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Author Topic: Sick of the confirmation time...  (Read 3976 times)
Klestin
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March 21, 2015, 01:01:58 PM
 #61

BTC conformation time is horrible. Especially when you are transferring funds to an exchange or something and you have to wait for 6 confirmations before you can spend your coins. Takes an HOUR at least. Darkcoin and the new instant X is awesome. Takes about 30 SECONDS for 6 confirms. so cool.

*Sigh*

There is no magic "6 confirms" that relates to all altcoins.  The strength of the confirm relies largely on the time of confirmation. That is why exchanges have different requirements for number of confirmations with different coins.  DarkCoin's "Instant X" is not a new concept.  The concept of masternodes is not new, and also cannot be compared with Bitcoin's bedrock POW blockchain.  It's closer to POS as each of those masternodes must "buy in".  Apples to Oranges.

We shall see whether it proves itself when the stakes are higher.
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March 21, 2015, 11:50:41 PM
 #62

There's no need to stress over confirmation times. Did you know credit cards also take time before the operation gets officially confirmed? People just assume nothing wrong is going to happen, so do the same with Bitcoin.

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March 21, 2015, 11:54:35 PM
 #63

There's no need to stress over confirmation times. Did you know credit cards also take time before the operation gets officially confirmed? People just assume nothing wrong is going to happen, so do the same with Bitcoin.

People take credit cards without issue because there are issuing banks and a full blown network of support (Visa, MasterCard, etc) backing the transaction up. BTC has nothing backing it other than another anonymous individual's word. That's why when it comes to merchants doing fast transaction (in-person retail transactions or instant download transactions) would need to rely on something like CoinBase to cover and back the transaction.
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March 22, 2015, 02:05:58 AM
 #64

There's no need to stress over confirmation times. Did you know credit cards also take time before the operation gets officially confirmed? People just assume nothing wrong is going to happen, so do the same with Bitcoin.

People take credit cards without issue because there are issuing banks and a full blown network of support (Visa, MasterCard, etc) backing the transaction up. BTC has nothing backing it other than another anonymous individual's word. That's why when it comes to merchants doing fast transaction (in-person retail transactions or instant download transactions) would need to rely on something like CoinBase to cover and back the transaction.
If I'm not wrong, one can still charge back after a month or so. BTC cannot be double spent after one confirmation unless you have 51% of the network hashrate.
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March 22, 2015, 06:38:14 AM
 #65

It's useless to put $4 in bitcoin for tx fee, unless your tx size is very big
And bitcoin confirmation time is faster than send money internasional

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March 22, 2015, 03:26:16 PM
 #66

yes, really slow... if can send instant that will be good. but a hardfork might influence bitcoin value for sure . big time
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March 22, 2015, 03:59:54 PM
 #67

BTC conformation time is horrible. Especially when you are transferring funds to an exchange or something and you have to wait for 6 confirmations before you can spend your coins. Takes an HOUR at least. Darkcoin and the new instant X is awesome. Takes about 30 SECONDS for 6 confirms. so cool.

*Sigh*

There is no magic "6 confirms" that relates to all altcoins.  The strength of the confirm relies largely on the time of confirmation. That is why exchanges have different requirements for number of confirmations with different coins.  DarkCoin's "Instant X" is not a new concept.  The concept of masternodes is not new, and also cannot be compared with Bitcoin's bedrock POW blockchain.  It's closer to POS as each of those masternodes must "buy in".  Apples to Oranges.

We shall see whether it proves itself when the stakes are higher.

Darkcoin, eh, Dash has been instamined and is 100% a scam.

If you're looking for quick confirmation times, Bitshares confirms in less than 10 seconds(All those full PoS coins do).
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March 22, 2015, 05:20:02 PM
 #68

yes, really slow... if can send instant that will be good. but a hardfork might influence bitcoin value for sure . big time
Im too scared of the fork effectively ruining bitcoin all in hopes to make the transaction confirmation times faster. I don't think we need faster confirmation times. Ive never seen anyone having a problem with a transaction not going through unless they did something really stupid (0 fees for big ass transactions or whatever)

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March 22, 2015, 05:58:01 PM
 #69

Am I the only one? Lol
You might need to read a bit more and less lolling.

