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Author Topic: Why transactions takes so long?  (Read 1432 times)
batang_bitcoin
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September 01, 2017, 10:40:30 AM
 #41

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?

Congestion, that's why we are having a very long confirmation for our transactions. I'll give you a very easy example, if you are in the drive-thru of Mcdonalds and there are 5 people in-line, so you have to wait for a longer time right? And miners are giving those transactions priority that has higher fees. With PayPal, it's an instant, it also happens when you send bitcoin from the same web wallet bitcoin address.

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September 02, 2017, 02:20:37 PM
 #42

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 depend on market because if you sell bitcoin into ethereum you cannot transact it easily because you need to wait until your item (coin) will buy.

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September 02, 2017, 06:08:25 PM
 #43

As there are many transactions of bitcoins are going on in world and miners gives priority to higher fees so it is expected that if you have paid higher fees then it won't take time for confirmations.And by the way bitcoin transactions are fast like instantaneous like PayPal but it is confirmations from miners which take time.As bitcoins are becoming legalised and famous in many countries so there is traffic in network which cause delays in confirmations and have to pay more for fast but I think 10 or 30 mins isn't that long period of time if the transactions are not that important as you don't have to keep a check on transactions to confirm it.

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September 02, 2017, 06:16:35 PM
 #44

yes it all needs process mr.karena bitcoin or eth different than on paypal and such, maybe one day can also like paypal.

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September 02, 2017, 07:31:53 PM
 #45

yes it all needs process mr.karena bitcoin or eth different than on paypal and such, maybe one day can also like paypal.
Why Bitcoin transaction can like paypal in someday? The system and funsction of cryptocurrency is diferent to paypal, and also cryptocurrency as Ethereum, Bitcoin never hold our money like Paypal when we send a huge money Cool
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September 02, 2017, 07:58:54 PM
 #46

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?
A Bitcoin transaction is instant as is a credit card but a credit card takes 72 hours to "confirm" in the system while Bitcoin takes on average 10 minutes. Try to rethink your definition of what slow is...  Huh  Grin
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September 02, 2017, 08:18:37 PM
 #47

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 are right, that time of transactions is to long. The transfer time, like preposters already stated depends on traffic in network and the fees that are paid. But to implement bitcoin to "real life" (offline shops, restaurants and so on) it is very imported to enable instant payments. Therefore a lightning network will be implemented.
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September 02, 2017, 08:23:38 PM
 #48

If you think 30 seconds is too low for you then I think cryptocurrencies are not really for you. Or you may take a look at Ripple xD
I am fine with waiting 1 hour to see a Bitcoin transaction fully completed, it's much better to what it was sometimes before. Of course, faster than 1 hour would be nice too

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 depend on market because if you sell bitcoin into ethereum you cannot transact it easily because you need to wait until your item (coin) will buy.

I think you should read the OP more carefully to avoid to reply out of topic

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September 02, 2017, 10:51:02 PM
 #49

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 was delayed before SegWit, today it is already solved. Enjoy! Roll Eyes

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September 02, 2017, 11:03:08 PM
 #50

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 are right, that time of transactions is to long. The transfer time, like preposters already stated depends on traffic in network and the fees that are paid. But to implement bitcoin to "real life" (offline shops, restaurants and so on) it is very imported to enable instant payments. Therefore a lightning network will be implemented.
of course when bitcoin is applied to offline purchases, of course, it can not be because the constantly changing bitcoin price then allows the trader to lose when the price of bitcoin becomes low, so bitcoin is as good as it is

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September 03, 2017, 03:14:00 AM
 #51

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 was delayed before SegWit, today it is already solved. Enjoy! Roll Eyes

It is still not fully solved yet because last week only there were so many unconfirmed transactions and my one of the withdrawal took more than 12 hours to confirm. These transactions are instant because within few seconds or minutes you can see your transaction enter into blockchain after you send or receive. But that transaction to confirm it takes time in the blockchain. Paypal works in different and it has its own drawbacks too.

