Bitcoin Forum
October 16, 2018, 04:56:24 AM *
News: Make sure you are not using versions of Bitcoin Core other than 0.17.0 [Torrent], 0.16.3, 0.15.2, or 0.14.3. More info.
 
   Home   Help Search Donate Login Register  
Pages: [1]
  Print  
Author Topic: fees and conformation time  (Read 38 times)
jevee
Member
**
Offline Offline

Activity: 113
Merit: 10

★SportyCo★ decentralized sports invest


View Profile
December 05, 2017, 02:20:59 PM
 #1

Hello!

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 | SportyCo.io
Coinmarketcap
1539665784
Hero Member
*
Offline Offline

Posts: 1539665784

View Profile Personal Message (Offline)

Ignore
1539665784
Reply with quote  #2

1539665784
Report to moderator
1539665784
Hero Member
*
Offline Offline

Posts: 1539665784

View Profile Personal Message (Offline)

Ignore
1539665784
Reply with quote  #2

1539665784
Report to moderator
1539665784
Hero Member
*
Offline Offline

Posts: 1539665784

View Profile Personal Message (Offline)

Ignore
1539665784
Reply with quote  #2

1539665784
Report to moderator
The Bitcoin software, network, and concept is called "Bitcoin" with a capitalized "B". Bitcoin currency units are called "bitcoins" with a lowercase "b" -- this is often abbreviated BTC.
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1539665784
Hero Member
*
Offline Offline

Posts: 1539665784

View Profile Personal Message (Offline)

Ignore
1539665784
Reply with quote  #2

1539665784
Report to moderator
1539665784
Hero Member
*
Offline Offline

Posts: 1539665784

View Profile Personal Message (Offline)

Ignore
1539665784
Reply with quote  #2

1539665784
Report to moderator
1539665784
Hero Member
*
Offline Offline

Posts: 1539665784

View Profile Personal Message (Offline)

Ignore
1539665784
Reply with quote  #2

1539665784
Report to moderator
Emoclaw
Sr. Member
****
Offline Offline

Activity: 420
Merit: 250


View Profile
December 05, 2017, 03:06:41 PM
 #2

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]
  Print  
 
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!