Bitcoin transactions settled instantly: Can this be reality one day ?

[krishnaverma]

Bitcoin transactions settled instantly without confirmations: Can this be reality one day ?

[Nathrixxx]

Anything is possible, but I don't think this current time it takes for a transaction to get confirmed is too long to be patient for, depending on how the mempool is congested or less busy.

[krishnaverma]

Anything is possible, but I don't think this current time it takes for a transaction to get confirmed is too long to be patient for, depending on how the mempool is congested or less busy.

It can be a hurdle in some cases like when the buyer needs instant delivery but seller makes him wait till confirmed.

[bitzizzix]

Bitcoin transactions settled instantly without confirmations: Can this be reality one day ?

Have you forgotten about the Lightning network? This incredibly fast network, designed as a second layer, enables faster and instant Bitcoin transactions, making it ideal for small or micro-transactions or payments.
The process is nearly instantaneous, and fees are lower or even non-existent compared to what merchants pay for Visa or MasterCard transactions.

[Stalker22]

Anything is possible, but I don't think this current time it takes for a transaction to get confirmed is too long to be patient for, depending on how the mempool is congested or less busy.

It can be a hurdle in some cases like when the buyer needs instant delivery but seller makes him wait till confirmed.

Honestly, thats where Layer 2 protocols like the Lightning Network comes in.  You wanna buy something fast? Lightning lets you send money basically instantly - no sweating about waiting for confirmations or whatever.  Seller gets their coins, you get your thing, and no ones freaking out about getting ripped off or some double-spend nonsense.  It just works, you know?

[lionheart78]

If you are saying an on-chain (layer 1) instant transaction, we don't know, since the Bitcoin developer implemented and is still improving an off-chain instant transaction like the Lightning Network.  I think with this trend, Bitcoin developers do not want to tamper with the 10-minute block confirmation of Bitcoin.  

We have an off-chain solution to settle instant transactions that is already available, but an on-chain instant confirmation of transactions, although possible by tweaking the code of the Bitcoin core program, is dependent on the judgment and decision of the Bitcoin developer.  Whether the on-chain instant confirmation can be implemented or not is for us to see.

[Digifann1]

This is never going to happen, there are good reasons why it does not happen. It would bloat the chain massively and introduce other security assumptions making Bitcoin more vulnerable.

It can be a hurdle in some cases like when the buyer needs instant delivery but seller makes him wait till confirmed.

Use the Lightning Network if you need instant confirmation times, the end.

We have an off-chain solution to settle instant transactions that is already available, but an on-chain instant confirmation of transactions, although possible by tweaking the code of the Bitcoin core program, is dependent on the judgment and decision of the Bitcoin developer.  Whether the on-chain instant confirmation can be implemented or not is for us to see.

The developers don't decide, the users do.

[Bitcoin_Arena]

Bitcoin transactions settled instantly without confirmations: Can this be reality one day ?

Without confirmations?

Do you even know the purpose of confirmations?

If you don't like confirmations that make your transactions and network secure, then I guess you should stick to those centralized payment systems

Decentralization and security comes at a cost, and the cost isn't even so bad, but I guess we have some of us who are still used to the traditional banking system.

[Nwada001]

It can be a hurdle in some cases like when the buyer needs instant delivery but seller makes him wait till confirmed.

If a buyer needs instant delivery, then they should not try to make payment with Bitcoin, or they should also be very much ready to pay with a high fee rate so that they can get their payment confirmed as fast as possible.

Besides, most of these sellers make use of a centralized payment processor, which you can just use the same system to pay them so that it will be easier for them, and everything happens off-chain, just like using Binance Pay to pay the seller into the seller's receiving account.

[nelson4lov]

Those confirmations are actually part of the security checks that gives the clarity over authenticity of transactions on the bitcoin network. In the past, people have been scammed with 0 confirmation transactions because the sender can double spend with a higher fee. What you are really asking about is the blockchain trilema and that my friend, is yet to be solved not even with these modern chains claiming to be ultra fast.

[examplens]

Anything is possible, but I don't think this current time it takes for a transaction to get confirmed is too long to be patient for, depending on how the mempool is congested or less busy.

It can be a hurdle in some cases like when the buyer needs instant delivery but seller makes him wait till confirmed.

Which cases do you mean exactly?
I'm thinking, and I can't find a single situation where the buyer can't wait 10 minutes for the first confirmation of the transaction. Finally, the transaction confirmation helps the seller to be sure that his service has been paid for.

[Woodie]

Bitcoin transactions settled instantly without confirmations: Can this be reality one day ?

Since you used "settled" and not confirmed well this is very much possible, before people learnt how to double spend and all that...BTC deposits were settled almost immediately on some exchanges and gambling platforms as that 2/3 confirmations was pending this reflected on our accounts but a withdrawal was not possible until the required confirmations was attainable...but if it's confirmations getting instantly confirmed if not lightening network no because by design network wasn't developed this way...

