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

[Kelvinid]

We can't neglect things to happen like that especially when you are transferring from different banks, it really takes time (48 hours max in our country)to reflect into your account base of my experience. Sometimes it arrives earlier but most likely it takes more than 24 hours a bit longer than we use to transfer Bitcoin even though we encounter some delays.

I hope that banks will show some actions with this and to speed up their transaction so their clients won't lost their confidence with them, otherwise.

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.

Heavy network could certainly affect the speed during that time. Besides, even today we sometimes experience long delays though the current number of users are still few and how much more if there is a massive increase of its numbers.
 

[Ryker1]

[snip]
Heavy network could certainly affect the speed during that time. Besides, even today we sometimes experience long delays though the current number of users are still few and how much more if there is a massive increase of its numbers.

Well, you are right. Perhaps the network are okay now and it means this is not congested at the time and there is no pending unconfirmed transaction in mempool which is having very fast confirming of transaction. Perhaps OP paid high fees for this and we may know how much the fees OP spent for this fast transaction he/she has. Indeed, this is good news to bitcoin because the network seems to do a great job as of now.
Local bank transfer it depend on what payment processor OP used. The speed transaction was sometimes depend on third party exchange.

[figmentofmyass]

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.

zing!

it's not that bad. we just don't have instant real-time transfers. a fed wire transfer sent during business hours (ie before 5pm eastern time) gets completed in ~ a couple hours. ACH transfers clear overnight.

that's the norm for business banking anyway. big banks like chase and bank of america often delay things a day or two for retail customers, but as far as i can tell it has little to do with real limitations of the banking system. it's just big banks treating consumers like shit.

[piebeyb]

yes even though it's not as fast as lightning basically we all know that BANK transactions are much slower than bitcoin, at least even large transactions do not cost much and without the hassle of taking care of other letters

[slaman29]

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.

zing!

it's not that bad. we just don't have instant real-time transfers. a fed wire transfer sent during business hours (ie before 5pm eastern time) gets completed in ~ a couple hours. ACH transfers clear overnight.

that's the norm for business banking anyway. big banks like chase and bank of america often delay things a day or two for retail customers, but as far as i can tell it has little to do with real limitations of the banking system. it's just big banks treating consumers like shit.

My international bank wire to Europe can take 4 business days but usually it clears in 3 days, and I have seen when they send to me it takes longer (add on 1 or 2 days) but I actually never really complain because I know this and I don't use it for urgent needs!

Same as BTC I don't always get people complaining. It's not like even on normal days we get it instant we still have to wait for next block:)

[panganib999]

Actually either way of using bank or Bitcoin for transactions are good. It is just that the speed depends on where would you like to transact the money if it would be a local or international one. Well on my case, I do experience fast bank transaction even at this pandemic while I am using digital banking app on my phone and it was just seamlessly fast to be confirmed compared to when you are going to the bank branch which would take time for there are stations and processes that are needed to attend to. But when it comes to bank transfer internationally, expect that it would really take time for there are certain confirmations that is in need to process the transaction.

With regards to Bitcoin transactions, there would be times that the transfer is seamlessly fast but there are also time that it would take a long time due to congestion of many Bitcoin transactions waiting for confirmation. But if you are really in a hurry, you can try to top up which will cost you extra fees to make the confirmation faster.

Both have their fast and slow transactions depending on the situation because most of the time, they are unlikely to be fast or slow. Process of confirmation or placing your transaction is the one making it fast or slow. You just have to be patient for it will be confirmed and be transferred once and for all.

[Jet Cash]

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.

Yep, I log into my online bank account, and use the UK faster payments transfer to pay people. It's instant and free, and I've used it to buy Bitcoin from a member here.

I have a premium credit card, and I can use that to make international fiat payments. That is free as well, and it creates an instant credit, but I believe the recipient has to wait a few days for the transfer to complete.

