A question on transaction speed. - page 2.

jrrsparkles

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Quote from: Stepstowealth on February 28, 2023, 04:05:04 PM

can we stop telling people that ask if transaction speed is a benefit of using bitcoins for payment? I say this because my friend has been complaining about a transaction, that he made from his electrum wallet to another wallet and has been waiting for hours for it to go.

Am I missing something, is the movement of bitcoin from one exchange to another faster that moving bitcoins from one wallet like electrum to another?

What determines speed of transactions?

I want to learn.

In layman term the transaction fee decides the transaction speed, so higher you pay the chances of your transaction will be included into the next block itself. For checking the current mempool status few members already posted the links so make sure he is using the right fee for faster transfer.

And no worries even if the transaction stuck for longer time period when you enabled Replace-by-fee (RBF) so you can change the feed to higher if mempool gets clogged after you broadcasted the transaction.

About exchanges they always use a lot higher fee than current fee required for transaction that is why it gets confirmed soon but its isn't that instant cause they send withdrawals by batch in the mean time you have to wait too.

UchihaSarada

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Plot your transaction in mempool

Input & output affect transaction size

Fee rate in general plots your transaction in priority of miners from top of mempools.

However, Transaction size * fee rate will combine to result in your transaction fee that will be used by miners when they prioritize transactions from top of mempools to confirm first.

Two transactions with same fee rate but with different transaction sizes will have different priority from miners. A transaction with bigger transaction size and transaction fee will be confirmed first. Another transaction with lower transaction fee if won't be confirmed in a same block, will be confirmed in next one or few blocks by miners.

hosseinimr93

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Quote from: sheenshane on February 28, 2023, 05:58:34 PM

Transaction fees

Fee rate, not fee.

Quote from: sheenshane on February 28, 2023, 05:58:34 PM

Block size limit

The block size limit isn't a variable at all and it doesn't make sense to say the transaction confirmation time depends on block size limit. The block size limit is always 1 vMB or 4 million weight units.

Quote from: sheenshane on February 28, 2023, 05:58:34 PM

You can use also a free service of Bitcoin transaction accelerator service, I usually used ViaBTC.

It may worth mentioning that you can use their fee service only if the fee rate used for your transaction is at least 10 sat/byte.

sheenshane

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Quote from: Stepstowealth on February 28, 2023, 04:05:04 PM

Am I missing something, is the movement of bitcoin from one exchange to another faster that moving bitcoins from one wallet like electrum to another?

What determines speed of transactions?

It matters about these combinations.

Network congestion
Transaction fees
Block size limit

The speed of a Bitcoin transaction can be influenced by a combination of these factors, and it's important to consider them when sending or receiving Bitcoin to ensure timely processing. The link shown above, always check the network congestion first before such a transaction so that you'll know the fee, usually, ain't in a hurry when making a transaction, and within an hour the transaction will be confirmed.

You can use also a free service of Bitcoin transaction accelerator service, I usually used ViaBTC.

JeromeTash

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Quote from: Stepstowealth on February 28, 2023, 04:05:04 PM

I say this because my friend has been complaining about a transaction, that he made from his electrum wallet to another wallet and has been waiting for hours for it to go.

Bitcoin blocks are mined approximately every 10 minutes, sometimes a confirmation can happen within 1 minute of the previous block, other times it can even take more than 50 minutes for a block to be confirmed.

But the biggest factor if one wants their transaction to be confirmed in the next block is the transaction fee rate used. I am somehow certain that your friend did not use the Optimal fee rate, thus a delay in confirming his transaction

Quote from: Stepstowealth on February 28, 2023, 04:05:04 PM

Am I missing something, is the movement of bitcoin from one exchange to another faster than moving bitcoins from one wallet like electrum to another?

Bitcoins from an exchange to another have to also get confirmed using the Bitcoin network, so it won't be any different if the same fee rate is used as for a transaction from an electrum wallet to another. The advantage is that exchanges broadcast the transactions with a fee rate that is even higher than the optimal one in most cases, so chances of the transaction getting confirmed in the next block are very high.

Internal transfers (from one account to another of the same exchange) do not involve Bitcoin network confirmations, so these are usually instant.

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Quote from: Stepstowealth on February 28, 2023, 04:05:04 PM

can we stop telling people that ask if transaction speed is a benefit of using bitcoins for payment? I say this because my friend has been complaining about a transaction, that he made from his electrum wallet to another wallet and has been waiting for hours for it to go.

While cash and some other crytocurrencies are faster than Bitcoin, Bitcoin is faster than most other forms of payment.

Keep in mind that card and bank transactions are not as fast as they seem. First, the merchant isn't credited the money for at least a few days, and even after that they must wait for months before they know for sure that they can keep it. The merchant allows the customer to take the purchased items immediately because they are willing to take the risk that they will eventually receive the money.

It is the same with Bitcoin. Once your friend has broadcast the transaction, the receiver of the bitcoins can just assume that they have them, although there is a risk that they will ultimately not receive them, as in the case above. Furthermore, the receiver is free to use the bitcoins immediately even though the transaction has not yet been confirmed.

Then, of course there is Bitcoin's Lightning Network that provides instantaneous payments.

hosseinimr93

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Quote from: Stepstowealth on February 28, 2023, 04:05:04 PM

I say this because my friend has been complaining about a transaction, that he made from his electrum wallet to another wallet and has been waiting for hours for it to go.

If your friend is comparing bitcoin with altcoins, tell him/her that you may get the first confirmation in many altcoins much faster, but altcoins need a much higher number of confirmations, so a transaction is equivalent to a bitcoin transaction with only 1 confirmation.

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Quote from: Stepstowealth on February 28, 2023, 04:05:04 PM

Am I missing something, is the movement of bitcoin from one exchange to another faster that moving bitcoins from one wallet like electrum to another?

Transactions within exchanges usually just involve changing of balance sheets and not actual transfer of bitcoins on chain, this is the reason it is presumably faster than from one wallet to another.

Quote from: Stepstowealth on February 28, 2023, 04:05:04 PM

What determines speed of transactions?

• Mempool space, i.e, how clogged the network is at the time,
• Feerate, this is the amount paid for the confirmation of the transaction. It's counted in sat/vbyte.
• Number of inputs and outputs, which influence the fee paid and indirectly affects the tx speed.

NeuroticFish

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Quote from: Stepstowealth on February 28, 2023, 04:05:04 PM

What determines speed of transactions?

The quick answer is: the fee you're paying (counted as sat/vByte)

Transaction confirmation means that it's included by miners in a mined block. The miners will (almost) always include the ones with higher fee, since they want to earn more money.
And with new blocks being mined every ~10 minutes, sometimes, when the network is more busy, a higher fee can get your transaction mined faster.
For a better view you can take a look at: https://mempool.space/

The withdrawals from exchanges go "faster" because the exchanges overpay the fee.

Stepstowealth

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can we stop telling people that ask if transaction speed is a benefit of using bitcoins for payment? I say this because my friend has been complaining about a transaction, that he made from his electrum wallet to another wallet and has been waiting for hours for it to go.

Am I missing something, is the movement of bitcoin from one exchange to another faster that moving bitcoins from one wallet like electrum to another?

What determines speed of transactions?

I want to learn.

Topic: A question on transaction speed. - page 2. (Read 282 times)