am moving to LTC , it arrived so fast at it's destination compared with bitcoin , it was a pleasant surprise.


╥AztekPhoenix

If most of you considering that bitcoin is currency and not only commodity, then why speaking for transaction fees with dollars and not with a fraction of bitcoins? Are you paying miners with dollars? I believe that all we want bitcoin to the moon and fees down to earth. Is that possible?

[keithers]

I always select the high fee when sending from trezor or a wallet like that, but with blockchain.info, I just always went with the default setting.   I sent a transaction 2 days ago, and still don't have any confirmations.

[Rinder]

The thing is the blockchain hasnt changed since the begining, nowadays the bitcoin community might be milions and there are milions transactions made daily, soo the only thing that changed was that, this year the split of two bitcoins should happen, the delay over it just make fees getting more and bigger.

[kryptqnick]

Yeah man, you have to accept the truth. Too many people are using Bitcoin and the technology of Bitcoin is not being improved yet. That is why it is still remaining slow and may become slower in the future

If it hasn't been improved yet then it is sort of okay. The question is whether it is possible to improve it at all. Segwit can delay the risk of the chain splitting. However, as I heard, the transaction may proceed even longer, since at first it will be hard to confirm this new kind of code.
Some say that the time of pending can be reduced by bigger payment and that is okay. I think that it is good there is an ability to reduce it but it is not okay to pay more than a dollar just for a transfer of money.
I think these ideas about bitcoin implemented in everyday life where you can buy goods in supermarket via btc are now a total fantasy.

[VitorPl4y]

Just pay the fee needed to send a tx. It's bad but it's the way everything its working right now.
Just hope for SegWit to be activated.

[dragonusa9]

because of the rate of bitcoin is really high at the moment, it mean your usual fee dont work at this time
cause the different time and price will be affecting fees to send your bitcoin. so you need to adapt real quick after 2 years

[Victorycoin]

Bitcoin's confirmation time is not that bad considering that amount of time it requires for some Bank Wire's funding an account overseas. There's a bunch of Banks that require people to wait about 28 days in order to get their money, Bitcoin does not require that much of a wait.

Not having to wait for so so number of working days before a transaction pulls through is one of the ills in the financial sector that Bitcoin came to solve and interesting its first foot forward left no one in doubt. However, these days, a lot of grumbling is in the air, because people know it could be better than what we are getting.

[Freezingel]

From what i know, the speed is roughly the same, the difference is the price or fee you have to pay. Now it's more expensive to send bitcoin because the demand and number of transactions is increasing compared to 2 years ago.

[keithers]

I'm going to repeat what I said earlier (or maybe on a different thread), if you are using blockchain.info as one of your hot wallets, DO NOT send your transaction with the default fee settings (especially if it is time sensitive). I have a transaction for about $400 that was sent 5/17, and still has 0 confirmations

[FiiNALiZE]

From what i know, the speed is roughly the same, the difference is the price or fee you have to pay. Now it's more expensive to send bitcoin because the demand and number of transactions is increasing compared to 2 years ago.

You’re right, the amount of time required for the transaction to get confirmed is pretty much the same as a couple of years ago. People were complaining about the transaction fees then too and a little bit of progress was made from the complaints (Viabtc was built so the transactions could get accelerated causing a bunch transactions getting confirmed much faster than normal).

We are seeing a little bit of progress of the years, if only more miners applied a free transaction accelerator for the people.

[MachineZero]

There was absolute mayhem today on the exchanges and I was still able to get first confirmation in under 8 minutes. Fee was 370 satoshis FYI.

[keithers]

Refresh my memory, what was the original framework laid out by Satoshi for when this confirmation times slowed due to network transactions quantities picking up.

Are we facing this because the creator anticipated that we would have faster networks by now than we actually do in current day?

The part that I'm not grasping is why would anyone not want bitcoin to scale?  I mean correct me if I'm wrong, but 99.9 percent of the people here want bitcoin to go "mainstream"  and there is no chance in hell that happens if you have to wait days or even hours for a transaction to confirm...

[mammon]

Well, I have no problems with my BTC transaction so far...

210 dollar send with 3 dollar fee from EU to US, I don't mind. Just don't see the problem??
If had had done this with my bank, would have cost me around 12 dollar....

[25hashcoin]

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

Herp derp.

Tons of people can't afford this.