[Lucius]

It all seems to revolve around how quickly a transaction will be made and how much someone will pay for it - but that just means you always have to adapt to the current situation. I use BTC whenever and where possible, but of course I always check first what the current fees are and how fast I need confirmation. If the conditions do not suit me, I choose other options such as bank transfer or PayPal.

Bitcoin can never be faster without LN than transactions made within the same bank - but it is usually faster and cheaper if it is two different banks in the same country, or if you do not want to wait 3-5 working days for an international transfer (EU-USA).

[Kakmakr]

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.

Yep, I log into my online bank account, and use the UK faster payments transfer to pay people. It's instant and free, and I've used it to buy Bitcoin from a member here.

I have a premium credit card, and I can use that to make international fiat payments. That is free as well, and it creates an instant credit, but I believe the recipient has to wait a few days for the transfer to complete.

Even though credit card transactions might be faster, you still have to deal with charge backs when you are the recipient. As you said, the actual transfer of the money takes a lot longer than what most people think.. (the money is not free to use immediately)

I am not the kind of person that are blinded by the weak points of the technology that I am pushing, if it has flaws... I would also mention that, but in this specific scenario it was quicker for me to use Bitcoin.. than using a Bank transfer. (Unfortunately the recipient did not accept Bitcoin, so I could not use it.... and that is the negative side of this technology)   

[libert19]

Bank transfers are instant in my country plus free. So there is that. Bitcoin/crypto is much better option for cross border transfers, much less fee and faster transaction and also less legal hassle.

[MCobian]

I agree that Bitcoin transaction now is fast compared to bank transfers, I tried different bank transfers in my country.
And it turns out it really takes more than 24 hours, while I move Bitcoin from one exchange to another exchange less
than 3 hours arrived. Indeed Bitcoin transaction fees are more expensive than bank transfers, but Bitcoin costs less
if compared to banks sending abroad or in different countries.

[bL4nkcode]

Transferring local to local banks here is more like an instant using the bank's mobile app with the use of instapay, and it's free of charge so nothing for us to worry.

But in terms of intl transfer, it's a long wait, I'd tried to receive from an intl transfer US to PH bank account last week and it takes 3 days before it arrives.
Then I just have traded with a US person using bitcoin today, less than 15 minutes it got a confirmation and that's how bitcoin transfer is way better for cross border payments/transfers without giving my personal information such as my real name.

[coolcoinz]

For me it's always like this apart from sending money within the same bank. If someone is using the same bank it's instant and he'll have money on his account within 1 minute from me sending it, but this isn't that common. Between banks it's usually about 24 hours, which is already much slower than Bitcoin, that usually confirms in 1-2 hours if you go easy on the fee.
International bank transfers usually take around 3 working days, which can be a difference between life and death if someone you know is stuck abroad with no money and calls you asking for help.

[FacelessCrypto]

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)

Nice to know.. my take on this topic is ... Fiat transfer speed actually depends on country and system implemented..
I know in some countries transfer happens  with in a minute its confirms  with particular transfer.  and there are another payments  methods may take  some hours.

So basically f you have real time clearance system, its immediate.

BTC transfer good  but i think its up on fee you set ? right ?  Thats bad.. why u need to pay larger fee to get it transfer !!!

In my view BTC is getting in the direction of asset that payment system.. This can get reversed only, when fee are nominal and payments happens in minute ...

[Bttzed03]

~
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?

If "no middleman so it's cheaper" is what you mean then yeah that kinda defeats it.

(To be honest, the Banking fees was much less than the Bitcoin (SegWit) miners fees, so that is still a bit of a problem)

This gives us an idea why the btc you transferred was confirmed faster than the bank transaction. If the fees used were the same, it's possible btc confirmation time would have taken the same or even longer than the bank.

[Majharul Saiif]

It's an experience for you that occurred sudden. That can't be say it will happen everytime. May there were some problem with internal system or network problem that make the situation complicate and longer. Maybe one day
uses of digital money will permanently fast than banks.