Bitcoin transaction was faster than a Bank transfer today (for me)

[Kakmakr]

Today I bought something nice and I had to transfer the money via my Bank account to a Bank account at another Bank. I used the Banking App on the phone and I selected the "immediate" transfer option. (These types of transactions cost more than the 24 hour transfers at my Bank)  I hoped that I would be able to take ownership of the item within a hour, but it only went through 3 hours later.  

Just before this transaction, I transferred some bitcoins to my Stake.com account to gamble a bit and the same transaction was confirmed more than 3 times within a hour.

A lot of people are complaining about slow confirmations with Bitcoin, but even local inter Bank transactions takes longer than Bitcoin these days. We are not even talking about International transactions between countries, that might even take longer than 3 hours.  

Please share your experience with transaction speed, compared to Crypto currency transactions.  

Edit : I will give merit for constructive and detailed comparisons between Fiat payments and Crypto currency payments speed in this thread. (Do not ask, I will decide)

[1715484580]

1715484580

[1715484580]

1715484580

[1715484580]

1715484580

[1715484580]

1715484580

[CarnagexD]

As for my experience with bank transfer, I do it online and it only takes a minute or two to confirm especially if I do it with my e-wallet bank transfers will just take a few seconds to get into the account, I use bank transfer when transacting with other person for my product purchases and have nothing complaint about it. But for overseas, other country's bank will take at least 12 to 24 hours to get into your local bank as it requires more confirmation than having it local to local bank. This is where using crypto is convenient if you are in a hurry, for bitcoin it usually takes an hour or two to get and almost instant for other cryptocurrency like ethereum and xrp, but the transaction fee depends on the network congestion. There's an advantage for using both, so you need to weigh which is which in every situation.

[davis196]

Good for you.
I make lots of international bank transactions-SEPA transfers and the speed is usually 24-48 hours.My last SEPA transfer was about 36 hours.This can't be compared with the confirmation time of my Bitcoin transactions,which is usually 3-4 hours.The time,when everyone was complaining about the BTC transaction confirmation time is over.
On the other hand,many people in the past had the false expectations that Bitcoin transactions will be instant.
People have to understand that,in a any financial system,in doesn't matter if it's blockchain based or fiat based,instant transactions are impossible.

[Bttzed03]

Today I bought something nice and I had to transfer the money via my Bank account to a Bank account at another Bank. I used the Banking App on the phone and I selected the "immediate" transfer option. (These types of transactions cost more than the 24 hour transfers at my Bank)  I hoped that I would be able to take ownership of the item within a hour, but it only went through 3 hours later.  

If both accounts (sender/receiver) are registered under the same bank, the payment will probably take minutes to reflect on the seller's account. Interbank transfers really takes more time.

Just before this transaction, I transferred some bitcoins to my Stake.com account to gamble a bit and the same transaction was confirmed more than 3 times within a hour.

A lot of people are complaining about slow confirmations with Bitcoin, but even local inter Bank transactions takes longer than Bitcoin these days. We are not even talking about International transactions between countries, that might even take longer than 3 hours.  

It's more like people are complaining about the fee rather than the confirmation time. If they really wanted it faster, they could always pay higher and it will confirm in 10 mins or a bit more.

Can you share how much fee did you pay for your bank and crypto transactions?

[coupable]

That was good for you, but we can't yet set this as a general rule due to many reasons;

* Bitcoin transaction was faster than YOUR Bank transfer today.

* Your Bank maybe doesn't take care of the speed of its internal transactions and surely didn't compare it with transactions in the blockchain. Some technical issues may occur in the system.

* Some other paiement methods are faster than bitcoin like transactions in Monero for instance or using instant transfers with westernunion and moneygram.

[gentlemand]

In the developed world bank to bank transactions are free and near instant. In third world countries like the US it's still stone age. I think as Europeans that doesn't dawn on us but BTC has a genuine use case there that it doesn't here.

