Bitcoin transaction time

[salmanahmedone]

Can we please do something to speed up transaction time and the high transaction fees?

This is getting absurd. I just spent $10 USD to send $7500 but my fee was too low. It may take a week for my transaction to process. Who knows. I should have spent 3x that figure to get processing within 1 hour ($30). With that same fee I could have just used a wire transfer from a bank online and it would have been just as fast as bitcoin. The selling point of bitcoin is that it was supposed to be 'better' than traditional banking services. It's not.

IMO, the following things need to happen.

#1) Block time decrease from 10 minutes to 1 minute. (and decreasing reward by / 10 per block)
#2) Difficulty readjustment period from 2016 blocks to 720 blocks. (2 difficulty readjustments per day with the decrease in block time from #1)
#3) Apply a system of master nodes where there are 10,000 nodes that receive an equal split of 1% of all bitcoins generated. (Comes out to about $200/month at current USD rates, enough to pay for a dedicated server or colocation space to host the node in a good environment almost anywhere in the world.)
#4) Reduce the amount of read/writes to disk on a bitcoin full node. I stopped running a full node because it lags everything else my computer tries to do. Not because of the disk space it consumes.

We just went 50 minutes between blocks as I was writing this!

Cheap people will watch the chain, while those that tip will watch their money grow. It is that simple and it is a perfect system to destroy and rid the chain of those that refuse to spend their money, money moving is a good economy, money stagnating is bad, and anyone that refuses to get with the program will suffer and die. It is perfect and it is working perfectly and it has gotten yet another, at least it was a small TX.

[1714800216]

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[1714800216]

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[J. Cooper]

Can we please do something to speed up transaction time and the high transaction fees?

This is getting absurd. I just spent $10 USD to send $7500 but my fee was too low. It may take a week for my transaction to process. Who knows. I should have spent 3x that figure to get processing within 1 hour ($30). With that same fee I could have just used a wire transfer from a bank online and it would have been just as fast as bitcoin. The selling point of bitcoin is that it was supposed to be 'better' than traditional banking services. It's not.

IMO, the following things need to happen.

#1) Block time decrease from 10 minutes to 1 minute. (and decreasing reward by / 10 per block)
#2) Difficulty readjustment period from 2016 blocks to 720 blocks. (2 difficulty readjustments per day with the decrease in block time from #1)
#3) Apply a system of master nodes where there are 10,000 nodes that receive an equal split of 1% of all bitcoins generated. (Comes out to about $200/month at current USD rates, enough to pay for a dedicated server or colocation space to host the node in a good environment almost anywhere in the world.)
#4) Reduce the amount of read/writes to disk on a bitcoin full node. I stopped running a full node because it lags everything else my computer tries to do. Not because of the disk space it consumes.

We just went 50 minutes between blocks as I was writing this!

Cheap people will watch the chain, while those that tip will watch their money grow. It is that simple and it is a perfect system to destroy and rid the chain of those that refuse to spend their money, money moving is a good economy, money stagnating is bad, and anyone that refuses to get with the program will suffer and die. It is perfect and it is working perfectly and it has gotten yet another, at least it was a small TX.

This topic is relatively old and with the activation of segwit the majority of this problem has been fixed. Transaction fees tend to be at the lower side as of lately and are getting confirmed relatively fast. I personally think spending 10$ on a transaction fee alone is too high for bitcoin. Especially since the point of bitcoin was to allow for international transactions for basically free. I don't see how low fees will eventually kill the system. I think that's a little bit of an outrageous statement.

[Morchid]

Can we please do something to speed up transaction time and the high transaction fees?

This is getting absurd. I just spent $10 USD to send $7500 but my fee was too low. It may take a week for my transaction to process. Who knows. I should have spent 3x that figure to get processing within 1 hour ($30). With that same fee I could have just used a wire transfer from a bank online and it would have been just as fast as bitcoin. The selling point of bitcoin is that it was supposed to be 'better' than traditional banking services. It's not.

IMO, the following things need to happen.

#1) Block time decrease from 10 minutes to 1 minute. (and decreasing reward by / 10 per block)
#2) Difficulty readjustment period from 2016 blocks to 720 blocks. (2 difficulty readjustments per day with the decrease in block time from #1)
#3) Apply a system of master nodes where there are 10,000 nodes that receive an equal split of 1% of all bitcoins generated. (Comes out to about $200/month at current USD rates, enough to pay for a dedicated server or colocation space to host the node in a good environment almost anywhere in the world.)
#4) Reduce the amount of read/writes to disk on a bitcoin full node. I stopped running a full node because it lags everything else my computer tries to do. Not because of the disk space it consumes.

We just went 50 minutes between blocks as I was writing this!

I agree Bitcoin fees are getting ridiculous. It's now expensive to send and receive payments if you want to receive them in a timely manner. Something has to be done about this and I'm sure they will think of something.

I personally prefer to use DeepOnion to send and receive payments as it's practically instant. I just hope more people start to adopt it and it becomes more popular in the upcoming future.

