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HammadAli
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October 10, 2019, 11:37:31 AM
 #1

Can transaction time of bitcoin decrease with some technology or during its lifetime transaction time can not be decreased?
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October 10, 2019, 11:48:04 AM
 #2

Anything is changeable with bitcoin provided the miners vote on it and reach a consensus.

Altcoins are often used to solve this problem as they're a lot cheaper to send or you can use the lightning: networkhttps://en.m.wikipedia.org/wiki/Lightning_Network

Transactions then confirm within a second (or it gets dropped).

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October 10, 2019, 02:34:35 PM
 #3

Can transaction time of bitcoin decrease with some technology or during its lifetime transaction time can not be decreased?
The beauty about Bitcoin is that certain things can be adjusted when need arises... But as of now, I think transaction speed is not that bad so long as you have paid enough transaction fees for your Transaction to be confirmed in the next fewer blocks.

Compared to transactions i have tried to make a cross the globe such as Western Union and Money gram... Bitcoin is a winner for me.

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October 10, 2019, 03:57:54 PM
Last edit: October 10, 2019, 05:38:12 PM by mjglqw
 #4

On-chain, the fastest average transaction time you can have is 10 minutes. It depends on your transaction fee though. It could take a lot longer if you've only paid a very small fee and the mempool is congested. We have technologies being developed for faster transactions though, like the Lightning Network[1]; which can make us have transactions as fast as a few seconds, with little to no fees. Though unfortunately it's not yet ready for mass adoption. Though we're getting closer and closer as development continues.


[1] https://lightning.network/

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October 10, 2019, 04:24:23 PM
Merited by mjglqw (1)
 #5

On-chain, the fastest transaction time you can have is 10 minutes.
Actually, it can be as fast as only a few seconds, the 10 minutes is just an average. It also happens there are no new blocks for an hour or more.

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October 10, 2019, 04:44:15 PM
 #6

Bitcoin blocks that include transactions to get a confirmation is designed to be found every 10 minutes but there is no definite time an how long till a miner or a group of miners to find a block, it could be just a second or an hour and this could be change is the bitcoin devs decided to, but in the near future I don't think they will change any of the codes

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October 10, 2019, 05:11:01 PM
 #7

So do you people think that the problem of scalability can be solved with the lightning network other solution?
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October 10, 2019, 05:17:37 PM
Merited by ETFbitcoin (1)
 #8

The Terminology is kinda weak tbh. The "Transaction" is broadcasted almost instantly depends on your latency While the "Verification" can take anywhere from a few seconds to days depends on the mempool size/the fees attached with the transaction.

Quote
So do you people think that the problem of scalability can be solved with the lightning network other solution?

In short, Yes! But we are not there yet and we are nowhere near the adoption point where we need it overnight. BTC fees are still a few cents compared to other mediums. The lightning network has got plenty of time to work itself out.

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October 10, 2019, 06:48:10 PM
 #9

So do you people think that the problem of scalability can be solved with the lightning network other solution?

Lightening network may solve many problems including the tx verification time and scalability but at the same time there are some drawbacks. There is a different concept of cold storage in lighting network because the sending and receiving nodes needs to be online all the time.  So Lightening network has its own advantages and disadvantages and i do not think it can be deployed anytime soon over the current bitcoin infrastructure.
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October 10, 2019, 09:02:31 PM
 #10

So do you people think that the problem of scalability can be solved with the lightning network other solution?
No I don't think so, nobody wants to use it, there has been a hack recently, and there are still limitations. I don't know any exchange currently using it. I think people prefer to use other fast cryptos on-chain like DOGE than using LN.

 
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October 10, 2019, 11:34:25 PM
 #11

So do you people think that the problem of scalability can be solved with the lightning network other solution?
It can be solved with lighting network. Is it optimal way to do this? Probably not, but for now its only way we have in place and its working.
Will it be adopted? Well, nobody knows, its proven concept but people ale slow to adopt new things. For example to adopt Bitcoin its huge task and it worked but it was extremely hard. To make people learn again new thing like lighting network? Well people won't that easily. I have reservations still, waiting for more people to use it then will learn more about it in details. I bet many think the same.
People dont want to waste time also, in past there were colored coins solution, some learned about it, some developed it, all of them lost their time because it failed.

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October 11, 2019, 05:50:58 AM
 #12

potentially it is possible, cause there are several coins with extremely fast transaction time.
but, of course, it depends on numbers of transactions, there is no other coins with such huge numbers.. maybe eth is close to bitcoin..
if there would be new tech, which will allow to speed up transactions, I'm quite sure bitcoin would be forked then to implement this new tech
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October 11, 2019, 07:49:01 AM
 #13

So do you people think that the problem of scalability can be solved with the lightning network other solution?

It can, though there's no guarantee it will in a wider scale. So far, the signs are good even though it's still pretty complicated to use, but as development continues, things should continue to improve. If LN fails for some reason, we'll simply wait for another layer2/layer3 solution, which is something a lot of people surely will frown upon because of their short-sightedness and impatience.

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October 11, 2019, 12:36:39 PM
 #14

Can transaction time of bitcoin decrease with some technology or during its lifetime transaction time can not be decreased?

Through a fork, it can be negotiated down. But whether or not there is consensus support on that is doubtful.

I suggest to you that if you are looking for something with lower block times, just look at available altcoins with somewhat stable value for now.

However, I don't see much of a reason for change at the moment. 10 mins is already extremely fast for an average confirmation compared to how long traditional banking systems take to clear just a simple international or even domestic bank transfer/cheque deposit. There isn't really THAT much of a practical difference between 10 min block times, or 5 min block times.

 
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