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Author Topic: Why transactions takes so long?  (Read 1439 times)
BallZy
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August 31, 2017, 12:24:32 AM
 #1

I don't know much about how BTC or ETH works, but why all cryptocurrencies takes so long to confirm a transaction. I think even 30s is too long, why cant it be instant like PayPal?
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August 31, 2017, 12:28:53 AM
 #2

I don't know much about how BTC or ETH works, but why all cryptocurrencies takes so long to confirm a transaction. I think even 30s is too long, why cant it be instant like PayPal?
especially bitcoin now has a very full network, difficulty block greatly increased with high. so when we only provide a low fee then the transaction will be very slow, even can happen for several days. usually to overcome this the bitcoin users use a high nominal fee to speed up transactions made. this has proved successful and our transactions will be delivered quickly.
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August 31, 2017, 12:38:07 AM
 #3

I don't know much about how BTC or ETH works, but why all cryptocurrencies takes so long to confirm a transaction. I think even 30s is too long, why cant it be instant like PayPal?

Well, especially for Bitcoin, the blockchain network is becoming super congested and this, of course, is leading to lower confirmation times and also higher transaction fees.

If you use the highest transaction fee, it should mean your transaction is confirmed within 5 minutes and most websites only require 1-5 confirmations.

Right now, Bitcoin isn't effective for lower transactions.


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August 31, 2017, 12:50:55 AM
 #4

Cryptocurrencies, even if it's Bitcoin or some other Altcoin need time to confirm. Don't compare a cryptocurrency with a Payment Processor. There is a whole network behind it, there are blocks, miners, miner earnings and much more.

Every block mined contains a number of transactions, if you've put a low fee (AKA Miner's payment) you will be left behind in the blocks, your transaction will not be contained in the first blocks, in the end, you might wait for a few days for your transaction to confirm. You could start paying high fees for quick transactions, but no one likes paying a fortune for that.






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August 31, 2017, 01:17:55 AM
 #5

Transactions do not all take long. IT all depends on how much of a fee you paid. If you pay a large fee then your tx will go through almost instantly, but a small fee means it could take up to or even over 24 hours in some cases. Tongue


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August 31, 2017, 01:49:48 AM
 #6

I don't know much about how BTC or ETH works, but why all cryptocurrencies takes so long to confirm a transaction. I think even 30s is too long, why cant it be instant like PayPal?
BTC transactions are actually INSTANTANEOUS. It's confirmations that take a longer time (10 minutes) because that's how Bitcoin works.
Bitcoin has a block time of 10 minutes and that amount of time was chosen presumably because it is a good compromise of speed, security and bandwidth.
The Lightning Network will allow for instantaneous, off-chain transactions that will not need to be confirmed.

   
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August 31, 2017, 01:53:45 AM
 #7

I don't know much about how BTC or ETH works, but why all cryptocurrencies takes so long to confirm a transaction. I think even 30s is too long, why cant it be instant like PayPal?

Will in bitcoin now is too crowded as you can see every transaction so many pending and waiting to aprove becauase of too many people are using bitcoin now i think 15 mins is a good time already you cant transact for an instant thats like imposible at the current setuation.
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August 31, 2017, 01:58:59 AM
 #8

its because crowded transaction and some people spamming with low fees, lets say if your wallet make regular fees on 60 sat/b because that was regular transaction fee on that day, and then a lot people use it too. Better stay on medium fees like 150+ sat/b. If you want get confirm faster, you can use priority fees depend on https://bitcoinfees.21.co

.

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August 31, 2017, 02:07:55 AM
 #9

I don't know much about how BTC or ETH works, but why all cryptocurrencies takes so long to confirm a transaction. I think even 30s is too long, why cant it be instant like PayPal?

Paypal is centralized, Bitcoin is de-centralized. There needs to be consensus that a Bitcoin transaction has taken place, and thus confirmations are needed.

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August 31, 2017, 02:17:06 AM
 #10

I don't know much about how BTC or ETH works, but why all cryptocurrencies takes so long to confirm a transaction. I think even 30s is too long, why cant it be instant like PayPal?

Paypal is centralized, Bitcoin is de-centralized. There needs to be consensus that a Bitcoin transaction has taken place, and thus confirmations are needed.
This happen sometimes transaction takes long as the demand is high. Yes there is need to resolved on this situation but hope it will be corrected soon. And, there is choices of fees by choosing fast and slow transactions to confirm.

