Can we really have fast transactions like the XRP?

[yazher]

Bitcoin has been the Top 1 cryptocurrency since its birth from 2009 it evolves now to the one of the top use cryptocurrency by means of payment.
But I see one problem with it, about its transaction. last time after our manager sent our rewards on signature campaign it took a day to confirm the transaction the longest transaction I've ever had. So I came to think of it if Bitcoin can have a fast transaction like Ripple (XRP).

I found this Video explaining about Lightning network, this is an old video.



By now are we able to make fast Bitcoin transactions without paying a big amount for it?

Source: The Blockchain and Us: Interview Elizabeth Stark, Lightning Network

[1Referee]

last time after our manager sent our rewards on signature campaign it took a day to confirm the transaction the longest transaction I've ever had. So I came to think of it if Bitcoin can have a fast transaction like Ripple (XRP).

It's not Bitcoin's fault that you had to wait a day for your campaign payout to confirm. It's your campaign manager who chose to go with a low fee. Add low fee and you get unreliable confirmations. Add appropriate fee and you can almost accurately get your transaction confirmed by the next block or the one after that.

As for your main question, Lightning payments settle in a matter of seconds depending on the number of hops, but generally, 1-2 seconds is a pretty reliable estimate. However, currently it's mainly used for smaller payments due to the lower channel capacities and the overall liquidity. With some time that will drastically improve.

[yazher]

last time after our manager sent our rewards on signature campaign it took a day to confirm the transaction the longest transaction I've ever had. So I came to think of it if Bitcoin can have a fast transaction like Ripple (XRP).

It's not Bitcoin's fault that you had to wait a day for your campaign payout to confirm. It's your campaign manager who chose to go with a low fee. Add low fee and you get unreliable confirmations. Add appropriate fee and you can almost accurately get your transaction confirmed by the next block or the one after that.

As for your main question, Lightning payments settle in a matter of seconds depending on the number of hops, but generally, 1-2 seconds is a pretty reliable estimate. However, currently it's mainly used for smaller payments due to the lower channel capacities and the overall liquidity. With some time that will drastically improve.

My point is If we can have a fast transaction like Ripple's (XRP) and at the same time with a small transaction fee. I know about low fees in bitcoin transactions will get you to my experience where you wait for a day to get it confirmed. If we can have low transaction fees in Bitcoin and at the same time a fast one, we can have smooth transactions all the time right? this is what I experience on XRP fast and Smooth.

So until now Lightning network hasn't been develop into capable of transacting a large number of Bitcoins? No wonder they still using the term Satoshi because it can only handle smaller payments.

[Sancho18]

As for your main question, Lightning payments settle in a matter of seconds depending on the number of hops, but generally, 1-2 seconds is a pretty reliable estimate. However, currently it's mainly used for smaller payments due to the lower channel capacities and the overall liquidity. With some time that will drastically improve.

I am very glad for your optimism about the lightning network, but there is no reliable evidence that this is a solution to the issue of topicstarter, because:

So you're asking if the lightning network works? Well there are more nodes but for it to go to your main balance you'd still need to close the channel and that means a standard transaction.

In my opinion, the euphoria about lightning network has subsided and in its place comes the understanding that this is at least not a universal panacea for fast transaction problem.

ps Generally speaking, bitcoin transactions are very fast if you do not require them to have at least one confirmation.

[Kizaki]

I think it can be possible by doing some tweaks and updates on blockchain itself or updating some old stuff handling bitcoin transactions pretty sure thay may help in making bitcoin transaction a bit faster or even be instant just like Xrp.If xrp team achieved it why not bitcoin can right

[yazher]

that's because xrp is a shitcoin and nobody really gives a fuck about it. It's centralized bullshit, other shitcoins all have just a fraction of the tx and never fill blocks. You're comparing apples and oranges, it sounds like youre dealing with dollars at a time and not able to do a lightning tx, maybe try litecoin then but you'll need to exchange it later for Bitcoin eventually if you want the good stuff.

Thankfully! even though XRP is a useless coin for others, we can use it as an option to lower the fees of our transactions on some exchanges and with our local exchange Having XRP one of the coins that they Buying, we can directly send XRP to it then convert it to our local money then withdraw it, isn't it convenience?



