Bitcoin Transaction Time

[Tywill]

I have noticed my bitcoin transactions are taking longer and longer to process, could this be a perpetuating issue? How practical would it be to use a currency that takes a day to process a transaction? Or am I just way of base here?

[Jan]

I have noticed my bitcoin transactions are taking longer and longer to process, could this be a perpetuating issue? How practical would it be to use a currency that takes a day to process a transaction? Or am I just way of base here?

Do yoy pay transaction fees?

[BitAddict]

If you don't pay fees is like doing autostop... You need to wait until someone wants to take you free 

[Tywill]

yes there was a transaction fee 0.005 BTC

[BTCnewbie]

Who earns the transaction fees? Someone is coining it with these fees.

[drrussellshane]

Who earns the transaction fees? Someone is coining it with these fees.

Miners.

You must be new.

 

[LiteCoinGuy]

use Litecoins, its faster ;-)

[Tywill]

using WDC now, they are faster than BTC or LTC

[yocko06]

litecoin conformations might be faster but they are less secure. make no difference

[Tywill]

litecoin conformations might be faster but they are less secure. make no difference

which is why BTC will be the backbone of the cryptocurrency market for a very long time

[franky1]

more laughs about bitcoin.

even with fee's they arnt guaranteed into thenext available block. and the fee's a majority of the time dont reach the miners.. but instead its the mining pool owner that keep the fee's, along with his few percent payout of each worker. and his own mining rigs eating out a few chances of miners getting more shares.

the sooner people realise there is more profit in trading (retail profit of selling products) compared to mining the better.

there is too much emphsise that the only profit in bitcoin is in mining, which is then crippling miners profitability, to then require larger fee's just to get transactions through...

in reality it should be that
50% of people are business men opening bitcoin shops to sell useful products and services.
10% of people playing the markets.
30% of people using bitcoin to buy things.*
10% miners.

then no fee's would be required as the 25btc would be more then enough reward for miners and every transaction will be processed ASAP.

but in reality it IS:(guessing based on the 'feel' of the community)
5% bitcoin businessmen
45% playing the market
49% mining
1% buying things*

*(obviously everyone would be buying stuff, but i narrowed it down as outsiders that have no intention to run businesses or mine)

[raze]

but in reality it IS:(guessing based on the 'feel' of the community)
5% bitcoin businessmen
45% playing the market
49% mining
1% buying things*

*(obviously everyone would be buying stuff, but i narrowed it down as outsiders that have no intention to run businesses or mine)

I think most people are just too scared to spend their coins for fear of regretting it later, and I don't blame them.

[domob]

I think most people are just too scared to spend their coins for fear of regretting it later, and I don't blame them.

While I definitely plan on holding onto my coins for some time (and have been since late 2011 for some of them), I would *love* to pay things in Bitcoins whenever I have the opportunity.  Unfortunately so far for me there hasn't been that opportunity yet with things I want to buy.

What I would do when I spend some coins is just buy them back at an exchange at/around the time of me spending them, whenever I want to hold on to them.  That way, I can completely decouple my holding position in Bitcoins from using them as a currency.  For the latter, the market rate doesn't really matter at all, and as long as the price does not swing *too* much in the minutes to hours I need after the purchase to get back to a computer and buy the coins.

[raze]

I think most people are just too scared to spend their coins for fear of regretting it later, and I don't blame them.

While I definitely plan on holding onto my coins for some time (and have been since late 2011 for some of them), I would *love* to pay things in Bitcoins whenever I have the opportunity.  Unfortunately so far for me there hasn't been that opportunity yet with things I want to buy.

What I would do when I spend some coins is just buy them back at an exchange at/around the time of me spending them, whenever I want to hold on to them.  That way, I can completely decouple my holding position in Bitcoins from using them as a currency.  For the latter, the market rate doesn't really matter at all, and as long as the price does not swing *too* much in the minutes to hours I need after the purchase to get back to a computer and buy the coins.

I'd do this, except the exchange rate for me is the market price +9% (because I'm Australian). I don't fancy paying an extra 9% for every purchase, things are already expensive enough around here

[Remember remember the 5th of November]

more laughs about bitcoin.

even with fee's they arnt guaranteed into thenext available block. and the fee's a majority of the time dont reach the miners.. but instead its the mining pool owner that keep the fee's, along with his few percent payout of each worker. and his own mining rigs eating out a few chances of miners getting more shares.

the sooner people realise there is more profit in trading (retail profit of selling products) compared to mining the better.

there is too much emphsise that the only profit in bitcoin is in mining, which is then crippling miners profitability, to then require larger fee's just to get transactions through...

in reality it should be that
50% of people are business men opening bitcoin shops to sell useful products and services.
10% of people playing the markets.
30% of people using bitcoin to buy things.*
10% miners.

then no fee's would be required as the 25btc would be more then enough reward for miners and every transaction will be processed ASAP.

but in reality it IS:(guessing based on the 'feel' of the community)
5% bitcoin businessmen
45% playing the market
49% mining
1% buying things*

*(obviously everyone would be buying stuff, but i narrowed it down as outsiders that have no intention to run businesses or mine)

Why do you keep writing "fee's" when the correct plural form is "fees", i.e without the apostrophe. I've been seeing people write "fee's" for a while now and it has bugged me, there is NO apostrophe betwee "fee" and "s". This "fee's" word is cancerous to grammar.

[Justin00]

When are the fee's due for your english lesson ?

[franky1]

1F Y0U C4N UND3R574ND 7H1S M3554G3 7H3N Y0U 4R3 5M4R7 3N0U9H 70 R34L153 7H47 GR4MM4R 15 N07 4 L3G4L R3QU1R3M3N7 0N 4 F0RUM.

as long as the message gets across that is the main point. these forums are suppose to be a social form of communication not a legal written document that requires perfection. being a grammar nazi is not smart. its anti social.

i in business, write with the queens proper english, but when im on these forums i just write whatever is on my mind and get it on paper (forum post) as fast as i can.

i do business where i help people out financially and i have to admit when i see a real life business plan, i do check for spelling and grammar to see how much effort the client has put into the plan, to see how much he cares about the image he as a professional projects.

but when it comes to these forums i have given out investments to people with bad grammar, purely on the bases that their plan was sound enough.

this is my free time so being perfect does not mean anything especially when my real name is not franky1. its not harming my real life professional image.

i would say writing a business plan on here professionally with alot of thought, detail and time to prepare does earn you merit points. but certainly not a legal requirement.

[suryc]

Is there anywhere that one could find statistics for how long transaction processing is currently taking as a function of the fee?

I found this: https://blockchain.info/charts/avg-confirmation-time
But, it is just an average time to confirm for all transactions. I would be curious to see something like this that incorporated various transaction fees. Say, if you wanted to get an idea of how much of a difference it makes if you have a transaction fee of .01 vs. .001 vs. nothing.

[seanneko]

I've been waiting 3 hours now and my transaction still hasn't even appeared on blockchain.info, let alone had any confirmations...

Waste of a 0.0001 transaction fee. Should've just sent it for free and saved my money.

[btctraderr]

You people realise unless you send BTC from a client yourself, if you rely on a company or someone else to actually send the BTC you have to wait until they actually do it and the moment they do it will be on the blockchain. Clicking Withdraw with some website and your coins not arriving ontime is not a problem with bitcoin but a problem with the website or the company you are using.