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Author Topic: If there was a Bitcoin Transaction Confirmation time within 1 minute  (Read 95 times)
Anamika143
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July 11, 2018, 05:30:44 PM
 #1

The use of Bitcoin is spreading in different areas of the day. This is true but it is not possible to use it in many cases due to the Bitcoin Transaction Confirmation time. It is not possible to provide Bitcoin immediately after buying products from Soaps. There are many such sectors that are not able to get Bitcoin due to the long-term transition time.

You look at a little matter.
PLAY NOW
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July 11, 2018, 06:09:52 PM
 #2

The key word in this phrase is "for now." We all need a little to suffer and the problem with the speed of transactions will soon be resolved. Visa also did not have everything smoothly at the beginning of its journey.
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July 12, 2018, 12:26:16 PM
 #3

Bitcoin usually takes a little longer during the transaction. You have given a good argument, that if the transaction time was less than 1 minute then the Bitcoin business would have been more expansive. Although we take a little longer now, we hope the Bitcoin Control Managing Committee will soon solve this problem.
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July 12, 2018, 01:00:00 PM
 #4

It is indeed a problem for bitcoins that transactions time are so slow, mass adoptions for everyday use will not be completed as long as a payment takes more that a few seconds.
The bitcoins price can easily move hundreds of dollars within a few minutes, and if the express payment you receive are 30 mins on they way, and you then need another hour to send it to an exchange with X amount confirmations, you can as a company has lost all your margin profit and much more.

However this is something that will be resolved in the years to come.
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July 12, 2018, 01:07:35 PM
 #5

The use of Bitcoin is spreading in different areas of the day. This is true but it is not possible to use it in many cases due to the Bitcoin Transaction Confirmation time. It is not possible to provide Bitcoin immediately after buying products from Soaps. There are many such sectors that are not able to get Bitcoin due to the long-term transition time.

You look at a little matter.

I have been saying things like this in the past. Bitcoin is definitely not practical for face to face transaction such as buying of soaps in your statement. Some Altcoins are more suitable for this kind of application. However, all of this is just for now. Bitcoin's minimum time in mining a block is 10 minutes as per its algorithm SHA-256. When the algorithm is enhanced, we might see significant improvement to Bitcoin's transaction.

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July 12, 2018, 01:17:30 PM
 #6

This will be handled in the coming times, should lightening network be completed and improved upon. I have witnessed less than 1 minute confirmation. I used a Segwixt enabled wallet. But in the future we should be able to get less than a minute confirmation time. Am hopeful of this.
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July 12, 2018, 06:22:48 PM
 #7

Yes, that's a big problem. But it is not something that cannot be solved. Even if this problem of bitcoin is not solved, it can be solved by other cryptocurrencies.

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July 12, 2018, 06:44:15 PM
Last edit: July 12, 2018, 06:56:08 PM by ajochems
 #8

Yes, that's a big problem. But it is not something that cannot be solved. Even if this problem of bitcoin is not solved, it can be solved by other cryptocurrencies.


If the transaction of bitcoin is confirmed with in a minute. Many new investors start to invese in bitcoin.It will increase the huge transaction through bitcoin. They will choose the bitcoin as an medium of transaction .It will reduce the transaction time of bitcoin and transaction charges of bitcoin.

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July 12, 2018, 07:25:15 PM
 #9

What do you think Lightning Network is going to be for? Once that becomes usable, you don't have to worry about transaction times anymore.
Heck you'll even be able to exchange your Bitcoins for other supported altcoins pretty much instantly.

Read up here: https://lightning.network/


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July 12, 2018, 07:57:16 PM
 #10

What do you think Lightning Network is going to be for? Once that becomes usable, you don't have to worry about transaction times anymore.
Heck you'll even be able to exchange your Bitcoins for other supported altcoins pretty much instantly.

Read up here: https://lightning.network/

Exactly! With lightning network fully functional you won't be talking about 1 minute, but seconds. If OP and the rest is so hyped about 1 minute confirmations, they'll piss themselves out of joy when they'll be able to send a few satoshis with almost no fee and an instant confirmation. It's going to work just like credit card payments do right now, they also function off the main net and are being processed later. As for the lightning nodes you can already set them up if you like.

