What is the Reason BTC must be so slow?

[bitterguy28]

Transaction problems can be sooner or later, I don't think it's a problem with bitcoin.
The slow pace of cryptocurrency transactions can occur from the busy transaction route of the coin or there is a problem with the market itself

This is only an issue from People who keeps looking for faster transaction but now even using the Bitcoin for their Businesses .

They are just looking for asking things to make bitcoin looks bad but the truth is , this is very helpful and profitable.

[Wind_FURY]

Gas fee had dropped a lot unlike a few weeks ago. The standard fee is around 25 gwei which will validate an ethereum transaction within 5 minutes or even earlier.

It’s laughable, because despite Ethereum’s fast confirmation between blocks, and its miners deciding how large the blocks  should be as limited by Gas, it’s fees still have become very expensive.

I believe it’s a hard lesson that maintaining in blockchains, and for it to incentivize itself to work, there has to be “cost”.

Whilst for a bitcoin transaction, a low priority transaction will cost you an estimation of 24 sat/vb as per https://mempool.space/

It’s actually lower. It will cost a user 5 sat to have your transaction in the next 2 or 3 blocks, but probably also the very next block, https://jochen-hoenicke.de/queue/#BTC%20(default%20mempool),24h,weight

[jossiel]

Gas fee had dropped a lot unlike a few weeks ago. The standard fee is around 25 gwei which will validate an ethereum transaction within 5 minutes or even earlier.

It’s laughable, because despite Ethereum’s fast confirmation between blocks, and its miners deciding how large the blocks  should be as limited by Gas, it’s fees still have become very expensive.

I believe it’s a hard lesson that maintaining in blockchains, and for it to incentivize itself to work, there has to be “cost”.

Yeah, I would agree with that. There's really the side effect of taking that quite high cost that needs to be incentivized for the sake of miners but it's exciting once it's go on full pos.

Whilst for a bitcoin transaction, a low priority transaction will cost you an estimation of 24 sat/vb as per https://mempool.space/

It’s actually lower. It will cost a user 5 sat to have your transaction in the next 2 or 3 blocks, but probably also the very next block, https://jochen-hoenicke.de/queue/#BTC%20(default%20mempool),24h,weight

Thanks, data for both sites differs.

[davis196]

And what is so big problem with that "centralized"?
As Long as the coin works and goes Good I Don't see the problem.
Coin is centralized If You pay honestly taxes do legit things nothing to hide what is the big deal?
Anyways the owners can only control the system
If the owner try to do something funny...  Its a chaos.
And why kill the slave If you can keep your slave Happy and he Will Work for you anyways.
Also If you show to the People your true attitude that you are the big boss and Want to Control... Well People Will do revolution so the direct Control is Not a Control.
Btw...  If I own money in bank and Some banker do the funny things my account I lose I make him to pay that I Go in Court and sue him.
Or If I Want I Tell him  You own me that much money You pay this this date.
That's so Simple!  So Simple.  
If You Don't fck with Others no body dont fck with You If you mess around and get punishment.. then First ask... yourself.

So thts why i dont see this centralized thing as a big issue.
Nobody Don't Want conflicts and problems.

You seem like a person,who likes fiat money/centralized currencies.There's nothing wrong with that.
If you like fiat money and centralized currencies that much,then why are you whining about Bitcoin transactions?Just use centralized coins that have fast and cheap transactions and forget about BTC.
Your post is just a lame attempt to shit over Bitcoin for reasons that we already know and have been discussed years ago.You have the freedom to pick any altcoin you want and use it instead of Bitcoin.
If you have trust in the banking system and the courts,that's great.I don't trust the banking system and the courts,so I'm not gonna be risking all my money,by putting them in a bank.

[ranochigo]

1.- The type of consensus to decide which miner will win to carry out the transaction by its nature is slow depending on the potential that it needs at the computational level (solve the mathematical puzzle that is this).

2.- The verification to accept a transaction is another reason (merkle tree) how each transaction is classified to prevent double expenses.

You're just talking about the block intervals, no one decides which miners win. Very simply, whoever can extend the chain by providing a valid PoW can lengthen the chain.

Transaction validations are very fast, in the neighbourhood of milliseconds. You're just removing data from the UTXO set and adding new ones, validating the signature, etc. Any modern computer or devices can handle that quite quickly.

Bitcoin definitely needs to be repaired in the future and newer algorithms used for optimization. The reason why Bitcoin is slower and more expensive than in the last 5 years is also clear. Thousands of small and large transactions are encountered every day and they have to adapt the previous network with new algorithms.
Let's give Bitcoin a chance, we're still talking to the King of Currencies.

Bitcoin will always have a 10 minutes block interval. You can scale Bitcoin with certain optimization but changing the block interval can net a faster confirmation if that is all that you care about. Rather than it being slower, it is just more expensive. There are efforts made to optimize each transaction but there is a point the optimizations would hit a wall.