[20kevin20]

In all honesty, I would not really compare BTC txs to banks as a "Bitcoin is better" argument. For now it may be great, but it's going to be a big L for us as soon as digital national currencies become the norm.

Decentralization still sits right in front of all the features we have, together with limited supply and precise inflation rate. When the digital USD comes up, expect transfers to be instant. At that point, it'll basically become a war between centralization & decentralization because otherwise, besides transparency, BTC will become inferior..

[RapTarX]

A lot of people are complaining about slow confirmations with Bitcoin, but even local inter Bank transactions takes longer than Bitcoin these days.

If you pay higher fee, the tx will get confirmed within 10 minutes maximum on average. Therefore, the complain of slow confirmation is kinda useless. Anyway, I guess it's not a good idea till now to compare bitcoin tx with traditional method. Bitcoin isn't even accepted in some countries, most of the services don't accept it. When bitcoin will have acceptance worldwide on every section, then we can compare I guess.

[TEX-LXRY]

Today I bought something nice and I had to transfer the money via my Bank account to a Bank account at another Bank. I used the Banking App on the phone and I selected the "immediate" transfer option. (These types of transactions cost more than the 24 hour transfers at my Bank)  I hoped that I would be able to take ownership of the item within a hour, but it only went through 3 hours later.  

Just before this transaction, I transferred some bitcoins to my Stake.com account to gamble a bit and the same transaction was confirmed more than 3 times within a hour.

A lot of people are complaining about slow confirmations with Bitcoin, but even local inter Bank transactions takes longer than Bitcoin these days. We are not even talking about International transactions between countries, that might even take longer than 3 hours.  

Please share your experience with transaction speed, compared to Crypto currency transactions.  

I do not know what country you living in but it takes only a second for the transaction to be sent and appear. Some exceptional cases: In which the transaction takes 2-3 or more minutes to appear in receiver account that happens because of the delay by bank or server issue or connection.

You must change your bank. Same country transfer does not cost fee or if they do it is very less if transferred online or through ATM. On other hand bitcoin cost us fee per transaction and imagine if you send 1000s dollar transaction with less fee and it get stuck because its getting ignored by the miners. So if you want your trx to be appeared in you must put higher fee.

You just had a good luck today.

TEX-LXRY

[avikz]

Today I bought something nice and I had to transfer the money via my Bank account to a Bank account at another Bank. I used the Banking App on the phone and I selected the "immediate" transfer option. (These types of transactions cost more than the 24 hour transfers at my Bank)  I hoped that I would be able to take ownership of the item within a hour, but it only went through 3 hours later.  

Just before this transaction, I transferred some bitcoins to my Stake.com account to gamble a bit and the same transaction was confirmed more than 3 times within a hour.

A lot of people are complaining about slow confirmations with Bitcoin, but even local inter Bank transactions takes longer than Bitcoin these days. We are not even talking about International transactions between countries, that might even take longer than 3 hours.  

Please share your experience with transaction speed, compared to Crypto currency transactions.  

I am not sure which country you belong from, but if an "immediate" transfer took 3 hours to reach another bank account, the banking system seriously rethink their approach, I believe! Let me present you with some Indian example,

1. IMPS - Immediate Mobile Payment system - It takes less than a minute to reach receiver's bank account. But here you need to know the bank account details of the receiver.
2. UPI - Unified Payment Interface - You just need to know the mobile number linked to the bank account. The money gets transferred instantly. We usually use this method through a mobile app to buy anything from the street vendors or from the vendors at the high-end shopping malls.

Unfortunately, it's the inefficiency of your country's banking system, to be honest!

[Coyster]

Please share your experience with transaction speed, compared to Crypto currency transactions.  

