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"Bitcoin: the cutting edge of begging technology." -- Giraffe.BTC
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Chemistry1988
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Activity: 1120
Merit: 1000
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April 04, 2014, 03:11:12 PM |
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It is indeed related to the increasing total network hashrate. https://bitcoinwisdom.com/bitcoin/difficultyBitcoin Difficulty: 5,006,860,589 Estimated Next Difficulty: 6,135,992,123 (+22.55%) Adjust time: After 158 Blocks, About 20.9 hours Block Generation Time(?): 1 block: 7.9 minutes 3 blocks: 23.8 minutes 6 blocks: 47.6 minutes With blocks being found at a faster rate (on average), transaction will get confirmed at a faster rate (on average).
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bryant.coleman
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Activity: 3654
Merit: 1217
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April 04, 2014, 03:25:28 PM |
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Average confirmation time of ~10 minutes is still quite significant. Won't cause any problem for the online shoppers. But people who want to use BTC for retail shopping won't be able to do it.
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btcpay86
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April 04, 2014, 03:31:15 PM |
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1. Jeunesse, Redefining YOUTH. 婕斯,重新定义年轻。| 该生病而不生病,该老化却很年轻,正是婕斯“沛泉菁华”的奥秘所在。 为了大家实现财务自由的梦想,敬请关注婕斯全球直销网站: http://haccp.jeunesseglobal.com2. 捐赠 Donations: BTC - 12QSDXfUq6B2ywer8xJeQYbiV7A7E8yB3H
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greenlion
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April 04, 2014, 04:41:23 PM |
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Average confirmation time of ~10 minutes is still quite significant. Won't cause any problem for the online shoppers. But people who want to use BTC for retail shopping won't be able to do it.
Retail transactions are routinely performed at 0 confirmations, because transaction propagation alone validates any given transaction better than any other payment method in existence already. 10 minute blocks being a hindrance to retail application is the biggest myth that absolutely refuses to die.
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lynn_402
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April 04, 2014, 04:48:42 PM |
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Could the fact that the number of transactions/day is decreasing play a role in this? (There's about 10-20% less now than in March: https://blockchain.info/en/charts/n-transactions) There's still quite more than there was in January and February though.
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ryanmnercer
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April 04, 2014, 05:22:51 PM |
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Average confirmation time of ~10 minutes is still quite significant. Won't cause any problem for the online shoppers. But people who want to use BTC for retail shopping won't be able to do it.
Retail transactions are routinely performed at 0 confirmations, because transaction propagation alone validates any given transaction better than any other payment method in existence already. 10 minute blocks being a hindrance to retail application is the biggest myth that absolutely refuses to die. Except as a business owner I'm not giving you ANYTHING till I see 3 confirmations.
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Satosh¡ Slot
Full Member
Offline
Activity: 164
Merit: 100
Indie Developer
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April 04, 2014, 05:44:47 PM |
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There's only two things that can change the confirmation time: 1. The current fork uses a slightly modified code that has smaller target that gives faster confirmations. 2. The hash rate increased rapidly and it will take a little time for the difficulty to adjust to set the average block to 10 minutes.
In this case it's for sure (2) that is the answer.
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descarte
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April 04, 2014, 05:48:30 PM |
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atm, be prepared for hours to get 3 confirmations.
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Nagle
Legendary
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Activity: 1204
Merit: 1000
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April 04, 2014, 09:51:02 PM |
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There's only two things that can change the confirmation time: 1. The current fork uses a slightly modified code that has smaller target that gives faster confirmations. 2. The hash rate increased rapidly and it will take a little time for the difficulty to adjust to set the average block to 10 minutes.
In this case it's for sure (2) that is the answer.
The hash rate hasn't jumped recently. On a log scale, it's been a straight line since the beginning of 2013, when ASICs started coming on line.
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lnternet
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April 04, 2014, 09:58:27 PM |
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Except as a business owner I'm not giving you ANYTHING till I see 3 confirmations.
Well you are free to do as you please. But try sending me coins with correct fees but no confirmation and then try taking them back.
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1ntemetqbXokPSSkuHH4iuAJRTQMP6uJ9
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DeathAndTaxes
Donator
Legendary
Offline
Activity: 1218
Merit: 1079
Gerald Davis
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April 04, 2014, 10:05:25 PM |
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There's only two things that can change the confirmation time: 1. The current fork uses a slightly modified code that has smaller target that gives faster confirmations. 2. The hash rate increased rapidly and it will take a little time for the difficulty to adjust to set the average block to 10 minutes.
In this case it's for sure (2) that is the answer.
3. Block are larger and the average number of blocks that a transaction has to wait before confirmation has been reduced. v0.9 changed the defaults for block size. The chart is not showing the average time between blocks it is showing the average time to the first confirmation of a transaction. There is a difference. The average time between blocks has been significantly less than 10 minutes for months now.
