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binarycryptopia
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January 15, 2018, 02:05:32 PM
 #1

I just new to bitcoin world. I made a tiny transaction yesterday (worth ~$15) and I needed to wait until today (~12h) until the transaction is confirmed.

Why is it so slow? Is it because of less and less people are mining bitcoins since it's not profit now? Will it get progressively slower over time?

Thanks
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January 15, 2018, 03:06:52 PM
 #2

Bitcoin growth over the years has outgrown the 1st layer scaling solution that Satoshi Nakamoto has envisioned with Block

size increases. This has lead to the congestion of the network and higher fees. Fortunately for us some Developers have

already worked on a solution, called SegWit and also the Lightning Network. SegWit was implemented and it is slowly gaining

traction, but the ultimate solution {Lightning Network} is still being tested. {Some sites has gone live on the main network,

but it is still small.}  Cheesy

The problem is already solved, it just has to go mainstream.  Grin

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VitKoyn
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January 15, 2018, 03:26:53 PM
 #3

I just new to bitcoin world. I made a tiny transaction yesterday (worth ~$15) and I needed to wait until today (~12h) until the transaction is confirmed.

Why is it so slow? Is it because of less and less people are mining bitcoins since it's not profit now? Will it get progressively slower over time?

Thanks
Nowadays it is normal that you will have to wait hours for your transaction to gets confirmed, if you pay less transaction fee, because whenever Bitcoin network become congested with unconfirmed transactions, miners will prioritize transactions that paid higher fees. It is slowing down not because there are not enough miners that are currently mining Bitcoin, it is because Bitcoin network can only handle 3 to 7 transactions per second. It will continue to get slow if those Bitcoin wallet, services and users will still continue to not support segwit, lightning network is also on its way.
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January 15, 2018, 03:30:57 PM
 #4

Hi,

Indeed, transactions are quite low. Or quite expensive if you are willing to pay more to get it done quickly. Sometimes both.

The problem here is that indeed, the blockchain is a great system but it has not be thought for so many users. I don't say that it is not suitable, I just say that for the moment the technical means are not high enough to meet the needs of all the community.

So actually, transactions should be quicker over time. But this will only happen if we raise the technical means involved! Wink

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January 15, 2018, 03:33:32 PM
 #5

Bitcoin transactions are not like any other paper money transactions. It has a technology of blockchain which in itself is quite complex. On the other hand the confirmation of a transaction over the blockchain network is done via solving of a mathematical algorhithmic problem which requres quite a good consumption of power and machinery. On the behalf of this confirmations, new btc are formed. With time, the number of miners (i.e. the verifiers of transactions) have increased quite a bit. This creates heavy congestion over the internet as to who would first solve the algorhithm and validate the transaction and get some reward as fee. With growing popularity and engagement of btc, the technology have been the same. Thus the load is more and hence the congestion and long duration for the confirmation.
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January 15, 2018, 03:38:50 PM
 #6

Bitcoin growth over the years has outgrown the 1st layer scaling solution that Satoshi Nakamoto has envisioned with Block

size increases. This has lead to the congestion of the network and higher fees. Fortunately for us some Developers have

already worked on a solution, called SegWit and also the Lightning Network. SegWit was implemented and it is slowly gaining

traction, but the ultimate solution {Lightning Network} is still being tested. {Some sites has gone live on the main network,

but it is still small.}  Cheesy

The problem is already solved, it just has to go mainstream.  Grin

Yes that's completely right ..the network has grown extremely crowded and thus it's Taking time to respond and to work correctly also you will find Campaigns where the use of segWit addresses are becoming mandatory since they are most efficient and works on the longest node that there is ...
It will decrease the time of confirmation and transaction fee.
Even in my signature Campaign .. people are encouraged to use the segWit addresses .. since it may become mandatory soon .
Better you check out too.



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January 15, 2018, 03:51:49 PM
 #7

probably because of so many transactions that the network becomes choked up, I hope you can be patient again, I've also felt the same as you, it's just quieter. Wink Thanks
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January 15, 2018, 03:53:20 PM
 #8

maybe you need to be patient, i also never feel it, but in the end all is well.
Thank You  Smiley Smiley
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January 15, 2018, 04:18:35 PM
 #9

I just new to bitcoin world. I made a tiny transaction yesterday (worth ~$15) and I needed to wait until today (~12h) until the transaction is confirmed.

