Bitcoin transaction time

[AngryWhiteWolf]

for me never take more the 30 minute my wallet take how much fee need fpr fast transaction

It's exactly what I did. Transaction fee was set to the default wallet value of 1h / 6 blocks.

Status: 0/unconfirmed, in memory pool
Date: 24-Aug-17 15:48
To: 13eFYA8CFxbYNKKQyr3rvPTN5Qxn5VyAzz
Debit: -0.00295600 BTC
Transaction fee: -0.00049787 BTC
Net amount: -0.00345387 BTC
Transaction ID: 2e62e198087f75abc010ea350c93e9bfa9e00d9c80594f93aae06040c9bb6b0e
Transaction total size: 226 bytes
Output index: 1

Nearly 30 hours later still not sent. Anyway ~ 100K unconfirmed transactions are in the pool at the moment and growing.

[1714181199]

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[1714181199]

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[1714181199]

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[xcajun21]

Strange that the last transaction i've sent was under a hour with its 5 confirmations happening within 50 minutes. It does have spikes and rush hours i suppose.

[maeusi]

The fee reached today nearly 20 percent of sent amount (0.029 BTC, 0.0041) but the transfer time was only around an hour.

[Kryptowerk]

What you're suggesting is pretty much the goal of BCH and many altcoins that already exist. If you aren't happy with the state of Bitcoin then abandon it and move to an altcoin. That will speak much larger volumes than just a post that the devs and most of the community will ignore. Core devs and followers will never accept these changes, many of the core devs actually want to decrease block size (which would make transaction times even slower).

Wow, so all of that "were better than the banks" they were using to market bitcoin for 4 years, really was, bullshit. I even remember a bunch of talk about how versatile it was, and able to change with the times, implement new features. Just more bullshit I guess. I'll start supporting and using DGB.

Back to school, boy.
You clearly need to get some education about why an open, borderless, decentralized payment network like Bitcoin is superior to ANY fiat banking system.
After study time, come back here. If you still think it's bullshit you are welcome to buy some tin, or copper, or well, shiny gold is what people seem to like best. Or DGB of course. Good luck with that - I mean still better than USD.

[Atyp]

Yesterday i do my last transact for 15$ with 12s/mb and it's was fucking crazy 10 validation in like 5 minutes just how it's possible ?

[bassong]

The fees are mad, mycelium forced me to pay $3.4 to send $27, how is this viable? I noticed my transactions with blckchain.info were much lower. Is it a Mycelium thing?

[genesis.vision]

The fees are mad, mycelium forced me to pay $3.4 to send $27, how is this viable? I noticed my transactions with blckchain.info were much lower. Is it a Mycelium thing?

If even after the increase of block size to 2MB and Segregated Witness introduction Bitcoin fees are exorbitant and tx times are so long, then we can safely say it is high time to switch to lighter algos, ltc and eth are good alternatives.

[Razick]

Just have space in blocks, get rid of replace by fee, bring back trusted 0 comf.
Doesn't matter how long blocks take then.

As it was.

Or just add the lightning network?

LN is like the https of the internet. There is no reason we shouldn't embrace this innovation. Imagine transacting any amount you want, as much as you want with essentially 0 fees? It would be like starting Bitcoin all over again. In my opinion this is what we need, and asap because fees are way out of hand at the moment.

[maciak]

Bitcoin transaction time doesnt matter a lot nowdays
But I believe in future we can make it faster

[colossus]

People are completely insolent. 30 dollars fee already too much for them.

[Loopylew113]

Hopefully that problem will be fixed once segwit is more accepted, i'm still waiting on ALOT of wallets to start implementing segwit transactions.

[Katashi]

i think the changes during august 1 or on what we so called the big one was the answer for you inquiry. as a bitcoin user, i already felt what changes the Segwit has. i experience faster transactions lately after that changes.

[virasog]

There is nothing that you can do other than up the TX fees. This is going to happen from time to time and it will work itself out over time. It usually changes form day to day and I have seen many fast TX's today and last night, so there is not a system wide issue and there is not a real problem. If people think and believe that the system is going to be instant, then there is going to be a sad level of disappoint there for those folks and it is not going to change anytime soon. A faster turn around means something else is being compromised to fix it.

