Why is bitcoin becoming so god damn slow?

[CryptoSocial]

Bitcoin transaction is becoming so slow because there are many transaction. I think that's like a traffic in our highways if there are many bus, cars and other vehicles the traffic is so slow moving. But if you know another route your transaction become faster.

Before someone makes any conclusion on my post, let me tell you, that I love BitCoin and see it as a game changer as far as the world economy is concerned. I have nothing to oppose BTC.

Now coming back to the quote above, have you ever heard a bank delaying your transfer on account of having many transactions? People have invested fortune in mining hardware and are continuously doing so, they certainly want more transactions to process.

That being said, if higher transactions would have such a bad impact on confirmations, we really need to look ways to resolve it.

A normal user has nothing to do with technical aspects of confirmations, for him, it's just a simple case of funds transfer, the way he deals with fiat currencies.

[Holliday]

with that said I strongly disagree with what holiday and QuestionAuthority are trying to convince others about. bitcoin is not some millionaires' money to just move around their $20,000 around the world.

I never suggested such a thing.

Bitcoin's use case is obvious. When other forms of value transfer or value storage are censored, Bitcoin is clearly the logical choice.

Governments around the world continue to implement increasingly onerous capital controls with no hint of stopping or even slowing down. Bitcoin is the answer.

It's ridiculous to think that a solution which requires storing every single transaction in it's history forever is going to be useful for daily, mundane purchases (at least as far as on-chain transactions are concerned).

[Enjorlas]

Agreed with OP. This is absolutely disgusting. The fees are higher than a bank transfer !!! And if you pay like $20 with a 0.20$ cent fee, like i did, good luck getting that confirmed in one day. Ridiculous. So if you want to pay for something or pay someone an something sub $100 you are basically having a MAD fee of at least 0.80$, which is like twice the fee of a wire transfer, or let's not forget credit card payment, on which you don't deal with any fee.

What?! You mean you aren't buying their excuses that 'Bitcoin is for large transactions', 'fees are a good thing', or 'Bitcoin is under a spam attack'??

I guess that makes you another stupid person who doesn't know how wonderful Bitcoin is.

[olushakes]

The only explanation from my end is just the pressure on the block chain network its not about the fee or the amount of amount to be sent, it's the pressure which some other people might say its a scam attack. We have been making micro payments and questions like this were not arising in the last one year but now its seems all those days where I can boast that 'don't worry you will get your funds now' are really over and they are equally not coming back anytime soon.

[ubercool]

I really miss those old days when a confirmation took just 10 minutes and you didn't need to think about fees.

Well, days are not so old as I remember the situation is like that only for the last month and half. People here are saying about the value of transactions, but in my case I had to wait the same long with transferring 1 BTC and 0,05 BTC. While I was waiting the price for bitcoin changed and I had some costs. This is just not fair.

It may not be fair if you compare with the value of the transaction, but Bitcoin transaction fees are varied on the size of bytes you are transferring not the value. The population of Bitcoin and altcoin users has increased very much and because of that, the total number of transactions has increased. If you pay the proper fees then the transaction will be smooth.

[Amph]

So a person wanting to use the currency must more or less be some kind of wallsreet trading expert and follow the market fees daily to use this to pay every now and again, gotcha.

paid 1$ for a 130$ transaction, seems fair enough, banks take less and its instant

absolute horrorshow.

the same bank that ask you to pay $25 or $50 in some case to send money to your friend abroad when he need only $25 or less? bank aren't better than bitcoin in terms of fee

also with bank you are trusting a third party, and there are many horror story about bankrupcy and people losing everything, i would never hold anythign in a bank nowadays

besides..bitcoin have its advantage, the only disadvantage is micro transaction for now and it's not the thing preventing bitcoin from getting bigger

[DoublerHunter]

If you are talking about the slow confirmation time of bitcoin then i think it is about the volume of transactions that made by users and there is a lot of new users and that is why they are causing some traffic for the network of bitcoin so if they want a faster confirmation time then they needed to put higher fees.

[Insanerman]

If you are talking about the slow confirmation time of bitcoin then i think it is about the volume of transactions that made by users and there is a lot of new users and that is why they are causing some traffic for the network of bitcoin so if they want a faster confirmation time then they needed to put higher fees.

I think that is the reason, there are many users already and it takes time to confirm. Also there are solutions already I think but there are still a debate about it. For the mean time some are using transaction accelerator or viabtc.com. I am hoping  that this problem could be resolve soon, for the ease of transaction.

[youdamushi]

So a person wanting to use the currency must more or less be some kind of wallsreet trading expert and follow the market fees daily to use this to pay every now and again, gotcha.

paid 1$ for a 130$ transaction, seems fair enough, banks take less and its instant

absolute horrorshow.

It's not made for that.
The transactions shouldn't be small ones for inside the country.
It's made for huge amounts and international ^^

[White Christmas]

You don't know how to use Bitcoin obviously. All my transactions confirm in the next block.

Bitcoin isn't suited for micro-transactions. If you are using Bitcoin to send a dollar, you are going to have a bad time.

I agree, and you just nailed it.  If a person knows how to send transaction properly, he does not need to post this kind of stuff (OP's whining)  Bitcoin confirmation does not change, it is the transaction fee and rate that does change.  So in order to have a fast transaction we need to follow the transaction fee rule.

Yes, bitcoin is not slow maybe you dont know how to use it properly. A while ago i sent and i recieve bitcoin so fast. in just a couple of minute the transaction is success. Just do it correctly and follow the instruction so that it will not be slow.