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September 03, 2017, 03:51:24 AM
 #52

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?
Just learn more about how paypal transaction works, it is not instant because transaction can be reversed even after 180 days if buyer file a chargeback claims. On the other hand bitcoin and eth transactions are non-reversible so when they will get few confirmation there is no way to reverse it.

Cryptocurrencies are way better than paypal like centralized payment gateway which can froze your millions of $ with very weak reason anytime.

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September 03, 2017, 04:05:46 AM
 #53

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 was delayed before SegWit, today it is already solved. Enjoy! Roll Eyes
Not completely solved but yes segwit did a lot good. Before segwit even with high fees like 300-400 sat/byte transactions were taking more than 20-25mins to get confirmed at few instances but now even a small fee is getting them confirmed in 5-10 mins. That's some progress I guess.

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September 03, 2017, 04:16:02 AM
 #54

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 was delayed before SegWit, today it is already solved. Enjoy! Roll Eyes
Not completely solved but yes segwit did a lot good. Before segwit even with high fees like 300-400 sat/byte transactions were taking more than 20-25mins to get confirmed at few instances but now even a small fee is getting them confirmed in 5-10 mins. That's some progress I guess.

I guess segwit did something good. It seems all transactions are going in smoothly and fairly quickly. Though the problem now is solve, this might not be the case in the future. Maybe bitcoin unlimited would be the next solution, who knows. If bitcoins does get a lot more popular bitcoin code must really adopt, it should be scaleable.

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September 03, 2017, 02:40:57 PM
 #55

It is maybe because of the high popularity more and more transactions are taking place daily because of this the network becomes slow and if you want your transaction to atleast get 1 confirmation it will cost you more because all transactions are done by miners and they won't mine transaction with less fees

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September 04, 2017, 01:19:07 AM
 #56

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 was delayed before SegWit, today it is already solved. Enjoy! Roll Eyes
Not completely solved but yes segwit did a lot good. Before segwit even with high fees like 300-400 sat/byte transactions were taking more than 20-25mins to get confirmed at few instances but now even a small fee is getting them confirmed in 5-10 mins. That's some progress I guess.

I guess segwit did something good. It seems all transactions are going in smoothly and fairly quickly. Though the problem now is solve, this might not be the case in the future. Maybe bitcoin unlimited would be the next solution, who knows. If bitcoins does get a lot more popular bitcoin code must really adopt, it should be scaleable.
well it is true that the transaction fees is getting high and some people are suffering from the low transaction but in the past people were enjoying the free transaction but it was very slow and low transaction but as the well beginning is the half done so transaction is happening it is not going to be stop so I am great full at least the system is working so bitcoin will go more and more high and some day the transaction will be fast enough to get done even in hours.

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September 04, 2017, 01:28:14 AM
 #57

most of my transaction so fast. when i deposit do gambling site like primedice at stake. but sometimes also it takes so long. like sometimes if take up to 12hours.and when i withraw from that site sometimes also take so long. only recieveng in my wallet.

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September 04, 2017, 01:38:06 AM
 #58

Sending small amounts of bitcoin isn't viable anymore...
For bigger transactions it is ok if you pay the fee... but sending 20 dollar in btc and paying 5 dollar fee is crazy

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September 21, 2017, 07:03:54 AM
 #59

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?

Congestion, that's why we are having a very long confirmation for our transactions. I'll give you a very easy example, if you are in the drive-thru of Mcdonalds and there are 5 people in-line, so you have to wait for a longer time right? And miners are giving those transactions priority that has higher fees. With PayPal, it's an instant, it also happens when you send bitcoin from the same web wallet bitcoin address.
Yes it is 100 percent true that in this world the high valuable persons and things gets the first choice, and the lower prices things are in back steps, it is natural. There is nothing something serious that why transaction takes so much time.

I think one day the bitcoin transaction will be in seconds. Just we will have to wait for it to be accepted and legalized be all the people and the governments. Then we will eat the fruit of bitcoin.


 
 
 
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September 21, 2017, 07:11:23 AM
 #60

I think because of the increasing number of transactions, where we know that currently bitcoin is getting popular. I think the queue is also getting better, so make the transaction process also longer.
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