Topic: Any solution for Bitcoin Instant Confirmation ? (Read 269 times)
There were many bitcoin services that made it possible in making bitcoin transactions faster than ever. Well it is normal that bitcoins are so slow in transacting.
Like everyone here in this forum, we are anticipating that Bitcoin would be the future currency. If this is materialized, most of the early investors / current bitcoin users would definitely make a fortune if he/she holds lot of bitcoin in his portfolio. But the question is, what’s holding back the popularity of bitcoin at the moment? Of course, the first factor would be the Government’s restrictions (like what happens in China now). Besides that, I think lag in transfer/payment confirmation is also a big issue. There are many transactions which requires instant confirmation in order to work but common bitcoin transaction takes minutes or hours to confirm. How do current retailers adopt this payment system with such delay? Think would be a major setback if one wish to see bitcoin works as major currency in near future. So, is there any solution so far?
The probable cause of delayed transactions are more and more people are joining bitcoin resulting to increasing transactions in the system causing traffic. Segwit2X is the recommended solution for now and it is schedule by next month.It will not guarantee instant confirmation but it will reduce the waiting time of every bitcoin and altcoins transactions for sure.
http://www.altcointoday.com/bitcoin-dash-can-now-spent-40-million-stores-worldwide/
Dash coin answered my question?
Dash coin answered my question?
Like everyone here in this forum, we are anticipating that Bitcoin would be the future currency. If this is materialized, most of the early investors / current bitcoin users would definitely make a fortune if he/she holds lot of bitcoin in his portfolio. But the question is, what’s holding back the popularity of bitcoin at the moment? Of course, the first factor would be the Government’s restrictions (like what happens in China now). Besides that, I think lag in transfer/payment confirmation is also a big issue. There are many transactions which requires instant confirmation in order to work but common bitcoin transaction takes minutes or hours to confirm. How do current retailers adopt this payment system with such delay? Think would be a major setback if one wish to see bitcoin works as major currency in near future. So, is there any solution so far?
The answer is Lightning Network. LN transactions would be instant and with near-zero fees. Lightning network is a second layer network build on top of Bitcoin blockchain and it will use regular Bitcoin transactions to open channels with other Lightning Network participants that will have the previously mentioned features and even more. SegWit was the update necessary for launching Lightning Network, so it might be going live pretty soon. For more info read here - https://en.bitcoin.it/wiki/Lightning_Network
This is great. But does it works technically & without any loopholes? There must be some reason why it’s still not being implemented yet.
As for SegWit, it improves slightly on the transaction speed but still not able to do instant transfer. Imagine if the retailer is adopting Bitcoin payment, the cashier has to wait until the transaction is confirmed before closing the sales?
Like everyone here in this forum, we are anticipating that Bitcoin would be the future currency. If this is materialized, most of the early investors / current bitcoin users would definitely make a fortune if he/she holds lot of bitcoin in his portfolio. But the question is, what’s holding back the popularity of bitcoin at the moment? Of course, the first factor would be the Government’s restrictions (like what happens in China now). Besides that, I think lag in transfer/payment confirmation is also a big issue. There are many transactions which requires instant confirmation in order to work but common bitcoin transaction takes minutes or hours to confirm. How do current retailers adopt this payment system with such delay? Think would be a major setback if one wish to see bitcoin works as major currency in near future. So, is there any solution so far?
Instant transaction confirmations (without killing some other aspect of the functionality) would be very welcome. It is very frustrating to be waiting around sometimes for a very long time to get 1 confirmation, let alone 2. 
Like everyone here in this forum, we are anticipating that Bitcoin would be the future currency. If this is materialized, most of the early investors / current bitcoin users would definitely make a fortune if he/she holds lot of bitcoin in his portfolio. But the question is, what’s holding back the popularity of bitcoin at the moment? Of course, the first factor would be the Government’s restrictions (like what happens in China now). Besides that, I think lag in transfer/payment confirmation is also a big issue. There are many transactions which requires instant confirmation in order to work but common bitcoin transaction takes minutes or hours to confirm. How do current retailers adopt this payment system with such delay? Think would be a major setback if one wish to see bitcoin works as major currency in near future. So, is there any solution so far?
The answer is Lightning Network. LN transactions would be instant and with near-zero fees. Lightning network is a second layer network build on top of Bitcoin blockchain and it will use regular Bitcoin transactions to open channels with other Lightning Network participants that will have the previously mentioned features and even more. SegWit was the update necessary for launching Lightning Network, so it might be going live pretty soon. For more info read here - https://en.bitcoin.it/wiki/Lightning_Network
For now, you just have to wait for miners to pick your transaction from the memory pool and put it into a block. Usually when there are not that much of unconfirmed transaction in the network (https://blockchain.info/unconfirmed-transactions), the fees would be considerably lower compared to the time where there would be heaps of unconfirmed transactions and at this point everyone pushes the fees higher for faster confirmations.
They doing Segwit to solve all this problems.
They also want to implement instant transaction. Here is tweet about it transaction:
https://twitter.com/decredproject/status/910224860625780736
it is about decred, but in future you can do it with bitcoin - litecoin. When it will implement you can use litecoin for small transaction and bitcoin for big!
Anyway. If we will have some problems with bitcoin, there are plenty others amazing projects! Like viacoin or monero! Or dash.
They also want to implement instant transaction. Here is tweet about it transaction:
https://twitter.com/decredproject/status/910224860625780736
it is about decred, but in future you can do it with bitcoin - litecoin. When it will implement you can use litecoin for small transaction and bitcoin for big!
Anyway. If we will have some problems with bitcoin, there are plenty others amazing projects! Like viacoin or monero! Or dash.
Like everyone here in this forum, we are anticipating that Bitcoin would be the future currency. If this is materialized, most of the early investors / current bitcoin users would definitely make a fortune if he/she holds lot of bitcoin in his portfolio. But the question is, what’s holding back the popularity of bitcoin at the moment? Of course, the first factor would be the Government’s restrictions (like what happens in China now). Besides that, I think lag in transfer/payment confirmation is also a big issue. There are many transactions which requires instant confirmation in order to work but common bitcoin transaction takes minutes or hours to confirm. How do current retailers adopt this payment system with such delay? Think would be a major setback if one wish to see bitcoin works as major currency in near future. So, is there any solution so far?
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