[South Park]

What is the Reason the BTC Transactions are Still slow.  And Even that expensive also.
Bnb and xrp Nice cheap and smooth.

And ETH is Not cheap to send but at least its fast.
But erc 20 tokens...  Like USDT its stupid and insane how high are fees!! 

What is the Main Reason the BTC creators Can't fix that Old stupid problem? 
I m Kind of person I Want quality of everything. 
And no time for bs.

Maybe the buterin and binance owner Can teach satoshi and garlinghouse how to make Better coin in terms of speed!!

The issue has always been security, there are many coins that give very fast confirmations and people are happy about it but what they do not understand is that it takes a lot of confirmations in order to get the same kind of security that you get with the bitcoin network, we most also understand that the space on each block is limited and when the network gets busy then it is going to be very costly to get a confirmation especially for those that do not really want to pay a lot of money for it.

[ampu]

Probably the decentralization from this cryptocurrency. There is no one complete owner of the project. Bitcoin is operated by miners, programmers, and users.
Bitcoin has gone through hard forks and only the original Bitcoin exists. Bitcoin is always 1MB per block. This makes Bitcoin slow and costly compared to hard fork counterparts.
Today's altcoins have better technology than Bitcoin, but they will not be able to achieve the same degree of decentralization as Bitcoin.

[Hannahanto]

Bitcoin transactions are slow because of the design. Now you're sounding like you have an issue with bitcoin or satoshi himself. Don't forget the amount of coin you send goes to bitcoin miners and it's added to their unconfirmed transactions and later moved as blocks, 1 block is mined every ten minutes so if your transaction fee is high you may likely get faster transaction confirmation. It's just the way the coin was design so no need to compare with bnb and xrp, you know you can sell all your holdings and move to those other coin if you feel it's stressing you or you're tired of the slow transaction process. No need to panic

[molsewid]

Probably the decentralization from this cryptocurrency. There is no one complete owner of the project. Bitcoin is operated by miners, programmers, and users.
Bitcoin has gone through hard forks and only the original Bitcoin exists. Bitcoin is always 1MB per block. This makes Bitcoin slow and costly compared to hard fork counterparts.
Today's altcoins have better technology than Bitcoin, but they will not be able to achieve the same degree of decentralization as Bitcoin.

Since you said that bitcoin is operated by miners, programmers, and users. Maybe these are probably the reasons bitcoin will/must be so slow. But, I believed it's normal it became slow sometimes. Let's see it's the way we see the rate of bitcoin. Sometimes it's getting higher and sometimes it's getting slower. There is no perfect life and also there is no perfect business. The decentralization of bitcoin is superb so we don't need to worry a lot.

[Wind_FURY]

Gas fee had dropped a lot unlike a few weeks ago. The standard fee is around 25 gwei which will validate an ethereum transaction within 5 minutes or even earlier.

It’s laughable, because despite Ethereum’s fast confirmation between blocks, and its miners deciding how large the blocks  should be as limited by Gas, it’s fees still have become very expensive.

I believe it’s a hard lesson that maintaining in blockchains, and for it to incentivize itself to work, there has to be “cost”.

Yeah, I would agree with that. There's really the side effect of taking that quite high cost that needs to be incentivized for the sake of miners but it's exciting once it's go on full pos.

There are some people in Twitter that are complaining that the Ethereum code fork, the more centralized, Binance Smart Chain is currently having high fees in moments of high transaction volume. Plus there has to be some value to incentivize the authors of the blocks to keep everything in a closed loop and sustainable. Nothing can run for free. Few try to understand why Bitcoin works.

Whilst for a bitcoin transaction, a low priority transaction will cost you an estimation of 24 sat/vb as per https://mempool.space/

It’s actually lower. It will cost a user 5 sat to have your transaction in the next 2 or 3 blocks, but probably also the very next block, https://jochen-hoenicke.de/queue/#BTC%20(default%20mempool),24h,weight

Thanks, data for both sites differs.

Different nodes, different mempools.

[slaman29]

It’s laughable, because despite Ethereum’s fast confirmation between blocks, and its miners deciding how large the blocks  should be as limited by Gas, it’s fees still have become very expensive.

I think every alt who ever said "we're cheaper and faster than BTC" should be very careful of what they claim. ETH has for sure learned this but many other alts still want to proclaim the same thing.

Forget security and forget that when people all come on board, you face new problems.

And no new solutions other than block size haha.

[danherbias07]

Teach satoshi. ROFL. This dude. Reading all his comments makes me shiver a bit.
He says he doesn't know much but with his inputs is like he did his research but lacks reading comprehension and history.

You just hated the transaction fees and speed and you went deeper like a mad man.
There is a time Bitcoin was the number 1 there and this new cryptocurrencies just found that flaw and made their own with a lot cheaper price.
Who knows, maybe they are also the ones that clogged the network for their coins to be seen. It's a good strategy, risk some capital making Bitcoin look bad for billions of dollars in return.