Why is it so slow? Is it because of less and less people are mining bitcoins since it's not profit now? Will it get progressively slower over time?

Transaction speed has nothing to do with the hahrate or how many miners are mining the coin.
It's only affected by the number of transactions waiting to be confirmed.

More users > same space for tx > longer queue.

With time, the number of miners (i.e. the verifiers of transactions) have increased quite a bit. This creates heavy congestion over the internet as to who would first solve the algorhithm and validate the transaction and get some reward as fee.

Clearly you have no idea what you're talking about and you;re just spamming 5 line posts to make them look useful when in reality they are garbage.
There is no congestion between miners. How did you even see that happening?

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January 15, 2018, 04:33:48 PM
 #10

I just new to bitcoin world. I made a tiny transaction yesterday (worth ~$15) and I needed to wait until today (~12h) until the transaction is confirmed.

Why is it so slow? Is it because of less and less people are mining bitcoins since it's not profit now? Will it get progressively slower over time?

Thanks

Of course we need more miners to make bitcoin transactions confirmed faster on network than the speed we a facing now.
However there may akso be other reasons for stucked transactions like when you set lower fee than default requirement.
I usually pay 0.0005 BTC for amounts upto 0.05 and always get a transaction confirmed within 20 minutes
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January 15, 2018, 04:34:12 PM
 #11

Devs're trying to solve this problem.For example:As I know btc.com has already added segwit and dynamic commission to make  transactions easily and faster,but of course there is a big problem for microtransactions and I hope it will be improved.Now, if you can,Use altcoins for small transactions to avoid problems about transaction time and fee.But this does not mean that bitcoin will lose values,Don't worry you will get your funds,Also you can use free transaction acceleration services.
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January 15, 2018, 04:40:39 PM
 #12

I just new to bitcoin world. I made a tiny transaction yesterday (worth ~$15) and I needed to wait until today (~12h) until the transaction is confirmed.

Why is it so slow? Is it because of less and less people are mining bitcoins since it's not profit now? Will it get progressively slower over time?

Thanks

First your transaction amount you have mentioned here already a cheap amount so you may have the cheap fees in your transaction for sure as much knowledge. When the fees low normally you will have the transaction delay. More than that recent days we people are finding the more network delay issues with the every transactions bro. Since Segwit implemented last time you have to find the transaction faster as they increases block size. This is how every time segwit implementation gives but this time nothing works better in the bitcoin technology.
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January 15, 2018, 04:57:04 PM
 #13

This is due to so much transaction pending, it is not that less profit but lots of people are getting into it now that is why it is getting so slow and making so much loaded blocks.
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January 15, 2018, 04:57:48 PM
 #14

I think that is because there are two factors, 1. cost factor and 2. the solid factor of the transaction.
1. cost factor, the cost you pay including cheap or expensive. if the cost you pay is small then it is reasonable thing because the cost is cheap it takes a long time because it is definitely the first dare to pay expensive.
2. the solid factor of the transaction, this can happen because of its many requests and if this is the case you have to be patient because of this we are indeed required to queue up.

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binarycryptopia
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January 17, 2018, 04:19:29 PM
 #15

Bitcoin growth over the years has outgrown the 1st layer scaling solution that Satoshi Nakamoto has envisioned with Block

size increases. This has lead to the congestion of the network and higher fees. Fortunately for us some Developers have

already worked on a solution, called SegWit and also the Lightning Network. SegWit was implemented and it is slowly gaining

traction, but the ultimate solution {Lightning Network} is still being tested. {Some sites has gone live on the main network,

but it is still small.}  Cheesy

The problem is already solved, it just has to go mainstream.  Grin

I also heard about SegWit and Lightning Network (but well, I don't understand that much as I am not a techie). But what will happen with the current coin (BTC) if they change the technology underneath? Will they remain the same or will there be a fork  Huh
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