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Author Topic: Why transactions takes so long?  (Read 1441 times)
ryo03800
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August 31, 2017, 05:08:53 AM
 #21

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

yupzz ,, that's right .. because now transactions are piling up on the network, chances are there are unnatural transactions / spammers in it. To avoid slow transactions, big fees can be an option or choose transactions under 5k pending.

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August 31, 2017, 05:16:01 AM
 #22

PayPal have warehouses full of servers to process transactions. We have to rely on a decentralized network to confirm these transactions, before the transactions can be validated. PayPal has been around much longer and they already worked out most of the problems in their systems, where we at Bitcoin are still busy improving it.

We also rely on decentralized decision making to make changes in the code, which will take a little bit longer than centralized networks.

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August 31, 2017, 05:34:47 AM
 #23

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

yupzz ,, that's right .. because now transactions are piling up on the network, chances are there are unnatural transactions / spammers in it. To avoid slow transactions, big fees can be an option or choose transactions under 5k pending.

Well for me i think the transaction in blockchains is better than paypal. Even though it is fast. I have always come to notion to accept delays in btc depending on how much is the fee. And i too would agree that small payments are the reason why btc transaction takes so long during this time. Earlier this year, transacstion charge small fees and  it has the same speed today. I think the members should just accept it rather than whinning about the changes in btc.

                                     
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August 31, 2017, 10:51:09 PM
 #24

Transactions take "so long" for the simple reason that you probably paid too low of fees. In the early days of Bitcoin it was possible to pay low fees or even no fee and your transactions would clear near instantly. Now, however, unless you pay 500+ satoshis/byte chances are you are going to be waiting longer than an hour, but this will get fixed with the Lightning Network. (hopefully, that is) Smiley


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August 31, 2017, 11:01:17 PM
 #25

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 and credit cards can be reversed for MONTHS afterward. Bitcoin gets into the mempool across the network in < 1 second and it is very difficult to double spend thereafter.  Once bitcoin has several confirmations it is pretty much irreversible, certainly after 6.

So in a second, bitcoin is across the network. And in a few seconds on the paypal servers.
In an hour (if you paid reasonable fees), bitcoin is confirmed and can't be reversed. In a few months PayPal and credit cards are final and can't be reversed.

With segwit and lightning, Bitcoin is across the network in a second and micro transactions are easy. And it's confirmations will be as above.

All without relying one a third party who could block your account and remove your money - for any reason.

Tell me again which one takes a long time?

craZyLovE0916
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August 31, 2017, 11:02:23 PM
 #26

As I am sure everyone else has already clarified by now, if you want your transaction to go through quickly then you need to pay a high fee. It sucks, but until further developments are made it is how it has to be.


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August 31, 2017, 11:05:02 PM
 #27

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 takes so long may be because your transaction fees is to low because some miners preffered the ones that are much higher fees. so next time if you want your transaction to be fast as possible make sure to set the transaction priority to high or you can try some other wallets with the option to adjust your desired transaction fees like coinomi wallet  so you can set the default fee to much higher fee for better and faster results.

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August 31, 2017, 11:07:38 PM
 #28

As I am sure everyone else has already clarified by now, if you want your transaction to go through quickly then you need to pay a high fee. It sucks, but until further developments are made it is how it has to be.
Yes this is what I believe on you can choose for the transactions fees that will make fast the transactions. And ofcourse this happen because of the demand of bitcoin that it may take longer. But lets hope for the corrections of the fees.

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August 31, 2017, 11:09:59 PM
 #29

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?
Unlike other i guess sending money would not be easy unlike in bitcoin it is a new kind of technology that you can send money with bitcoin i guess it is really the most popular currency but we all know because of its popularity a lot of people use where the bitcoin cannot handle so the transaction become slower.


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August 31, 2017, 11:21:55 PM
 #30

this for your safe for example. but most of altcoins is faster than btc
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September 01, 2017, 01:53:06 AM
 #31

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 know if you want your transactions go confirm easily and instantly then go to paypal and stop using cryptocurrency. It takes computing power to mine a block that's why the blocktime takes minutes to arrive  and it will take longer if you transaction fees is lower and may take hours to confirm

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September 01, 2017, 02:13:20 AM
 #32

As the transaction gets crowded and many people want to use a low cost, if the transaction you want to quickly confirm try using a higher cost. because the transaction is determined by the miner. then in my opinion the bigger the fee will be the faster our transaction.

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September 01, 2017, 02:15:47 AM
 #33

Yes, right now the transaction are taking ridiculous amount of time... I dont know why this is happening, three days ago i sent a payment and with high fees, 0.0013 (almost $6) and it took FOUR HOURS to get the first confirmation, and 7 to get the six confirmations that the receiver needs to use that bitcoin.
That is taking so much time, i think it need to be fixed as soon as possible, also fees are a little bit high, but that is obviously that is because the demand of miners, and it is reasonable.


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September 01, 2017, 03:31:20 AM
 #34

If possible, use alternatives to Bitcoin.  Ethereum, Litecoin or Ripple are all significantly faster and cheaper. 
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September 01, 2017, 03:48:46 AM
 #35

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.
Bitcoin is not made to send money in 5 minutes. Don't you know about the 10 Minutes blocktime?

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September 01, 2017, 09:46:13 AM
 #36

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?

not all cryptocurrencies takes too long to confirm a transaction, you can try with dgb and litecoin. it is less than 3 minutes i guess because i am trying to send m litecoin and dgb from one exchange into other, its directly in my wallet. maybe the network is heavy load or something happen but for bitcoin, we need to wait and its normal.

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September 01, 2017, 10:27:41 AM
 #37

As of now, bitcoin organize movement is curiously high because of expanding interest for transactions per block. block sizes are restricted, so this implies exchanges which surpass the limit with respect to a block stall out in a line for affirmation by bitcoin minners. This line of unsubstantiated exchanges is known as the bitcoin mempool.

The uplifting news? Many people are keen on utilizing bitcoin for exchanges. The terrible news is that this network  movement may create postponements of a couple of hours to a couple of days for a few clients and a sit tight time of weeks for few clients.
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September 01, 2017, 10:27:54 AM
 #38

If possible, use alternatives to Bitcoin.  Ethereum, Litecoin or Ripple are all significantly faster and cheaper. 

This. Because the cryptocurrency space is now so huge with more than 50% of total marketcap being alts, scaling will happen in the alt space. Have your saving money locked away in a bitcoin wallet and your spending money in an altcoin wallet.

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September 01, 2017, 10:31:03 AM
 #39

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.


Credit card transactions take 180 days to confirm, yet I see no one complaining about it. BTC transactions take only 10 minutes to confirm that your money is sent and will never be stolen. Most newbies are clueless and don't value what BTC does enough because they don't understand the concept of decentralization.

Once we get Lightning Network wallets and user friendly out, people will no longer complain because they will be able to make instant transactions for cheap which apparently it's all newbies care about.

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September 01, 2017, 10:36:03 AM
 #40

because paypal transactions are not as much done bitcoin in a day (I mean the number of people who make transactions). the daily bitcoin transaction queue is overwhelming and booming. so if you want to speed up the transaction, you can choose a higher cost.

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