BTC Transaction time

[smartmoney]

Is there a chart somewhere showing the time it takes to get the 1st confirmation as a function of transaction fee % or transaction amount?

What is the average BTC transaction time and what other factors influence it significantly?

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[shorena]

Is there a chart somewhere showing the time it takes to get the 1st confirmation as a function of transaction fee % or transaction amount?

1st confirmation is the next block your TX is in. It has nothing to do with the fee % and very little with amount transfered*. As long as the fee in comparisson to the size (in KB) is reasonable (according to miners) - which currently is 0.0001 per KByte - your TX will be in the next block (which on average are mined every 10 minutes).

What is the average BTC transaction time and what other factors influence it significantly?

Transaction time (as in the other party knows about it) is almost instantly. Confirmation time depends on the time it takes to find a block. This time is regulated via the difficulty to match 10 minutes on average.


* there is something called mature inputs which might allow you to send a TX without a fee. The idea is that big inputs (much btc spend) that did not get moved a long time need no TX fee.

[odolvlobo]

Is there a chart somewhere showing the time it takes to get the 1st confirmation as a function of transaction fee % or transaction amount?

What is the average BTC transaction time and what other factors influence it significantly?

This page describes the criteria used in the reference implementation for adding transactions to the next block. Some miners use other criteria. In general, paying "extra" rarely improves your chances.

https://en.bitcoin.it/wiki/Transaction_fees

[Velkro]

Its really bad this transaction fees, it shouldn't be optional, it should be always 1000 satoshi deducted from transaction, thats all

[Argwai96]

Is there a chart somewhere showing the time it takes to get the 1st confirmation as a function of transaction fee % or transaction amount?

What is the average BTC transaction time and what other factors influence it significantly?

This page describes the criteria used in the reference implementation for adding transactions to the next block. Some miners use other criteria. In general, paying "extra" rarely improves your chances.

https://en.bitcoin.it/wiki/Transaction_fees

I use the default settings to send, so when I have a lot of small inputs, I often get "Within 6 blocks/Medium Priority" rather than "Next block/High Priority". I'd say 90-95% of the time in my (anecdotal) experience, I get confirmed on the next block. Occasionally, though, I have to wait one more.

[amaclin]

Its really bad this transaction fees, it shouldn't be optional, it should be always 1000 satoshi deducted from transaction, thats all

You are welcome to create your own bitcoin-fork or alt-coin network were the fees are not optional.
Optional fees - is a consensus rule of current bitcoin

[o_o]

From my experience it takes anywhere between 5-20 minutes in usual conditions between two mined blocks. Sometimes it's more or less than that though and apparently there isn't a guaranteed outcome.

[Yuki1988]

Is there a chart somewhere showing the time it takes to get the 1st confirmation as a function of transaction fee % or transaction amount?

What is the average BTC transaction time and what other factors influence it significantly?

Not exactly what you are looking for, but here is a graph about the average confirmation time.
https://blockchain.info/charts/avg-confirmation-time

[AtheistAKASaneBrain]

It takes ages unless you spend more than the default set miner fee. I think about 25 minutes at default fee.

[Yuki1988]

It takes ages unless you spend more than the default set miner fee. I think about 25 minutes at default fee.

I don't think that is true.
From my own experience, about 95% of my transactions with standard fee (0.0001/KB) are included in the next block and all the rest are included within the next 3 blocks.

[shorena]

It takes ages unless you spend more than the default set miner fee. I think about 25 minutes at default fee.

I don't think that is true.
From my own experience, about 95% of my transactions with standard fee (0.0001/KB) are included in the next block and all the rest are included within the next 3 blocks.

Yes it makes no sense to pay above standard fee. AtheistAKASaneBrain probably has no clue that block times might vary.

[manselr]

Why do block times vary? whats the variable that says, it will take this or that time to process? I dont get this.. i thought it all depended on, the miner fee or something.

[odolvlobo]

Why do block times vary? whats the variable that says, it will take this or that time to process? I dont get this.. i thought it all depended on, the miner fee or something.

The time is random, but is designed to an average of 10 minutes.

[Velkro]

This is quite complicated, but i would assume personally that 1st confirmation is in 10 minutes around

[bitllionaire]

I think this is one of the biggest problems to solve about bitcoin in the close future

[HELP.org]

You are discussing 2 separate problems.

The first is the probability of getting your transaction accepted by a miner.  This depends on the individual miner requirements to accept transactions.  You can't really calculate this easily because it is up to the miners own internal rules.

The next part of the problem is the time waiting for the next block.  That is a random process.  First you have to get the probability of being included in a block from step one and then multiply it by the probability of finding the next block. If you want to do caculations see http://bitcoin.stackexchange.com/questions/8028/given-the-probability-of-finding-a-block-and-time-taken-can-i-infer-hashrate and https://bitcoil.co.il/pool_analysis.pdf

[BeginToMine]

it usualy takes ~ few minutes

[dynamox]

How is regular shoping going to work if it takes a while to confirm? like you go to a supermarket with your phone and then pay, what happens if you have to wait to get it confirmed??

[HELP.org]

How is regular shoping going to work if it takes a while to confirm? like you go to a supermarket with your phone and then pay, what happens if you have to wait to get it confirmed??

One way is off-blockchain transactions.  So if then exchange had a deal to be a processor for the supermarket and you can send funds from your Exchange account so it all happens within the exchange.  There could also be deal to use "green addresses" where your online wallet sending address is trusted by the supermarket.  So if you sent funds from your exchange wallet and the supermarket trusts the exchange. 

[Pkofet]

How is regular shoping going to work if it takes a while to confirm? like you go to a supermarket with your phone and then pay, what happens if you have to wait to get it confirmed??

One way is off-blockchain transactions.  So if then exchange had a deal to be a processor for the supermarket and you can send funds from your Exchange account so it all happens within the exchange.  There could also be deal to use "green addresses" where your online wallet sending address is trusted by the supermarket.  So if you sent funds from your exchange wallet and the supermarket trusts the exchange. 

Or, the supermarket will accept your 0-confirmation bitcoin transaction as long as it has minimum fee attached.
Double-spending is extremely hard unless you have a significant proportion of network hashrate, and so it is very very unlikely a casual supermarket customer has the ability to double-spend successfully.