[BitMaxz]

Bitcoin transactions settled instantly without confirmations: Can this be reality one day ?

No merchant accepts instant delivery without confirmations. Many scammers do this before they send BTC with 0 or low fees to make the transaction stuck on the mempool. Once they get what they need from someone who deals with them, they are going to replace the transaction and send it to a different destination with higher fees, and the previous transaction will be rejected. Like the others said above, it's a double spend.

So, I don't think it's possible to see a Bitcoin transaction settled instantly without confirmations. It's part of the security process.

[lionheart78]

We have an off-chain solution to settle instant transactions that is already available, but an on-chain instant confirmation of transactions, although possible by tweaking the code of the Bitcoin core program, is dependent on the judgment and decision of the Bitcoin developer.  Whether the on-chain instant confirmation can be implemented or not is for us to see.

The developers don't decide, the users do.

Developers are users too, technically, aren't they? But do users(excluding developers) write the code for Bitcoin development?  There is consensus, yes, but the consensus chooses from the path the developers offer... I think you can imagine the whole picture of decision-making from that.

Bitcoin transactions settled instantly without confirmations: Can this be reality one day ?

Since you used "settled" and not confirmed well this is very much possible, before people learnt how to double spend and all that...BTC deposits were settled almost immediately on some exchanges and gambling platforms as that 2/3 confirmations was pending this reflected on our accounts but a withdrawal was not possible until the required confirmations was attainable...but if it's confirmations getting instantly confirmed if not lightening network no because by design network wasn't developed this way...

I think you are mistaken settled as being sent.  They are different.  In Bitcoin terminology, settled means irreversible because they have enough confirmation, which is impossible for the current Bitcoin network to be called instant.

Meaning it is impossible to settle a transaction without confirmation, and it needs enough confirmation, not just 1.

[cr1776]

Bitcoin transactions settled instantly without confirmations: Can this be reality one day ?

Lightning is one solution, but people still use credit cards and they don't settle for on the order of months due to the potential for chargebacks etc.

[nullama]

Bitcoin transactions settled instantly without confirmations: Can this be reality one day ?

I think there will always be the issue of double spending if you accept it instantly.

The details are in the paper, but I think that's one of the main inventions of Bitcoin. Removing that wouldn't make too much sense unless something remarkably new came along and allowed that to happen.

The constants that Satoshi chose (10 minutes on average, etc), work remarkably well, and that's actually quite difficult to achieve, so I don't think that will change.

For faster payments we already have lightning which is pretty cool.

[krishnaverma]

For faster payments we already have lightning which is pretty cool.

Does that come with additional costs ?

[Patikno]

For faster payments we already have lightning which is pretty cool.

Does that come with additional costs ?

Based on the information I have found, the Lightning Network implements a network fee, but this fee is charged only once when a channel (for transactions) is opened, and we are allowed to make any number of transactions while the channel is open. For more details, please see the following information: Lightning Network Explained: A Deep Dive into Bitcoin’s Scalability Solution

There is also a thread that collects discussions related to the Lightning Network, please try reading it: Bitcointalk.org @Pmalek - All Lightning Network Threads In One Place

As an additional point of reference, El Salvador ever adopted the Lightning Network. Then, it also ever been used to fund Robert F. Kennedy's presidential campaign, and this was the first time a presidential campaign used Bitcoin as the first reference said, but, It seems there is also other information that says that Donald Trump was the first (I don't really understand which one is correct) : Trump Campaign Adopts Bitcoin Lightning Network for Donations

[Rikafip]

Anything is possible, but I don't think this current time it takes for a transaction to get confirmed is too long .

Its not too long if you are sending bitcoin to yourself or to something that is not urgent, but imagine trying to pay with bitcoin in supermarket and then having to wait for like 10 minutes for transaction to go through. 

[EL MOHA]

Those confirmations are actually part of the security checks that gives the clarity over authenticity of transactions on the bitcoin network. In the past, people have been scammed with 0 confirmation transactions because the sender can double spend with a higher fee. What you are really asking about is the blockchain trilema and that my friend, is yet to be solved not even with these modern chains claiming to be ultra fast.

Aside double spending, people need to understand that there is transaction verification to actually see if the transaction in its place is valid and not an already spent UTXO. The design of bitcoin transaction most have to actually follow this processes and that’s the major reason why it still remains the most secured network. Taking away this verifications simply just takes it back to been a centralized system which can easily be utilized by scammers.

Its not too long if you are sending bitcoin to yourself or to something that is not urgent, but imagine trying to pay with bitcoin in supermarket and then having to wait for like 10 minutes for transaction to go through. 

I am big fan of bitcoin and it is my go to means for cross transactional payments but it is not something I advice for anyone trying to pay for groceries in supermarkets or making fast payments, three confirmation needed can take upto 30 minutes before it gets done and that’s a lot of time to wait