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July 15, 2018, 05:18:40 AM
 #11

What I know Transaction bitcoin it needs to process, because there are some wallet that requires verification in the form of e-mail, sms, or other forms of verification to send your Bitcoin from one wallet to another wallet.
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July 15, 2018, 05:25:01 AM
 #12

the problem with people like you who are complaining about confirmation time and accepting bitcoin payment is that you have never used bitcoin, never accepted it as payment and never asked someone who does to tell you about their experience.

for example if you ask shops that are accepting bitcoin payment (like a fast food that is accepting bitcoin) they say they have actually increased their sales and have never yet encountered any scams/double spends,... and they don't wait for confirmation.

there are two things when accepting a payment: the amount so the risks and the transaction itself.
when you receive a small payment (like for a cup of coffee or a hot dog) the risks of getting scammed is minimal and near zero.
additionally there are ways of analyzing the transaction to know the risks of accepting it with 0 confirmation. like the fee it is paying, whether it has unconfirmed parent, anything non-standard, has RBF,...

bitcoin technology is really beautiful I suggest you learn more about it.

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July 15, 2018, 05:35:24 AM
 #13

The use of Bitcoin is spreading in different areas of the day. This is true but it is not possible to use it in many cases due to the Bitcoin Transaction Confirmation time. It is not possible to provide Bitcoin immediately after buying products from Soaps. There are many such sectors that are not able to get Bitcoin due to the long-term transition time.

You look at a little matter.
I don't think the confirmation time is a big problem for accepting the bitcoin as payment,the problem is the volatility no one will accept a currency which's price is $6000 today and $6500 in few hours.But when the transaction time is much faster then it may used in all shops regularly.

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July 15, 2018, 06:54:33 AM
 #14

This is without a doubt going to cause problems in industries that truly do need the money instantly, and I know that this is a shit ton of industries. But there are also places that can be penetrated without solutions such as the Lightning Network which is in beta testing. I would think that a repairman would be able to tell someone that the estimate for the work is x number (We'll use $500 for the sake of it) and the customer will then pay this amount before they're done.

If any refund would have to occur or an increased payment, this could be done after the job is done. While the LN would simply this sort of transactions where people want Cash on Delivery, there are a ton of ways to work around this issue -- this is without thinking of the bitcoin merchants (such as BitPay) who can handle this for you with ease.

I do hope to see the LN network thrive though, that would be amazing to see Bitcoin handle that amount of TX's at credit card speeds.

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July 15, 2018, 07:02:27 AM
 #15

Roughly every ten minutes, a new block is created and added to the blockchain through the mining process. This block verifies and records any new transactions. The transactions are then said to have been confirmed by the Bitcoin network. so sort out some mining things
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July 15, 2018, 07:06:37 AM
 #16

The use of Bitcoin is spreading in different areas of the day. This is true but it is not possible to use it in many cases due to the Bitcoin Transaction Confirmation time. It is not possible to provide Bitcoin immediately after buying products from Soaps. There are many such sectors that are not able to get Bitcoin due to the long-term transition time.

You look at a little matter.

now it takes approximately 10 minutes for transactions to get confirmed, but it can change in future. I believe too it's important to cut tx times to much lower periods so the chain can become more effective.
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July 15, 2018, 07:56:07 AM
 #17


With Speed ​​Transactions I can quickly think of such a short transaction because I have a lot of fee that I used to think fast also when doing a transaction on doing.
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July 15, 2018, 08:15:14 AM
 #18

There is no problem to accept Bitcoin tx's with zero confirmations for very small purchases. <like someone paying for a cup of coffee>, but the ideal scenario would be to get a confirmation almost immediately after you made the purchase. Fortunately for us, the Core developers have recognized that need and they developed the Lightning Network, as described above by other posters.

Most of the smaller micro transactions will move to the second layer <LN> and the on-chain transactions via SegWit will be much faster.  Cool

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