[barabut]

Can we please do something to speed up transaction time and the high transaction fees?

This is getting absurd. I just spent $10 USD to send $7500 but my fee was too low. It may take a week for my transaction to process. Who knows. I should have spent 3x that figure to get processing within 1 hour ($30). With that same fee I could have just used a wire transfer from a bank online and it would have been just as fast as bitcoin. The selling point of bitcoin is that it was supposed to be 'better' than traditional banking services. It's not.

IMO, the following things need to happen.

#1) Block time decrease from 10 minutes to 1 minute. (and decreasing reward by / 10 per block)
#2) Difficulty readjustment period from 2016 blocks to 720 blocks. (2 difficulty readjustments per day with the decrease in block time from #1)
#3) Apply a system of master nodes where there are 10,000 nodes that receive an equal split of 1% of all bitcoins generated. (Comes out to about $200/month at current USD rates, enough to pay for a dedicated server or colocation space to host the node in a good environment almost anywhere in the world.)
#4) Reduce the amount of read/writes to disk on a bitcoin full node. I stopped running a full node because it lags everything else my computer tries to do. Not because of the disk space it consumes.

We just went 50 minutes between blocks as I was writing this!

This is a dilemma on btc transactions, the transaction times were decreased but we still facing with a comparibly big amount of fees keep paying even if the transaction amount is small

[pinoyden]

Can we please do something to speed up transaction time and the high transaction fees?

This is getting absurd. I just spent $10 USD to send $7500 but my fee was too low. It may take a week for my transaction to process. Who knows. I should have spent 3x that figure to get processing within 1 hour ($30). With that same fee I could have just used a wire transfer from a bank online and it would have been just as fast as bitcoin. The selling point of bitcoin is that it was supposed to be 'better' than traditional banking services. It's not.

IMO, the following things need to happen.

#1) Block time decrease from 10 minutes to 1 minute. (and decreasing reward by / 10 per block)
#2) Difficulty readjustment period from 2016 blocks to 720 blocks. (2 difficulty readjustments per day with the decrease in block time from #1)
#3) Apply a system of master nodes where there are 10,000 nodes that receive an equal split of 1% of all bitcoins generated. (Comes out to about $200/month at current USD rates, enough to pay for a dedicated server or colocation space to host the node in a good environment almost anywhere in the world.)
#4) Reduce the amount of read/writes to disk on a bitcoin full node. I stopped running a full node because it lags everything else my computer tries to do. Not because of the disk space it consumes.

We just went 50 minutes between blocks as I was writing this!

Cheap people will watch the chain, while those that tip will watch their money grow. It is that simple and it is a perfect system to destroy and rid the chain of those that refuse to spend their money, money moving is a good economy, money stagnating is bad, and anyone that refuses to get with the program will suffer and die. It is perfect and it is working perfectly and it has gotten yet another, at least it was a small TX.

This topic is relatively old and with the activation of segwit the majority of this problem has been fixed. Transaction fees tend to be at the lower side as of lately and are getting confirmed relatively fast. I personally think spending 10$ on a transaction fee alone is too high for bitcoin. Especially since the point of bitcoin was to allow for international transactions for basically free. I don't see how low fees will eventually kill the system. I think that's a little bit of an outrageous statement.

agree, some of the concern of op  has been fixed and improved now after they have activated the segwit lately but i also agree to some rants of members here that transaction fees is still expensive plus the transfer of bitcoins moves frigin slow , so lets  just hope that developers will improved this soon or after the  upcoming fork has been established on mid october and november.

[CasinoKiller]

Activation of segwit2x is the best possible solution which the developer of blockchain suggested. And I believed their opinion was credible that's why I'm supporting BTC no matter how many hard fork happened.

Yeah, segwit2x was one of the best branches that grew on tree called Bitcoin

[Sachinist]

just a case of how quickly you want it sent and people who want it done quickly are simply willing to pay higher in miners fee. to be fair, $30 for $7500 transaction is not unreasonable considering a lot of other means of sending the same amount of money

[Karimeen]

   

     A transaction is confirmed when it is permanently included in the bitcoin block chain.The time taken for this is quite variable, some time
confirmation may be tens of minutes and some time it may take two hours or an average it will be about an hour.Currently bitcoin network traffic is unusually high due to increase in demand for transaction per block.Block sizes are limited that means transaction which exceed the capacity for a block get stuck in a queue for confirmation by bitcoin miners.

[Betfair]

Activation of segwit2x is the best possible solution which the developer of blockchain suggested. And I believed their opinion was credible that's why I'm supporting BTC no matter how many hard fork happened.

Yeah, segwit2x was one of the best branches that grew on tree called Bitcoin

do you think with segwit2x fees are gonna get cheaper ?

[rausvi15]

Activation of segwit2x is the best possible solution which the developer of blockchain suggested. And I believed their opinion was credible that's why I'm supporting BTC no matter how many hard fork happened.