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Amph
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March 22, 2015, 07:43:49 PM
 #70

the problem is not the slowness only, but the recently randomness(i hate that), due to those little bit diff adjustment i presume

this is bad for merchants
robertgoss
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March 22, 2015, 08:29:29 PM
 #71

i guess its same with everyone .... we cant really help it neither we can do something to speed it up ...
kingcolex
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March 22, 2015, 10:26:09 PM
 #72

Sick of how long it takes to confirm a transaction. I even put a $4.00 miner's fee, and it is still taking over 2 hours for the second time.

Wish it could just be a little faster.... Am I the only one? Lol
In your case if they allow litecoin I would use that then. Just keep a small stash of litecoin for quick use needs.

bri912678
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March 22, 2015, 10:31:51 PM
 #73

the problem is not the slowness only, but the recently randomness(i hate that), due to those little bit diff adjustment i presume

this is bad for merchants

I find almost every time it's really important I get a transaction confirmed fast it takes like an hour for at least one confirmation. The annoying thing is there is usually three blocks minutes apart before my transaction, then an eternity waiting for the next ones after I make the transaction.

Some exchanges only require one confirmation, in which case it can be fast, but it can take forever for the exchanges requiring six confirmations.
R2D221
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March 22, 2015, 10:42:29 PM
 #74

the problem is not the slowness only, but the recently randomness(i hate that)

Considering that the algorithm relies 100% on randomness, if you hate it then you shouldn't be using Bitcoin.

Quote
this is bad for merchants

For the third time, merchants can and do accept unconfirmed transactions just fine, unless you're selling a car or a house (in which case, the whole paperwork will take much more than the confirmations anyway).

An economy based on endless growth is unsustainable.
mitus-2
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March 22, 2015, 11:23:05 PM
 #75

you can use services like greenaddress.it

your transactions will not be confirmed immediately but they are are protected by both your signature and by a signature they apply when they get your permission via two factor. With this protection, comes the fact that people receiving Bitcoin from you can trust the funds instantly as they provide a 'special' signature to your transaction when you require instant confirmation.
MegaFall
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March 22, 2015, 11:38:05 PM
 #76


Considering that the algorithm relies 100% on randomness, if you hate it then you shouldn't be using Bitcoin.


For what purpose though? Other than to just be random. This is one of the biggest flaws with BTC and will probably be the ultimate reason that an Alt ends up used by merchants instead.

What should happen is if a block takes more than 15 minutes to find, the difficulty should temporarily plunge.
anshar
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March 22, 2015, 11:38:58 PM
 #77

It's a real bitch. What the worst thing is is when it trolls you and skips over your transaction, and you have to wait until the next block

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R2D221
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March 22, 2015, 11:52:39 PM
 #78


Considering that the algorithm relies 100% on randomness, if you hate it then you shouldn't be using Bitcoin.


For what purpose though? Other than to just be random. This is one of the biggest flaws with BTC and will probably be the ultimate reason that an Alt ends up used by merchants instead.

What should happen is if a block takes more than 15 minutes to find, the difficulty should temporarily plunge.

For mining. The proof of work algorithm needs randomness so that nobody can just start creating blocks every second. Please show me an altcoin that doesn't use randomness at all.

An economy based on endless growth is unsustainable.
R2D221
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March 22, 2015, 11:54:49 PM
 #79

What should happen is if a block takes more than 15 minutes to find, the difficulty should temporarily plunge.

Also, how can that be implemented without a central time server?

An economy based on endless growth is unsustainable.
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March 22, 2015, 11:55:33 PM
 #80

Am I the only one? Lol

Yes.

I have charged kraken 3 times = less than 1 hour (6 confirmations needed).
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