Not accusing, just speculating.

[cryptoboss2020]

Teach satoshi. ROFL. This dude. Reading all his comments makes me shiver a bit.
He says he doesn't know much but with his inputs is like he did his research but lacks reading comprehension and history.

You just hated the transaction fees and speed and you went deeper like a mad man.
There is a time Bitcoin was the number 1 there and this new cryptocurrencies just found that flaw and made their own with a lot cheaper price.
Who knows, maybe they are also the ones that clogged the network for their coins to be seen. It's a good strategy, risk some capital making Bitcoin look bad for billions of dollars in return.

Not accusing, just speculating.

Every old Will die one day.
Btc is old and btc funerals not far away.
Eth xrp Will replace btc I Think

[swogerino]

Bitcoin is still the king and will continue to be,I don't see a Bitcoin funeral anytime soon.You are comparing the king of decentralization with the kings of centralization,Xrp is the crypto of banks and Bnb the coin of the Binance exchange.Surely these two coins are the least threat to Bitcoin.For me it is not slow as long as you pay the recommended fee which many of us here do.

[kryptqnick]

And what is so big problem with that "centralized"?
As Long as the coin works and goes Good I Don't see the problem.

If that's what you believe, why use cryptocurrencies at all? Fiat works perfectly fine, the fees are miniscule and transactions are fast if only we're not talking about big sums or money or about international transfers. Why do you even need something like XRP when you can use your bank account to transfer money?
Being decentralized is a big part of what being a crypto means. The price and the market in general isn't controlled by any single entity, so there's a higher level of financial freedom that with ANY fiat currency. But that comes with its own issues, such as occasionally expensive fees.

[jossiel]

Yeah, I would agree with that. There's really the side effect of taking that quite high cost that needs to be incentivized for the sake of miners but it's exciting once it's go on full pos.

There are some people in Twitter that are complaining that the Ethereum code fork, the more centralized, Binance Smart Chain is currently having high fees in moments of high transaction volume. Plus there has to be some value to incentivize the authors of the blocks to keep everything in a closed loop and sustainable. Nothing can run for free. Few try to understand why Bitcoin works.

What's happening to Ethereum might happen for those chains that have also been having network issues. At first, they're good as an alternative.

But as the same as Ethereum when they get crowded and clogged, they'll also be experiencing the issue that have experienced by Ethereum and as well as bitcoin.

[masterrex]

I'm not against the use of Bitcoin in fact it was my first known investment coin when I'm entered into the crypto space but if we compared in 2015 and today the Bitcoin has changed a lot not just in the price aspect but also in the two important functions the "transaction cost and the transaction speed" and I think it is not bad to ask the developers to fix or to enhance this primary functions of Bitcoin like it was before, the problem is It's getting worst the more Bitcoin price has skyrocketed the problems have also surface they say that LN was the solution but until now it is not widely used. Is there any hope to make Bitcoin better again just like before or we Bitcoin users are needed to endure this problem and wait until the solution will arrive. just asking

[ampu]

Probably the decentralization from this cryptocurrency. There is no one complete owner of the project. Bitcoin is operated by miners, programmers, and users.
Bitcoin has gone through hard forks and only the original Bitcoin exists. Bitcoin is always 1MB per block. This makes Bitcoin slow and costly compared to hard fork counterparts.
Today's altcoins have better technology than Bitcoin, but they will not be able to achieve the same degree of decentralization as Bitcoin.

Since you said that bitcoin is operated by miners, programmers, and users. Maybe these are probably the reasons bitcoin will/must be so slow. But, I believed it's normal it became slow sometimes. Let's see it's the way we see the rate of bitcoin. Sometimes it's getting higher and sometimes it's getting slower. There is no perfect life and also there is no perfect business. The decentralization of bitcoin is superb so we don't need to worry a lot.

Decentralization is the most expensive Bitcoin we are aware of.  Bitcoin operates completely by the community and has a long history of development.  Bitcoin has been accepted and noticed by wealthy centralized institutions.  Bitcoin is becoming the world's new store of value.
We do not need too modern technology, at present Bitcoin is acceptable to everyone's needs.

[maxreish]

As bitcoin is the King the first crypturrency that was created. Of course there is always negative side of such coin like bitcoins slow movement of transactions and higher fees. That is why they created altcoins that can be alternative to solve those glitch from bitcoin like xrp, trx and ltc whose fees are lower than  bitcoin.

But then again, most of the investors are  choosing what is most promising coin which is bitcoin. Regardless of the negative side of it like transaction speed, we cant deny the fact that  bitcoin gives massive profits than others.

[lifeforcepools]

And what growth rate did you expect? No one asset has doubled in value as quickly as btc.