In my country if your transaction takes longer than 30 seconds, then it's prolly due to an issue with the banks system, transaction between banks is faster than crypto transactions. That being said, it doesn't really matter how long the transaction takes imo since people always want to pay lower tx fees, so it takes longer time, the banks on the other hand takes their charges immediately the transaction is made, not to talk of the extra charges all through the month based on how many txs you've done, the bank charges in crypto txs come in form of tx fees, so if people are ready to pay more, then faster confirmation time.

[gentlemand]

Looks like OP needs to move somewhere civilised.

Where Bitcoin will always shine will be large transactions and cross border, especially when decent banking interacts with shit banking. Trying to send money bank to bank from the UK to the US is just painfully bad and it feels like something out of the 19th century. Uk to EU can take more time and money than it should too.

[stompix]

A lot of people are complaining about slow confirmations with Bitcoin, but even local inter Bank transactions takes longer than Bitcoin these days. We are not even talking about International transactions between countries, that might even take longer than 3 hours.  
Please share your experience with transaction speed, compared to Crypto currency transactions.  

Instant transaction, free of charge for local (national) transactions, account maintenance fee, and mobile app assistant and SMS notification for 3 euros a month.
Can you compare that speed to bitcoin?
Common, do a transaction right now to get a confirmation in the next block and tell me how much you've paid!

This is literally one of the worst moments in which one come out and brag about bitcoin transaction speed, just because it's faster than some shitty banks in some countries that are still in stone age when it comes to banking (yeah, the US is not that far away) it doesn't make it faster than everything it just makes cultist look really bad. The only thing where it can compete is when doing international transactions, but how many people do those and how many a year?

It's more like people are complaining about the fee rather than the confirmation time. If they really wanted it faster, they could always pay higher and it will confirm in 10 mins or a bit more.

Hmm, paying around 3$ (as we speak) for a 1 input two outputs tx to get in confirmed in the next block kind' of defeats the purpose of running away from the banks and their fees, isn't it?

Looks like OP needs to move somewhere civilised.

Yeah, looks like the feedback is not really what the OP expected  

[Kakmakr]

I live in a First world country with Banks from International Groups.    The Bank transfer was between Banks from different groups, so it took longer than transfers from Banks from the same Banking group. (To be honest, the Banking fees was much less than the Bitcoin (SegWit) miners fees, so that is still a bit of a problem)

Thank you #davis196 for the info on the SEPA transfers and the speed of that, because it is definitely one of Bitcoin's strong points. (Here we think of the remittance being done via Banks and the high transaction fees of services like MoneyGram and WD.. )

I will merit a post where someone recently used services like this and can share their experience with proof.  

 

[hatshepsut93]

I bought a game on GoG yesterday, the destination of payment was Poland and I live in a neighboring country. The moment I clicked "confirm", the payment was successfully processed and I could start downloading the game right immediately. I generally can't remember any time I had to wait more than a few minutes with my bank, even if I need to do wait for an SMS for confirmation.

Until Lightning is widely adopted, Bitcoin is in a bad spot for consumer payments, waiting 10 minutes at best is not enough to compete with banks.

[dothebeats]

I do some international bank transfers every now and then, and the speed with which bitcoin confirms transactions is incomparable to what banks can do even with all those fancy names and huge infrastructure of theirs. Though for local, bank-bank transfers, it is almost instant that most eCommerce sellers in the country are using bank transfers as a means of payment. There are cases in which bitcoin is faster than bank transfers and there are cases in which banks take the lead. It's just dependent on the nature of transaction you're engaging IMO since both can be used interchangeably depending on the situation the user is in.

But for the fees? Oh, bitcoin is the clear winner for sure.

[20kevin20]

I bought a game on GoG yesterday, the destination of payment was Poland and I live in a neighboring country. The moment I clicked "confirm", the payment was successfully processed and I could start downloading the game right immediately. I generally can't remember any time I had to wait more than a few minutes with my bank, even if I need to do wait for an SMS for confirmation.