So it's a Win-Win situation for us. After all, XRP is not a shitcoin like you guys say. at least for us.

[teosanru]

last time after our manager sent our rewards on signature campaign it took a day to confirm the transaction the longest transaction I've ever had. So I came to think of it if Bitcoin can have a fast transaction like Ripple (XRP).

It's not Bitcoin's fault that you had to wait a day for your campaign payout to confirm. It's your campaign manager who chose to go with a low fee. Add low fee and you get unreliable confirmations. Add appropriate fee and you can almost accurately get your transaction confirmed by the next block or the one after that.

As for your main question, Lightning payments settle in a matter of seconds depending on the number of hops, but generally, 1-2 seconds is a pretty reliable estimate. However, currently it's mainly used for smaller payments due to the lower channel capacities and the overall liquidity. With some time that will drastically improve.

My point is If we can have a fast transaction like Ripple's (XRP) and at the same time with a small transaction fee. I know about low fees in bitcoin transactions will get you to my experience where you wait for a day to get it confirmed. If we can have low transaction fees in Bitcoin and at the same time a fast one, we can have smooth transactions all the time right? this is what I experience on XRP fast and Smooth.

So until now Lightning network hasn't been develop into capable of transacting a large number of Bitcoins? No wonder they still using the term Satoshi because it can only handle smaller payments.

XRP actually has an altogether different protocol system and a separate way of transferring payments. Bitcoin is basically sort of public ledger or what we call a blockchain which supports a digital currency. While XRP is itself created for the purpose to be used by banks as a means of swift payments processing but it does not has any mining concept,for validating transactions it uses a network of servers which is decentralized.  But the company created it holds most of it's supply which makes it very manipulative.

Now comes question of lightning Network. Lightning Network is a protocol sort of something like Segwit. Now, not we first need our wallets to support LN. We are in process implementing it soon but it has it's own demerits. Bitcoin blockchain has to wait for a certian block to be mined for the transaction to be processed which is mined at a gap of roughly 10 minutes making the mechanism slower while XRP doesn't has any such procedure making it swift. So as per current scenario in traditional btc we can never have such quick transaction. Because Satoshi focused on efficiency and security rather than speed.

[hatshepsut93]

Thankfully! even though XRP is a useless coin for others, we can use it as an option to lower the fees of our transactions on some exchanges and with our local exchange Having XRP one of the coins that they Buying, we can directly send XRP to it then convert it to our local money then withdraw it, isn't it convenience?

So it's a Win-Win situation for us. After all, XRP is not a shitcoin like you guys say. at least for us.

When BTC had high fees, I used Litecoin and Dogecoin for transactions between my accounts on different services. XRP is still a centralized shitcoin, if you need low fees there's a ton of much better options. We should just let XRP die, the world doesn't need a centralized payment system pretending to be a cryptocurrency, that's just a scam.

[NathanJB]

Was your manager using segwit rather than the legacy addresses? I guess that was a factor. Another factor would be the transaction fees. If your manager used the minimum fees, then you cannot expect your transaction to be processed faster than it could be if the transactions fees are higher. There is competition in the network, as you might be aware of. The higher the transaction fee paid, the faster the process since it will be prioritized over those who pay lower fees.

As regards lightning network, we will have to be more patient about it as the development about lightning network is still very limited until now. And the design of lightning network is for smaller day to day transactions. This is generally for stronger adoption in terms of daily purchasing transactions. For now, we have to be content with what Bitcoin has to offer. If you compare it with altcoins, that is a discussion on another page altogether different from here.

[yazher]

So you're real point of this topic is to shill for exchange and using this as a use case example? Because that's exactly what this is starting to look like and that's a really stupid thing to do on the general discussion board.

Not really, in my case, I don't have a problem if the exchanges because most of the exchange that I joined also have XRP to sell my bitcoin to.
My concern is, what if your bitcoins came from your electrum wallet? Of course, you don't have an option for letting you sell it to XRP unless you gonna send it to some exchange. in that case, it will become more complicated.