[JaysonCastro]

Can we please do something to speed up transaction time and the high transaction fees?

This is getting absurd. I just spent $10 USD to send $7500 but my fee was too low. It may take a week for my transaction to process. Who knows. I should have spent 3x that figure to get processing within 1 hour ($30). With that same fee I could have just used a wire transfer from a bank online and it would have been just as fast as bitcoin. The selling point of bitcoin is that it was supposed to be 'better' than traditional banking services. It's not.

IMO, the following things need to happen.

#1) Block time decrease from 10 minutes to 1 minute. (and decreasing reward by / 10 per block)
#2) Difficulty readjustment period from 2016 blocks to 720 blocks. (2 difficulty readjustments per day with the decrease in block time from #1)
#3) Apply a system of master nodes where there are 10,000 nodes that receive an equal split of 1% of all bitcoins generated. (Comes out to about $200/month at current USD rates, enough to pay for a dedicated server or colocation space to host the node in a good environment almost anywhere in the world.)
#4) Reduce the amount of read/writes to disk on a bitcoin full node. I stopped running a full node because it lags everything else my computer tries to do. Not because of the disk space it consumes.

We just went 50 minutes between blocks as I was writing this!

Bitcoin is not necessarily "better" than traditional banking services, if you choose to compare it by cost and speed of transaction. But it is an alternative currency with a lot more advanced features and controls that banking does not typically offer, some miles better.

I do think you're right to say that speed and cost must cater to average Joes like us but rest assured, things are being done to improve the network, just as banking had to increasingly improve theirs.

However, you do realise you only paid slightly more than 0.1% of your transaction as fees, don't you? Had you spent $30 as you said, it would still have been 0.4%. You'd be lucky to find an international wire transfer that would cost you only $30 to transfer in one hour, or a remittance service charging you less than 0.4%.

Also, average block times are still about 10 minutes, the way it was designed. As I am writing this, it was 15 mins between blocks, and I've easily seen three blocks within 10.

I think the Bitcoin transaction time is 10 minutes per post. But to make sure that your Bitcoin account will avoid the block is to make sure that your time interval is range from 30 to 45 minutes in every post that will you make. You must remember that when your Bitcoin account is block, it is hard to get it back. As a simple reminder, make a post in every 30 to 45 minutes to avoid blocking you Bitcoin account. And last, make a table of time for you to assure that you follow the correct interval time of posting in Bitcoin.

[aleksej996]

I think the Bitcoin transaction time is 10 minutes per post. But to make sure that your Bitcoin account will avoid the block is to make sure that your time interval is range from 30 to 45 minutes in every post that will you make. You must remember that when your Bitcoin account is block, it is hard to get it back. As a simple reminder, make a post in every 30 to 45 minutes to avoid blocking you Bitcoin account. And last, make a table of time for you to assure that you follow the correct interval time of posting in Bitcoin.

You misunderstood something here. I don't know what you mean by "post". There are no "posts" in Bitcoin network. I thought you might be talking about posting on this forum, but you said transaction time so that makes no sense. Also there is are no time intervals defined in the Bitcoin blockchain, it is just mathematical puzzles that are likely to be guessed by the network on average with 10 minutes of guessing. These puzzles are readjusted every 2016 blocks to adjust to the current guessing speed of the network.

Some people refer to Bitcoin addresses as accounts, so I guess that is what you are talking about. There are no blocks on your address. You can send whatever amount of transactions you want and your address will never be blocked by the network. Anyone can make as many addresses as they want as well in a fraction of a second. Blocks aren't necessary since you pay a fee for every transaction to be included in the blockchain.

You also don't need to do anything every 30 or 45 minutes or anything like that. Neither on the network nor on this forum.

[ICOs]

Then you have senseless who says that no one accepts altcoins yet they have 55% of a 144bn marketcap. So 80bn usd is a useless bubble compared to 65bn of BTC which has all the use? Is it all speculative bullshit?

