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Author Topic: fees and conformation time  (Read 31 times)
jevee
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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?

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December 05, 2017, 03:06:41 PM
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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.
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