Yeah, segwit2x was one of the best branches that grew on tree called Bitcoin

do you think with segwit2x fees are gonna get cheaper ?

Segregated Witness (SegWit2x) increase the speed of transaction, but right now they won't charge less because they have to earn for their new invention, as they increase the size of block to be solved upto 2MB so it would  not easy for them to solve the hash codes. But in future many new invention will take place regarding to transaction , so that is why the price get cheaper.

[radjie]

Can we please do something to speed up transaction time and the high transaction fees?

This is getting absurd. I just spent $10 USD to send $7500 but my fee was too low. It may take a week for my transaction to process. Who knows. I should have spent 3x that figure to get processing within 1 hour ($30). With that same fee I could have just used a wire transfer from a bank online and it would have been just as fast as bitcoin. The selling point of bitcoin is that it was supposed to be 'better' than traditional banking services. It's not.

IMO, the following things need to happen.

#1) Block time decrease from 10 minutes to 1 minute. (and decreasing reward by / 10 per block)
#2) Difficulty readjustment period from 2016 blocks to 720 blocks. (2 difficulty readjustments per day with the decrease in block time from #1)
#3) Apply a system of master nodes where there are 10,000 nodes that receive an equal split of 1% of all bitcoins generated. (Comes out to about $200/month at current USD rates, enough to pay for a dedicated server or colocation space to host the node in a good environment almost anywhere in the world.)
#4) Reduce the amount of read/writes to disk on a bitcoin full node. I stopped running a full node because it lags everything else my computer tries to do. Not because of the disk space it consumes.

We just went 50 minutes between blocks as I was writing this!

This is a dilemma on btc transactions, the transaction times were decreased but we still facing with a comparibly big amount of fees keep paying even if the transaction amount is small

Yes, the development team continues to improve the blockchain chain in order to facilitate the user to perform various transactions, although the transaction time can be reduced from 10 minutes to 1 minute then it remains ascertained by the system developers not to pay a large fee.

[Hanablue]

You can go to services section and there you will see many threads for accelerated services, its free as well. do it thr.

[CryptotradeGMO]

The blocks decide how long
Sometimes 10min sometimes over 2h

[BitcoinPlatinum]

Bitcoin is a little slow , No doubt but we need to change it . #REVOLUTION

[franco123]

Can we please do something to speed up transaction time and the high transaction fees?

This is getting absurd. I just spent $10 USD to send $7500 but my fee was too low. It may take a week for my transaction to process. Who knows. I should have spent 3x that figure to get processing within 1 hour ($30). With that same fee I could have just used a wire transfer from a bank online and it would have been just as fast as bitcoin. The selling point of bitcoin is that it was supposed to be 'better' than traditional banking services. It's not.

IMO, the following things need to happen.

#1) Block time decrease from 10 minutes to 1 minute. (and decreasing reward by / 10 per block)
#2) Difficulty readjustment period from 2016 blocks to 720 blocks. (2 difficulty readjustments per day with the decrease in block time from #1)
#3) Apply a system of master nodes where there are 10,000 nodes that receive an equal split of 1% of all bitcoins generated. (Comes out to about $200/month at current USD rates, enough to pay for a dedicated server or colocation space to host the node in a good environment almost anywhere in the world.)
#4) Reduce the amount of read/writes to disk on a bitcoin full node. I stopped running a full node because it lags everything else my computer tries to do. Not because of the disk space it consumes.

We just went 50 minutes between blocks as I was writing this!

I agree! Bitcoin's main purpose is to have better transactions than what we have today. A free transaction that let's our personap information behind the codes and addresses. But what's happening now is the increase of fees and the time it takes to transacr. Bitcoin price is very volatile so a long transacting time whether in trading or just transfering Bitcoin might be as fast as an instant click. I believe they are already working on this as the Bitcoin is now being recognized and is continuing it's development.

[aleksej996]

I agree! Bitcoin's main purpose is to have better transactions than what we have today. A free transaction that let's our personap information behind the codes and addresses. But what's happening now is the increase of fees and the time it takes to transacr. Bitcoin price is very volatile so a long transacting time whether in trading or just transfering Bitcoin might be as fast as an instant click. I believe they are already working on this as the Bitcoin is now being recognized and is continuing it's development.

It is hard to say what is Bitcoin main purpose, especially since no one is in charge of deciding what it is. It is undefined. We can speculate about why it was created and what the creator Satoshi had in mind, but Bitcoin now belongs to the people and they can do with it as they please. A free transaction is obviously impossible and not intended as mining fees are planed to be the only way of miners getting payed when the block supply goes to zero in about 100 years.
It is hard to claim that it was mostly about lower transaction fees or anonymity, since the creation of Bitcoin happened right after the financial crisis and during the bank bailouts that decreased the value of fiat currency and effectively taxed the people for bank's mistakes and greed. The first Bitcoin block, the genesis block has references to the bank bailouts as it holds the headlines of British newspapers that read "Chancellor on brink of second bailout for banks" along with the name of newspaper and the date as to prove that block wasn't premined.