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August 31, 2017, 02:17:41 AM
 #11

No this does not take long, Yesterday i did transaction with low fees and it had credited within 5 mins. Transaction from blockchain.info.
And fee was just 5400 satoshi.

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August 31, 2017, 02:24:43 AM
 #12

I just noticed that everytime Bitcoin is increasing in value, the transactions takes longer than the usual and the fees are increasing. I don't know why. I know that it usually takes a few confirmations on the block chain before the transactions to be successful but I don't know if the price increase is directly proportional to the transaction process.

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August 31, 2017, 04:35:22 AM
 #13


I don't know much about how BTC or ETH works, but why all cryptocurrencies takes so long to confirm a transaction. I think even 30s is too long, why cant it be instant like PayPal?



It works on the principle of miners getting your transaction confirmed. There follows a big tree of transaction and smaller transactions are included into the bigger blocks which are then split according to destination address. Thus process takes long time now a days because network difficulty is added as well. Too many miners but lots of "congestion" in the network. That's is what happening and making your transaction delayed.



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BCMB
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August 31, 2017, 04:41:46 AM
 #14

I just noticed that everytime Bitcoin is increasing in value, the transactions takes longer than the usual and the fees are increasing. I don't know why. I know that it usually takes a few confirmations on the block chain before the transactions to be successful but I don't know if the price increase is directly proportional to the transaction process.

Price increase generally means more activity on the blockchain as well, assuming the price is increasing due to demand (more people using it). Basically, more transactions for less BTC = more congestion.

Fujiati
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August 31, 2017, 04:46:28 AM
 #15

I don't know much about how BTC or ETH works, but why all cryptocurrencies takes so long to confirm a transaction. I think even 30s is too long, why cant it be instant like PayPal?

I think because all cryptocurrencie has many transactions per second so it is not possible instantaneously

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August 31, 2017, 04:55:30 AM
 #16

I don't know much about how BTC or ETH works, but why all cryptocurrencies takes so long to confirm a transaction. I think even 30s is too long, why cant it be instant like PayPal?

Propagation of your transaction is almost instant but proving that your transaction took place and its confirmation will take more time. But once your transaction is confirmed, you are assured that its valid and it cant be changed or erased from the blockchain.

In Paypal your account can be locked and your transactions can be changed using fiat. But its just really numbers in a screen, with BTC every transaction is made using the actual currency and it cant be changed and censored.

The time taken to make a transaction happen in BTC is worth the wait.



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jackky
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August 31, 2017, 05:00:25 AM
 #17

i think many people are playing bitcoin now ! So there are a lot of withdraw , transactions ! So the market transaction will stuck and check all the withdraw ! So too many people withdraw ! It means have to take turn to get to your transaction !
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August 31, 2017, 05:02:35 AM
 #18

I don't know much about how BTC or ETH works, but why all cryptocurrencies takes so long to confirm a transaction. I think even 30s is too long, why cant it be instant like PayPal?
You can't compare Paypal to cryptocurrencies, they are totally different systems, they have different purposes. Paypal is an online payment processor, which has been developed to manage online payments and give customer support to people using it, they have the authority to decide if a tranaction is OK or not, they can reverse transactions (paypal dispute, claim) if they think that something went wrong during the transaction. You don't store value gerenally on your paypal account, usually you do payment tranactions with your bank card connected to the Paypal account.
Bitcoin is not only a payment processor system yet, it's about storing value, and keeping track of who has bitcoin and how many coins. It's like a ledger system, and it not controlled by any company or authority, this determines that it works different. You should take you time to study at least the basics and you will see the differences and the advantages of those systems.

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August 31, 2017, 05:03:22 AM
 #19

bitcoin network are currently full load. too many people using bitcoin nowaday. you should change it to other alts coin to make a fast transfer. i would not bother to use bitcoin for my buy and sell because of high fee from bitcoin to miner.

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olushakes
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August 31, 2017, 05:07:59 AM
 #20

I don't know much about how BTC or ETH works, but why all cryptocurrencies takes so long to confirm a transaction. I think even 30s is too long, why cant it be instant like PayPal?
You don't know much about how it works, yet you castigate the amount of time it takes to confirm. Its true that it might not be instant like PayPal but you see it immediately but not available to spend which is what sometimes PayPal use as an option for control purposes. The adabavtages of fees and the reasonable wait time in the case of bitcoin, is enough for me to choose above PayPal.

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