[buenav]

Bitcoin transaction is becoming so slow because there are many transaction. I think that's like a traffic in our highways if there are many bus, cars and other vehicles the traffic is so slow moving. But if you know another route your transaction become faster.

Before someone makes any conclusion on my post, let me tell you, that I love BitCoin and see it as a game changer as far as the world economy is concerned. I have nothing to oppose BTC.

Now coming back to the quote above, have you ever heard a bank delaying your transfer on account of having many transactions? People have invested fortune in mining hardware and are continuously doing so, they certainly want more transactions to process.

That being said, if higher transactions would have such a bad impact on confirmations, we really need to look ways to resolve it.

A normal user has nothing to do with technical aspects of confirmations, for him, it's just a simple case of funds transfer, the way he deals with fiat currencies.

A lot of people suggest not using bitcoin for small transactions but that is counterproductive because there is no reason it shouldn't be able to handle a suitable transaction load, I mean otherwise where is the limit if the price goes up 10x are we expected to eventually pay 1000$ in fees per transaction? The short answer is no, bitcoin has been touted as a technology that will make transactions cheap and destroy the dominance of centralized financial institutions that currently do these for fees that are soon be smaller than it costs to use bitcoin.

As for the the ways to resolve it, both Bitcoin unlimited and segwit have proposed solutions to solve it, the problem is the bitcoin community is huge and there are financial incentives to certain parties to promote their own solution so the network is finding it near impossible to agree on which scaling solution to use.

[Ucy]

You don't know how to use Bitcoin obviously. All my transactions confirm in the next block.

Bitcoin isn't suited for micro-transactions. If you are using Bitcoin to send a dollar, you are going to have a bad time.

This seems to be a very recent development? . Bitcoin has always been suitable for micro transactions until miners raised their fees. The charges charges for small transactions is totally not worth it. Even well regulated Payment firm like PayPal don't charge that much. There should be a way around this else Bitcoin may lose its dominance to other CryptoCurrency.

[jakelyson]

This kind of post will continue to pop up as long as scaling problems continues. Newbies who are not well versed in adopting fees for faster confirmation will get tired of using bitcoin. The same will happen to regular users who get tired of bloating fees every time spam attacks happen. The only ones enjoying this are the miners.

[stompix]

Bitcoin Transactions Queue is Over its Capacity Limits
~110458 Unconfirmed Transactions at the time of this posting
https://blockchain.info/unconfirmed-transactions

Option 1:  Pay like $5 in fees to get a faster bitcoin transaction
or
Option 2: Use Litecoin where only 1 penny is needed per transaction to get it there in less than 20 minutes

Either way will work.


╥AztekPhoenix

2?
And use LTC for what? For ....buying bitcoins?
Honestly I don't know any other use for litecoin.

And don't even think about saying transferring litecoin and then using an exchange and then cash cause in that case the fees will be afar greater than 1$.

[Andre_Goldman]

bitcoin don't die ... we respawn 

[Yutikas_11920]

Hilarious and predictable. A new bitcoin user comes to the community and expresses dissatisfaction. Then the community calls him stupid.

You know, you guys wonder why Bitcoin is falling in dominance and this is it right here. You guys aren't ready for mainstream adoption. Now sit back and let better crypto currencies come to the front.

As the dominance level as well the price has started to decline we can't say that bitcoin is damn slow and some other digital currency will take the lead making path for mainstream adoption. Lot cryptocurrency were giving hard competence, but those coins gain attention from users for a short during the time of price pumping.

Indeed, essentially when a little weakened bitcoin will certainly be exploited by the other cryptocurrency to be able to get the attention and hearts of all users to be able to change using bitcoin cyrptocurrency them. This is an old trick used by the majority of marketing in all places. Indeed it is a good way, but I think the thing to bitcoin will not be useful. For now this is all people are already getting the benefits
 

[naughty1]

bitcoin don't die ... we respawn 

Not a necessary answer. Bitcoin strong because it does not die so fun on this issue, we need to mention a lot of things, values, favors, abilities, .. all make the king of the coins Virtual, and I'm sure it is the only acceptable currency in the world.

[micher143]

You don't know how to use Bitcoin obviously. All my transactions confirm in the next block.

Bitcoin isn't suited for micro-transactions. If you are using Bitcoin to send a dollar, you are going to have a bad time.

Yes, maybe you didn't know how to use it well. Transaction right now is very fast. Also try to check your internet connection. Bitcoin is nothing getting slow you should need to find what is wrong why its slow in you.

[douglock]

it is very easy to answer. The more people use bitcoin, the slower the blockchain will be. It is certain that bitcoin is no longer suitable for the micro transaction. Bitcoin will rise and become digital gold. People will use it for much bigger transaction size

[carlerha]

I really miss those old days when a confirmation took just 10 minutes and you didn't need to think about fees.

In the old days bitcoin was still very low in value and the mining difficulty was very low and thus a very fast transaction was the trend. But those fast transactions were full of double spend transactions and was very problematic. Thus confirmation were placed so that double spending will be resolved. But later on confirmation was very slow due to the huge traffic in the blockchain network as well as the increased difficulty in mining. Thus the initiative to place a higher fee was now the trend to get a high priority and fast confirmation.

I don’t think that the process is slow now a day due to the confirmations and to stop double spending. I don’t think that it can be a valid reason for the transactions to be slow. Even after charging the higher fees is not the guarantee of the faster transactions. Many people have faced the same problem even after paying the extra charges.