Please, newbiews, stop saying Bitcoin transactions take 10 mins. It's 1 sec!

[Kazimir]

I've seen this in several topics and also on many other places, so I'd like to point this out again:

Bitcoin transactions take 10 minutes, or even several confirmations of 10 minutes each. That is way too long, paypal and credit card payments only take a few seconds!

Common misconception. Bitcoin transactions are instant.

It's only the confirmations that take some time. But nowadays, for regular payments of 'normal' amounts (up to a few thousand $) it's completely safe to accept a payment as soon as it appears in the network (and has enough tx fee). You don't need to wait for any confirmation.

With todays network strength it's pretty much impossible (not to mention, way, WAY too expensive) to successfully forge a valid looking transaction (thus getting it propagated through the network) that doesn't get confirmed. Only in order to accept or trust payments for BIG amounts, e.g. when literally sending tons of money around, you better await a few confirmations.

So, in normal situations (with regular amounts), Bitcoin payments are already instant. NOT 10-60 minutes!

[Kazimir]

Oh, and one more thing. As for the so called 'faster processing' of altcoins with shorter block times: this is a delusion.

In the end, the certainty of a transaction is related to the amount of processing power that would be required to successfully forge it. You may think that for example Litecoin is 'faster' because it finds blocks 4 times as fast, but it would also require 4 times as much blocks to get the same amount of certainty - that is, if the total network power were equal. And the latter is not the case by far, the Bitcoin network harnesses much, MUCH more hashing power than all other altcoins combined.

So, when comparing the speed of processing transactions, not in terms of 'number of confirmations' but in terms of actual certainty and trustworthiness, Bitcoin is a few miles ahead.

[thecoinrunner]

Hi kazimir,

First of all, merry Christmas.

Thanks for the update about the transaction speed. In fact, the under-the-bonnet technology is still a mystery to me. Do you happen to have a good (readable) link about it?

I want to understand the technology better. I lost .36 BTC with the Hashcows hack...

[Iamcloud]

thanks for sharing very informative!

[infinitybo]

The one more thing was epic anyways people need to know how much Bitcoin transactions are fast !

[jongameson]

They are.  and when making BIG decisions, u can be sure they'll put the cops on your ass if you double spend on a new Chevrolet Caprice and drive away before the transaction clears!

[Phoenix1969]

Oh, and one more thing. As for the so called 'faster processing' of altcoins with shorter block times: this is a delusion.

In the end, the certainty of a transaction is related to the amount of processing power that would be required to successfully forge it. You may think that for example Litecoin is 'faster' because it finds blocks 4 times as fast, but it would also require 4 times as much blocks to get the same amount of certainty - that is, if the total network power were equal. And the latter is not the case by far, the Bitcoin network harnesses much, MUCH more hashing power than all other altcoins combined.

So, when comparing the speed of processing transactions, not in terms of 'number of confirmations' but in terms of actual certainty and trustworthiness, Bitcoin is a few miles ahead.

BitPay has been using this algorithm on the Bitcoin network without any double-spending for quite some time..
here, read this:
 http://www.cryptocoinsnews.com/2014/02/13/the-mathematically-secure-way-to-accept-zero-confirmation-transactions/

[guybrushthreepwood]

Annoys me when newbs bring this up when they don't know what they're talking about.

[ajaxmoor]

Bitcoin Transaction are instant but for some reason like double spend seller mostly want 1 - 3 confirmation to confirm receive due to a lot of double spend .

[hilariousandco]

Annoys me when newbs bring this up when they don't know what they're talking about.

Yeah, newbs gonna newb. Most of them who bring this up have never even made or received a Bitcoin transaction.

[Sonny]

Bitcoin Transaction are instant but for some reason like double spend seller mostly want 1 - 3 confirmation to confirm receive due to a lot of double spend .

If the transaction is sent with min fee and confirmed inputs, it is indeed very hard to double spend it even if it is unconfirmed.

The issue of tx malleability is completely a different thing.

[jimmyscratchlab]

Check the zero-confirmations immediate tiny-payment security

http://jimmyscratchlab.github.io/check-tinypayment/