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Author Topic: Is there any way to shorten bitcoin's trading time?  (Read 27 times)
Octmath
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August 06, 2018, 07:38:21 AM
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It is clear from the btc.com website that the number of unconfirmed transactions is usually 150,000, while the 24-hour bitcoin transaction rate calculated by the network is 2.77 transactions per second. Yesterday, we personally tried transferring a bitcoin transaction, which took 25 minutes from the time it was submitted to the time it was received. In real life, we can say that the efficiency is very slow.so,Is there any way to shorten bitcoin's trading time?
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August 06, 2018, 07:53:15 AM
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150,000? where did you get that number? Since SegWit, I don't recall reaching anywhere near that number and even If we did, it was for a small period of time.

As for the transaction times, Lightning network is the solution that is being currently worked on: https://lightning.network/

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August 06, 2018, 07:53:48 AM
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Outside of paying higher fees than what is recommended, your only option is to use a transaction acceleration service.

For your reference, here is one of the most accurate fee estimation services available: https://coinb.in/#fees

Alternatively, you could use https://bitcoinfees.earn.com/, but I find its estimates to be bloated for the most part.

...and here's one example of a transaction accelerator: https://pool.viabtc.com/tools/txaccelerator/

Also, there are currently only around 3k unconfirmed transactions at the moment, according to https://www.blockchain.com/btc/unconfirmed-transactions

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August 06, 2018, 08:04:43 AM
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It is clear from the btc.com website that the number of unconfirmed transactions is usually 150,000, while the 24-hour bitcoin transaction rate calculated by the network is 2.77 transactions per second. Yesterday, we personally tried transferring a bitcoin transaction, which took 25 minutes from the time it was submitted to the time it was received. In real life, we can say that the efficiency is very slow.so,Is there any way to shorten bitcoin's trading time?

I doubt the number is correct! 150,000 unconfirmed transactions is huge can slow the network down. After enabling the segwit, the number of unconfirmed transactions have come down to 1000 - 4000 level since a long time now! You can check the statistics below,

https://www.blockchain.com/btc/unconfirmed-transactions

Currently a bitcoin transaction with correct amount of fees usually takes 15-20 minutes of time to receive 3 confirmations from the network. Yes, it's still slow but once we will have lightening network enabled for everyone, it will be somewhere around few seconds to a minutes. The solution is being tested and beta run has already started. You can check the below website to know about its progress,

https://lightning.network/

Hope this helps! But I am still wondering when you have seen 150,000 unconfirmed transactions in recent times??

 

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