Are you trying to be sarcastic? Altcoin have 55% combined, there's a few hundred active altcoins. So combined they probably do have better acceptance than BTC, but non of them have nearly the acceptance of BTC when evaluated on their own. Therefore non of them can currently overtake BTC even with superior block time.

But their combined dominance does speak to me that faster blocks is the way to go.

Only Ethereum has any relevant transaction volume, thanks to its ICO market.

It's obvious Bitcoin it's still the king.

[aspekt]

Out of interest, how have people found things since segwit activation?

I've noticed that fees seem a lot lower and things seem to happen faster?

I think to some extent the big block crew are correct.  Ethereum works great with quick blocktimes mostly, other than during ICO peak periods, which bitcoin doesn't really have.

[Rabby637]

Can we please do something to speed up transaction time and the high transaction fees?

This is getting absurd. I just spent $10 USD to send $7500 but my fee was too low. It may take a week for my transaction to process. Who knows. I should have spent 3x that figure to get processing within 1 hour ($30). With that same fee I could have just used a wire transfer from a bank online and it would have been just as fast as bitcoin. The selling point of bitcoin is that it was supposed to be 'better' than traditional banking services. It's not.

IMO, the following things need to happen.

#1) Block time decrease from 10 minutes to 1 minute. (and decreasing reward by / 10 per block)
#2) Difficulty readjustment period from 2016 blocks to 720 blocks. (2 difficulty readjustments per day with the decrease in block time from #1)
#3) Apply a system of master nodes where there are 10,000 nodes that receive an equal split of 1% of all bitcoins generated. (Comes out to about $200/month at current USD rates, enough to pay for a dedicated server or colocation space to host the node in a good environment almost anywhere in the world.)
#4) Reduce the amount of read/writes to disk on a bitcoin full node. I stopped running a full node because it lags everything else my computer tries to do. Not because of the disk space it consumes.

We just went 50 minutes between blocks as I was writing this!

Coinbase take  30 minute

[aleksej996]

Out of interest, how have people found things since segwit activation?

I've noticed that fees seem a lot lower and things seem to happen faster?

I think to some extent the big block crew are correct.  Ethereum works great with quick blocktimes mostly, other than during ICO peak periods, which bitcoin doesn't really have.

Segwit only got activated on the network. That means it is possible to use it, not that it is being used. There is still no difference that Segwit made, since almost no one uses it yet. Wallets need some time to start implementing it and Lightning Networks need to pop up as well in due time. There might not be any drastic changes over night, we could just see a gradual adoption.

Fees are lower, but that is just the network. Maybe due to some Bitcoin Cash users leaving Bitcoin, since the split, other then that, just business as usual. Sometimes fees are high, sometimes low, but they are definitely better now.

[AlphaWolf]

Can we please do something to speed up transaction time and the high transaction fees?

This is getting absurd. I just spent $10 USD to send $7500 but my fee was too low. It may take a week for my transaction to process. Who knows. I should have spent 3x that figure to get processing within 1 hour ($30). With that same fee I could have just used a wire transfer from a bank online and it would have been just as fast as bitcoin. The selling point of bitcoin is that it was supposed to be 'better' than traditional banking services. It's not.

IMO, the following things need to happen.

#1) Block time decrease from 10 minutes to 1 minute. (and decreasing reward by / 10 per block)
#2) Difficulty readjustment period from 2016 blocks to 720 blocks. (2 difficulty readjustments per day with the decrease in block time from #1)
#3) Apply a system of master nodes where there are 10,000 nodes that receive an equal split of 1% of all bitcoins generated. (Comes out to about $200/month at current USD rates, enough to pay for a dedicated server or colocation space to host the node in a good environment almost anywhere in the world.)
#4) Reduce the amount of read/writes to disk on a bitcoin full node. I stopped running a full node because it lags everything else my computer tries to do. Not because of the disk space it consumes.

We just went 50 minutes between blocks as I was writing this!

It's all about fees, not about blocks.
Maybe your fee is too low for that amount of money.
I had trouble a few months ago - same as you, and it was because of fees.
Too low fees made me waiting 3 days for my BTC to get transacted.