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Author Topic: How long it takes to Bitcoin to Transfer  (Read 4708 times)
Mir
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April 17, 2012, 01:03:27 AM
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I never have xfer the coins before; so I do not know how longs it takes to transfer.
Is it taking longer then before or it always been like this ?
I am using Bitcoin 0.3.23 if it matter
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April 17, 2012, 01:23:25 AM
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you should really upgrade to a higher version. either 0.6.0, or 0.4.3 if you don't like qt. anyways, it's almost instant to see the transaction, and around 10 minutes to get 1 confirmation. 1 hour is needed to get 6 confirmations (so it isn't "unconfirmed" in the client)

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

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April 17, 2012, 01:58:33 AM
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Well It says "unconfirmed"
Will it screw up my Bitcoin Wallet ?
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April 17, 2012, 03:42:38 AM
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Well It says "unconfirmed"
Will it screw up my Bitcoin Wallet ?
If it's unconfirmed it will be in http://blockchain.info/unconfirmed-transactions somewhere. It should go in a block soon I'm sure though.

Newer versions should be able to open older wallets. Just back it up before you try. If it doesn't work you can always create a new wallet and back it up then open the old one again and send the BTC to the new wallet.

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Mir
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April 17, 2012, 05:05:36 AM
 #5

Well It says "unconfirmed"
Will it screw up my Bitcoin Wallet ?
If it's unconfirmed it will be in http://blockchain.info/unconfirmed-transactions somewhere. It should go in a block soon I'm sure though.

Newer versions should be able to open older wallets. Just back it up before you try. If it doesn't work you can always create a new wallet and back it up then open the old one again and send the BTC to the new wallet.
I have D/L 0.6.0.6 version
This version is no faster then old. After 4 hrs it only has 98% network capture!
Slower then Southern molasses
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April 17, 2012, 06:00:04 AM
 #6

That's a one time load, after it finishes then it'll just have to download the new transactions not all of them.


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MoonShadow
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April 17, 2012, 06:07:13 AM
 #7

I never have xfer the coins before; so I do not know how longs it takes to transfer.
Is it taking longer then before or it always been like this ?
I am using Bitcoin 0.3.23 if it matter

The transfer takes about six seconds.  It's the confirmations & clearing of the transaction that takes so long.  The clients require that a new transaction be 6 blocks deep into the blockchain before it can be spent again, which takes about an hour once the transaction makes it into it's first block.  Currently, that means about an hour, since there are no congestion delays to deal with.

"The powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the systems was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world's central banks which were themselves private corporations. Each central bank...sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world."

- Carroll Quigley, CFR member, mentor to Bill Clinton, from 'Tragedy And Hope'
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April 17, 2012, 06:15:07 AM
 #8

Well It says "unconfirmed"
Will it screw up my Bitcoin Wallet ?
If it's unconfirmed it will be in http://blockchain.info/unconfirmed-transactions somewhere. It should go in a block soon I'm sure though.

Newer versions should be able to open older wallets. Just back it up before you try. If it doesn't work you can always create a new wallet and back it up then open the old one again and send the BTC to the new wallet.
I have D/L 0.6.0.6 version
This version is no faster then old. After 4 hrs it only has 98% network capture!
Slower then Southern molasses


Ah, I see.  You've started a new client, and it has to catch up with the rest of the network.  Since each full client requires a complete copy of the blockchain, with all of the transactions, all the way back to January of 2009, this first part takes some time.  It's not usually even the downloading part that takes the time, it's the verification part.  For the client to know independently that no funny business has been going on, it must independently verify every single transaction in each block & the block itself, one block at a time, from the genesis block (block 0) all the way to the last block before it can know what your new balance actually is.  Odds are high that, unless you have a serious gaming rig, it'll take your pc longer to finish hashing through 175,975 cryptographic hashes of blocks (each with it's own merkle tree of cryptographicly signed transactions) than it will take the rest of the network to confirm any transactions intended for yourself in the meantime.


"The powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the systems was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world's central banks which were themselves private corporations. Each central bank...sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world."

- Carroll Quigley, CFR member, mentor to Bill Clinton, from 'Tragedy And Hope'
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April 17, 2012, 06:23:04 AM
 #9

I think you can spend coins without waiting for them to be confirmed..  Huh

The next receiver would then have to wait for both transactions to confirm.

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April 17, 2012, 06:37:05 AM
 #10

I think you can spend coins without waiting for them to be confirmed..  Huh


Yes, but the client won't let you send transactions if they include inputs that are less than 6 blocks deep, unless those same inputs are change to yourself from a previous transaction.  

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The next receiver would then have to wait for both transactions to confirm.

Yes, he would.


EDIT: Although the client might appear to let you send quicker than this, because the client (by default) chooses from the oldest of it's eligible transactions to use as inputs to a new transaction.  So if you have many transactions of various ages, the client generally attempts to consolidate the oldest transactions.  This behavior is beneficial to Bitcoin in general, in the sense that those older transactions could then be pruned from the blockchain by any client that desires to do so.

"The powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the systems was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world's central banks which were themselves private corporations. Each central bank...sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world."

- Carroll Quigley, CFR member, mentor to Bill Clinton, from 'Tragedy And Hope'
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