Transaction confirmation time down

[FastSlots]

See https://blockchain.info/charts/avg-confirmation-time.

Does anyone know why that is? Could this due to Bitcoin Core 0.9.0?

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[Chemistry1988]

It is indeed related to the increasing total network hashrate.

https://bitcoinwisdom.com/bitcoin/difficulty

Bitcoin 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).

[bryant.coleman]

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.

[btcpay86]

See https://blockchain.info/charts/avg-confirmation-time.

Does anyone know why that is? Could this due to Bitcoin Core 0.9.0?

Yes, due to 0.9.

[5thStreetResearch]

This is a good thing right?

[greenlion]

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.

[lynn_402]

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.

[ryanmnercer]

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.

[Satosh¡ Slot]

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.

[descarte]

atm, be prepared for hours to get 3 confirmations.

[Nagle]

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.

[lnternet]

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.

[DeathAndTaxes]

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.

[Rannasha]

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.

[tins]

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.

[S4VV4S]

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....

[tins]

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.

[skooter]

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.

[franky1]

See https://blockchain.info/charts/avg-confirmation-time.

Does anyone know why that is? Could this due to Bitcoin Core 0.9.0?

Yes, due to 0.9.

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

[iraszl]

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?