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Author Topic: Why transactions takes so long?  (Read 1545 times)
BobbyAdams
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September 29, 2017, 03:51:27 AM
 #61

Actually, Bitcoin is quite a bit faster in verifying transfers than the credit card system. When paying with a CC, the transaction is not really completed for days and can even be reversed some months later. If you were to pay for something online using bitcoin, the transaction would be acknowledged by the merchant in seconds, similar to the time you might wait for a paypal or CC payment screen to acknowledge your payment.

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February 11, 2018, 01:58:00 AM
 #62

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.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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March 20, 2018, 06:39:22 PM
 #63

This happens when the demand is long and the loan is long. But according to the situation it needs to be resolved. However, it is expected that it will be amended very quickly. I think the number of cryptocurrency is more due to the completion of their transaction.

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April 01, 2018, 02:27:14 PM
 #64

I think it depends on your transaction fee that you will pay if you want a faster transaction the you should pay a higher fee and i think it is because of the traffic in the blockchain and the increase in njmber of transactions there are many transactions that happens in a minute even in a second, i use the low transaction fee it may take about 3 minutes to verify and transfer it to the reciever and i think thats very fast, maybe you should choose some wallet that has some low transaction fee because i think it varies from the wallet that you will use.

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April 01, 2018, 02:36:18 PM
 #65

As mentioned earlier, a Bitcoin transaction generally needs 6 confirmations from miners before it’s processed. The average time it takes to mine a block is 10 minutes, so you would expect a transaction to take around an hour on average.
However, the recent popularity boom of Bitcoin has caused congestion on the network. The average time for one confirmation has recently ranged anywhere from 30 minutes to over 16 hours in extreme cases .
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April 01, 2018, 02:47:08 PM
 #66

Say that you want to give your friend Dave a generous birthday gift of five bitcoin (5 BTC). To do so, you need to use your private key to send a message to the public blockchain announcing this transaction. This transaction message contains three parts:
1. Input: the source transaction of the bitcoins you’re sending to Dave. This code explains the history of how the bitcoins came to your public key.
2. Amount: the number of bitcoins—in this case, five—that you intend to send to Dave.
3. Output: Dave’s public key, or the address to which you are sending the bitcoins.
Mikolo11132
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April 01, 2018, 02:50:29 PM
 #67

Unfortunately for Dave, this process does not occur instantaneously. In fact, bitcoin transactions are subject to delays ranging from a few minutes to a few days. This is because bitcoin requires miners to verify transactions. Transactions are usually lumped into “blocks,” to be verified and added to the public blockchain; according to standard bitcoin protocol, it takes about ten minutes to mine one block.
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April 01, 2018, 03:17:26 PM
 #68

I do see that there is a fundamental difference between cryptocurrencies and traditional payment methods. In most of the cases of transferring funds in traditional payment methods Vostro method is used so it takes place immediately but in the case of cryptocurrencies, you actually send funds from one point to another and there is a miner between sender and receiver to your transaction.

Miner has the right to confirm the transaction but he cannot identify or interfere with the transaction whereas, in traditional payment methods, the Central authority has full control over the transaction. That's the fundamental difference making cryptocurrencies secure as compared to that of traditional payment methods. On the other hand, this technology is still in the development mode and I am expecting growth in the coming years and we will definitely have some concrete solutions for it.

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April 01, 2018, 10:17:58 PM
 #69

It depends for crypto translations, there are crypto fast transactions, much depends on the network congestion that you use blockchain of crypto.

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knackergays8
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April 09, 2018, 04:10:00 AM
 #70

May be its the normal time for transactions of cryptoz as it needs to be checked several before transfeerring
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April 09, 2018, 03:11:00 PM
 #71

I don't think 30sec is too long even though the optimum time taken for transaction is around 20-25 sec and that's ok to ensure safe transactions
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April 09, 2018, 03:21:18 PM
 #72

it's true what you say, but I think it's very natural, because so many users or networks we're using, so this is what makes the transaction slower and on the other hand because of the very low cost that causes that factor, try to use it with a very expensive cost of course your transaction will be quickly resolved.

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April 09, 2018, 03:41:26 PM
 #73

The transaction time for bitcoin is actually longer if there are a lot of transaction, and a lot to be verify. Thus more to pay if you want to get the transaction done sooner.

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April 09, 2018, 03:44:46 PM
 #74

Paypal has no blockchain and its movement is internal. Bitcoin is also fast, if you try using blockchain.info and send some bitcoins to another address in blokchain.info then you will notice that it will only take a blink of an eye and your bitcoin is already transferred since the transaction is done internally. But if you send out btc to an external wallet then that would take long since it needs some confirmation to avoid double spending.

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April 09, 2018, 03:58:10 PM
 #75

Delay in transaction, it mostly happen as a natural things. And many are cost by network delivery, and the human error are involved by not using enough Gas, if it is Ethereum transaction, it need enough gas execute any transaction out.

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April 12, 2018, 06:56:25 AM
 #76

I think, the blockchain network is becoming super congested and this, of course, is leading to lower confirmation times and also higher transaction fees. 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. Right now, Bitcoin isn't effective for lower transactions.
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April 13, 2018, 06:47:37 AM
 #77

due to many users.
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April 13, 2018, 08:57:32 PM
 #78

no idea, about it. I am gonna enquire it too
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April 17, 2018, 10:14:39 PM
 #79

It might be due to problems in blockchain system. I dont know specifically
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April 18, 2018, 07:58:54 PM
 #80

Sometimes a great pressure is created on the transactions tunnel creating a single long queue that's why it takes time
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