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Author Topic: Transactions are slow?  (Read 1413 times)
jones
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May 08, 2011, 12:15:56 PM
 #1

Hi,

 I am new to the bitcoin community so please excuse me if my question has already been answered somewhere else. I at least could not find sth. using the search function.

 My first steps with the Bitcoins software involved money transfers (0.01-0.02 BTC). Even though it requires a 0.01 BTC fee, the transaction takes quite a long time until it is confirmed (ab 30-60 minutes).

 In comparison to other online payment options like paypal this is quite a bad performance. What is the strategy to stay competetive with other payment processors?

Regards, Jens

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grue
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May 08, 2011, 02:45:39 PM
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on average, 6 blocks are generated per hour. assuming the transaction gets into the next available block, it will take 60 min to get 6 confirmations. However, many businesses are ok with 1 confirmations. If there are tons of transactions, your transaction may be delayed. check http://www.bitcoincharts.com/bitcoin/ for the current transaction count.

It is pitch black. You are likely to be eaten by a grue.

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ribuck
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May 08, 2011, 03:31:19 PM
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...the transaction takes quite a long time until it is confirmed (ab 30-60 minutes).

 In comparison to other online payment options like paypal this is quite a bad performance..

Eh? PayPal takes over a month before a transaction is genuinely confirmed.
John Kirk
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May 08, 2011, 03:48:17 PM
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In comparison to other online payment options like paypal this is quite a bad performance. What is the strategy to stay competetive with other payment processors?

I understand your concern.  However, you are comparing apples and oranges.

Direct bitcoin transactions are more analogous to electronic check or wire transfers between accounts existing in different banks than to a PayPal transaction.  Even in our current electronic age, these can often take days to process.  This is because there are so many banks and other financial institutions that it is impossible for any single bank to have built up a solid trust with all of the other financial institutions that exist.

As you say, though, you can actually spend money instantly using a service like PayPal, or by using a credit/debit card.  This can be done because the banking system has set up a relatively small number of services that all institutions can know and trust (Visa/Mastercard/PayPal, etc.).  Essentially, businesses pick one or more of these services to support (i.e. they state which credit cards they accept), and will do business instantly with you as long as you have an account with one of these services and that service says that you have enough money/credit to pay for whatever it is that you are buying.

These same kinds of services are starting to pop up for bitcoin as well.  One such service is ClearCoin.  Over time, a similar web of trust will be built up between businesses and these kinds of services, and you will be able to transact business instantly with bitcoins.
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