If the lightning network can be used, we will have a fast transaction with lower fees, right?
But unfortunately, we're not there yet, even though the video is 2yrs+ already. Good news is, they still working to make it happen, as long as they won't stop updating it, there will be a time we can see that fast transaction with lower fees can happen on bitcoin too.

Note: I'm not bragging on any of the exchanges that I mentioned, I'm only telling the truth which will give us ideas on how we can use XRP.

[nara1892]

yes this is always a major problem in shipping bitcoin, the cost is quite expensive and also rather long
lightning network can quickly process transactions, but in my opinion not as fast as xrp, and also not recommended for sending large amounts of bitcoin

I usually change to altcoin first when I move my cryptocurrency assets

[NewBet]

Bitcoin can certainly have fast transactions like xrp. It needs to lightning Network so that we can do off change transactions instantly without worrying will confirmations then all those transactions will be done at a later date in bulk. It takes time to develop the technology, so just we have to be patient.

[crypthough]

I think it can be possible by doing some tweaks and updates on blockchain itself or updating some old stuff handling bitcoin transactions pretty sure thay may help in making bitcoin transaction a bit faster or even be instant just like Xrp.If xrp team achieved it why not bitcoin can right

This is the classic blockchain Trilemma. It's not possible (or not yet) to be fully decentralized, highly scalable, and have a strong security. BTC is clearly fully decentralized and is a high security network, but the scalability isn't that high. XRP is more centralized and in favor more scalable. In my opinion is BTC at the moment, mainly a store of value with the opportunity to make fast transactions on the lightning network.
BTC has the best properties to be a store of value and if you see BTC as a store of value the transaction time is very quick compared to classic store of values like gold, silver and so on. Fascinating is that BTC has many use cases and with the time we will see how BTC will be used.  

[clickerz]

I think it can be possible by doing some tweaks and updates on blockchain itself or updating some old stuff handling bitcoin transactions pretty sure thay may help in making bitcoin transaction a bit faster or even be instant just like Xrp.If xrp team achieved it why not bitcoin can right

Thats a lot  of work to do and to have faster transaction will affect the system drastically. There is Lightning Network already and hopes they can improve more. Overhauling the whole system is tedious and delicate, but necessity makes people to experiment and innovate try new system. I think its better to recreate the whole system, but I wonder many will support it as most people will stick to the original.

[ralle14]

Thats a lot  of work to do and to have faster transaction will affect the system drastically. There is Lightning Network already and hopes they can improve more. Overhauling the whole system is tedious and delicate, but necessity makes people to experiment and innovate try new system. I think its better to recreate the whole system, but I wonder many will support it as most people will stick to the original.

There's already an example of this and it's called BCH the results compared to Bitcoin aren't even close. Changing the rules mainly for faster transactions is unlikely, it needs the majority to agree before it can happen and this isn't good to begin with because the bad side of such changes tends to be ignored or less prioritized.

Thankfully! even though XRP is a useless coin for others, we can use it as an option to lower the fees of our transactions on some exchanges and with our local exchange Having XRP one of the coins that they Buying, we can directly send XRP to it then convert it to our local money then withdraw it, isn't it convenience?

So it's a Win-Win situation for us. After all, XRP is not a shitcoin like you guys say. at least for us.

If XRP was the only altcoin accepted on all exchanges then i'd agree but exchanges usually have several altcoins listed and there are better altcoins to choose from other than XRP.

[funchiestz]

Bitcoin has been the Top 1 cryptocurrency since its birth from 2009 it evolves now to the one of the top use cryptocurrency by means of payment.
But I see one problem with it, about its transaction. last time after our manager sent our rewards on signature campaign it took a day to confirm the transaction the longest transaction I've ever had. So I came to think of it if Bitcoin can have a fast transaction like Ripple (XRP).

I found this Video explaining about Lightning network, this is an old video.



By now are we able to make fast Bitcoin transactions without paying a big amount for it?

Source: The Blockchain and Us: Interview Elizabeth Stark, Lightning Network

The Lightning Network project has been developed since the last bull season. Years have passed, but nobody really knows what's going on. Everything is done behind closed doors. I think this is against the nature of Bitcoin. It is said to bring better conditions, but there is still nothing. Could it be just a stillborn idea?