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Rannasha
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April 04, 2014, 10:31:12 PM |
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Average confirmation time of ~10 minutes is still quite significant. Won't cause any problem for the online shoppers. But people who want to use BTC for retail shopping won't be able to do it.
Retail transactions are routinely performed at 0 confirmations, because transaction propagation alone validates any given transaction better than any other payment method in existence already. 10 minute blocks being a hindrance to retail application is the biggest myth that absolutely refuses to die. Except as a business owner I'm not giving you ANYTHING till I see 3 confirmations. Then have fun losing business to competitors that do accept 0-conf transactions and still see 0 to almost 0 losses due to double-spends. edit: for brick-and-mortar stores and other business that relies on instant delivery of goods that is. Everything that is bought online but has to be physically shipped can afford to wait for one or more confirmations.
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tins
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April 04, 2014, 10:36:45 PM |
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Average confirmation time of ~10 minutes is still quite significant. Won't cause any problem for the online shoppers. But people who want to use BTC for retail shopping won't be able to do it.
Retail transactions are routinely performed at 0 confirmations, because transaction propagation alone validates any given transaction better than any other payment method in existence already. 10 minute blocks being a hindrance to retail application is the biggest myth that absolutely refuses to die. Except as a business owner I'm not giving you ANYTHING till I see 3 confirmations. There is really no need for that. Once you see the transaction go through, even without confirmations, you are safe. The transaction will end up going through...there is no way for the purchaser to reverse it once you see it show up.
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S4VV4S
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April 04, 2014, 11:00:33 PM |
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Average confirmation time of ~10 minutes is still quite significant. Won't cause any problem for the online shoppers. But people who want to use BTC for retail shopping won't be able to do it.
Retail transactions are routinely performed at 0 confirmations, because transaction propagation alone validates any given transaction better than any other payment method in existence already. 10 minute blocks being a hindrance to retail application is the biggest myth that absolutely refuses to die. Except as a business owner I'm not giving you ANYTHING till I see 3 confirmations. There is really no need for that. Once you see the transaction go through, even without confirmations, you are safe. The transaction will end up going through...there is no way for the purchaser to reverse it once you see it show up. OK, I thought that having 51% of the hashing power allows you to do just that and more....
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tins
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April 05, 2014, 12:31:37 AM |
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Average confirmation time of ~10 minutes is still quite significant. Won't cause any problem for the online shoppers. But people who want to use BTC for retail shopping won't be able to do it.
Retail transactions are routinely performed at 0 confirmations, because transaction propagation alone validates any given transaction better than any other payment method in existence already. 10 minute blocks being a hindrance to retail application is the biggest myth that absolutely refuses to die. Except as a business owner I'm not giving you ANYTHING till I see 3 confirmations. There is really no need for that. Once you see the transaction go through, even without confirmations, you are safe. The transaction will end up going through...there is no way for the purchaser to reverse it once you see it show up. OK, I thought that having 51% of the hashing power allows you to do just that and more.... Exactly! Since nobody controls or will control 51% of the hashing power, there is no fear for a business owner.
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skooter
Member
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Activity: 70
Merit: 10
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April 05, 2014, 12:55:29 AM |
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Average confirmation time of ~10 minutes is still quite significant. Won't cause any problem for the online shoppers. But people who want to use BTC for retail shopping won't be able to do it.
Retail transactions are routinely performed at 0 confirmations, because transaction propagation alone validates any given transaction better than any other payment method in existence already. 10 minute blocks being a hindrance to retail application is the biggest myth that absolutely refuses to die. Except as a business owner I'm not giving you ANYTHING till I see 3 confirmations. There is really no need for that. Once you see the transaction go through, even without confirmations, you are safe. The transaction will end up going through...there is no way for the purchaser to reverse it once you see it show up. OK, I thought that having 51% of the hashing power allows you to do just that and more.... Exactly! Since nobody controls or will control 51% of the hashing power, there is no fear for a business owner. You could double spend the transaction. If you control 10% of the hash power, you can replace the Tx in your mempool with one that overrides the existing one. It'll have a 10% chance of working.
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franky1
Legendary
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Activity: 4214
Merit: 4475
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April 05, 2014, 12:57:34 AM |
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no! the miners are adding more hash power everyday, to exceed the difficulty causing them to be able to mine faster then average. the difficulty tries to rise high enough to compensate, but more hash power keeps getting added on.. nothing at all related to the client program at all.. its miner related
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I DO NOT TRADE OR ACT AS ESCROW ON THIS FORUM EVER. Please do your own research & respect what is written here as both opinion & information gleaned from experience. many people replying with insults but no on-topic content substance, automatically are 'facepalmed' and yawned at
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iraszl
Sr. Member
Offline
Activity: 266
Merit: 257
Enthusiast
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April 05, 2014, 02:20:26 AM |
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One could theoretically create an app that first sends out the payment to the merchant's address. But immediately after that also sends the same to 50 other addresses too. I think there is a chance one of those 50 will get confirmed and the merchant could end up with nothing. Is this possible?
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