Bitcoin Forum
July 23, 2018, 08:56:17 AM *
News: Latest stable version of Bitcoin Core: 0.16.1  [Torrent]. (New!)
   Home   Help Search Donate Login Register  
Pages: [1]
Author Topic: fees and conformation time  (Read 31 times)
Offline Offline

Activity: 108
Merit: 10

★SportyCo★ decentralized sports invest

View Profile
December 05, 2017, 02:20:59 PM


i have been reading some comments about how fees are going to get higher and the conformation time for transactions takes a lot of time. i get the idea why fees are so high but
why do you have to wait so long? is there a solution to this problem or is it just going to get worse?

SportyCo - Decentralized sports investment & funding ecosystem
Announcement | Telegram |
Hero Member
Offline Offline

Posts: 1532336177

View Profile Personal Message (Offline)

Reply with quote  #2

Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
Sr. Member
Offline Offline

Activity: 420
Merit: 250

View Profile
December 05, 2017, 03:06:41 PM

Bitcoin's transactions are actually (and will continue to be) instantaneous, but there is a delay before they are confirmed by being added to a block.
After your transaction has been confirmed, there is consensus that the transaction is real and the Bitcoin sent weren't sent to somebody else.
This is part of what makes Bitcoin secure, as confirmed transactions cannot be double spent.

As more and more people use Bitcoin and make transactions with it, the mempool will become increasingly bigger leading to higher fees and/or slower confirmation times. The solution to this is to scale Bitcoin on-chain so that it can process more transactions per second, or off-chain solutions such as the Lightning Network.
What we as users can do right now is to use SegWit wallets & addresses to reduce the size of each transaction.
Pages: [1]
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!