Until Lightning is widely adopted, Bitcoin is in a bad spot for consumer payments, waiting 10 minutes at best is not enough to compete with banks.

It gets worse when you compare centralized currencies to decentralized alternatives in regards to physical payments. Having to wait a long time to have your tx confirmed is a pain in the ass for both customers and merchants so, in the end, most will choose the more convenient way obviously. This is why BTC will probably never be above the payment methods and means of exchange we currently have.

Like, I have not really tried spending BTC at a local restaurant, but what happens if you pay for a $50 restaurant bill using BTC with 1 (or zero) sat/byte?

[Twentyonepaylots]

You may compare these two since they are both type of money/value transfer. They are also working on the same grounds, bitcoin might take an hour to receive once a miner confirm it in a certain block similar with bank transfer funds will be received when the the receiver received the receipt of the transaction, the receipt acts as the confirmation and the receiver ( bank ) as a the miner. The only difference is the waiting time, it is easier in bitcoin network to confirm transaction because we got a lot of miners unlike in banks, certain person in a branch is the only one who can make the receipt. Time difference is what we are pushing for, the convenient.

[adzino]

Today I bought something nice and I had to transfer the money via my Bank account to a Bank account at another Bank. I used the Banking App on the phone and I selected the "immediate" transfer option. (These types of transactions cost more than the 24 hour transfers at my Bank)  I hoped that I would be able to take ownership of the item within a hour, but it only went through 3 hours later.  

Just before this transaction, I transferred some bitcoins to my Stake.com account to gamble a bit and the same transaction was confirmed more than 3 times within a hour.

A lot of people are complaining about slow confirmations with Bitcoin, but even local inter Bank transactions takes longer than Bitcoin these days. We are not even talking about International transactions between countries, that might even take longer than 3 hours.  

Please share your experience with transaction speed, compared to Crypto currency transactions.  

Edit : I will give merit for constructive and detailed comparisons between Fiat payments and Crypto currency payments speed in this thread. (Do not ask, I will decide)

The immediate option is useless in my opinion. It is never immediate (both EFT and wire transfer), unless the transaction is taking place between two same banks (in this case, it is almost immediate). I guess the delay is to make sure everything is done safely and securely or probably due to regulation.
Bitcoin transaction are supposed to get confirmed within ten minutes average time, but when the network gets loaded, it rarely happens. You either got really lucky or you paid high fee to get faster confirmation .

[famososMuertos]

Time is definitely depressing for some of us when using Swift.
If you make the transfers on a Friday you must take into account that Saturdays and Sundays do not count as effective time and if by chance in the destination country Monday results in a holiday, add another one; in some countries like mine on holidays the banks don't work.

Finally it was confirmed on a Thursday , according to the bank, it was 3 bank business days, but the calendar was 6 days, it is something to consider when you make an international transfer, and on a Wednesday afternoon you run the risk that Monday will arrive.

As I was the buyer, I had to pay all the fees, no problem. (...I thought...)

I do not know why in the area where I am, which is the Americas region, according to the bank I must pay a fee by the bank * intermediary, of course, upon payment of the departure fee, which is actually the only one that you know in the process before your money arrives, they are established by regions, Asia, Europe and oceania.

When the money arrives, you "lose" (for being courteous and not saying anything else) the fee for the intermediary bank plus a fee for the amount in the account of the recipient, so the process involves an exit fee + an intermediary bank fee + a fee from the receiving bank.

The deposit! If you are lucky you can have in the whole process a fee of about $ 60.

By the way the fee of the intermediary bank and reception are discounted from the amount sent. It seems obvious, but at least they could discount it, upon confirmation of deposit registration, this sometimes causes confusion when you make or receive payments from third parties for a specific amount and do not consider these expenses.

I have to explain bitcoin times/fees! just say, no more! *
You touched a key, a fiber of memories, headaches, anger, etc.
* They have not been 100% solved but at least today I have an alternative, which helps me a lot.