[1Referee]

My point is If we can have a fast transaction like Ripple's (XRP) and at the same time with a small transaction fee. I know about low fees in bitcoin transactions will get you to my experience where you wait for a day to get it confirmed. If we can have low transaction fees in Bitcoin and at the same time a fast one, we can have smooth transactions all the time right? this is what I experience on XRP fast and Smooth.

It's important to understand that XRP isn't a blockchain but a database. It only needs a small number of nodes to agree that your transaction is valid in order to have it be accepted as such. It indeed translates into a fast and smooth user experience, but that applies to mostly all projects nowadays. XRP isn't anything special in that regard.

So until now Lightning network hasn't been develop into capable of transacting a large number of Bitcoins? No wonder they still using the term Satoshi because it can only handle smaller payments.

Realistically speaking, it will take some more time in order to have Lightning be liquid and stable enough to provide consistent transactions from small to medium, or even large. Also, the term satoshis is being used out of convenience. If you want you can switch the unit format to BTC or mBTC or USD, EUR, etc depending on what client you use.

[LbtalkL]

Bitcoin can certainly have fast transactions like xrp. It needs to lightning Network so that we can do off change transactions instantly without worrying will confirmations then all those transactions will be done at a later date in bulk. It takes time to develop the technology, so just we have to be patient.

This lightning node technology already exists, in fact, some exchanges have set up their own Lightning Network Node. Some say Bitcoin on-chain transactions are more secure than Lightning off-chain transactions I don't think so.

Sample:
Bitstamp's Lightning Network node
https://www.bitstamp.net/lightning-network-node/?utm_source=Twitter&utm_medium=post&utm_campaign=lightningnetwork

Lightning Network Discussion Thread
https://bitcointalk.org/index.php?topic=4638321.0

Lightning Network Article:
https://bitcoinmagazine.com/articles/understanding-the-lightning-network-part-building-a-bidirectional-payment-channel-1464710791

[Artemis3]

last time after our manager sent our rewards on signature campaign it took a day to confirm the transaction the longest transaction I've ever had. So I came to think of it if Bitcoin can have a fast transaction like Ripple (XRP).

Why are you complaining for 1 day? DO you know how long international wire transfers take? WEEKS.

Signature campaigns pay minuscule amounts, do you wan't him to spend half of the payment in transaction fees? OF COURSE i would use the lowest fee (1 Sat/B), this usually takes about ONE HOUR, and rarely several hours.

Yes, in theory campaign managers could use Lightning Network, given that the payments are frequent and often, it makes a perfect use of it. Unfortunately, Lightning Network wallets are still rare. Perhaps when the likes of Electrum finally add it, but even LN has had changes lately so i still don't know when this would ever get critical mass use (if ever).

You mention ripple but that is the case of everybody else, due to lack of use among other things. Except perhaps ethereum, because their blockchain is used for a gazillion things not eth (all those tokens and smart contracts, etc). Go ahead and send 1 dogecoin while paying the lowest fee and see how long it takes, its probably faster than ripple...

Bitcoin transactions are perfect for most uses. I always use the lowest fee, i even bought something once online that way, and got it faster than ever compared to using the traditional wire transfer fiat method, that usually takes at least 1 day for the seller to confirm, while with bitcoin 1 hour later he got it confirmed AND, no stupid bank working times (which in this country suck).

[BitHodler]

If XRP was the only altcoin accepted on all exchanges then i'd agree but exchanges usually have several altcoins listed and there are better altcoins to choose from other than XRP.

Better in what way? And what altcoins are better according to you? I honestly consider XRP one of the better altcoins to pick if you're out to enjoy super fast transactions to for example benefit from arbitrage opportunities.

It's probably the most accepted altcoin alongside Ethereum. The downside is that we don't know how centralized XRP exactly is. I'm wondering if Ripple can reverse transactions at will.

People keep complaining about Bitcoin's slow transactions, but there isn't anything that will change here as long as LN isn't fully deployed. You either use Bitcoin or an altcoin that's faster. People are free to choose.