Topic: Bitcoin transaction confirmed within 20 minutes (Read 2529 times)

I can say the delay has vastly improved for me as of yesterday. !st conf. took 5 hours then the rest came pretty fast. I was prepared to wait a couple of days too.

Let me tell you something, people are even moving their faucet earnings worth like 50k satoshi. In order to spend these "earnings", people must likely include fees in the range of 0.001-0.002 BTC. And exactly that is something they obviously are not going to do, and thus they heavily spam the free transaction accelerator service from ViaBTC. Let these people directly also account for a major part of the people that complain....

The problem isn't here.

No one ever said that btc was not great for those kind of transactions... But you pais 0.5mbtc so around 1.5$ at current rate.
Of course if you send 2 btc (so arounf 5000$) it's nothing!
But people are complaining because they want to do transactions of 20$ or something like this, and at this moment anyone wanting to do this must pay 5% of the amount sent in fees. And THAT is something that people don't really like ^^

You don't have any idea on what you are saying since its not still back on the track. Bitcoin transaction was confirmed because he do make use of exchange wallet knowing that sometimes they do patched up or add up the fees for faster confirmations of such transaction.I had tried it once and I can say it does work but not all the times since it fully dependent on size of fees you would set up.

This is awesome because the speed of transaction of bitcoin is getting back to the normal span of confirmation. If the segwit will be successful i think it can lower up to 10 mins per confirmation and that will be the best for this year.

I basically agree with all your points but with a little correction

And the correction is that I've seen it with my own eyes (and in fact actually made use of such an opportunity whenever possible) when merchants offered serious discounts if you paid using a certain mode of payment. For example, I've seen discounts on PayPal payments and payments made via certain payment cards (e.g. Visa) as well as some local payment systems like Yandex.Money. And yes, it is not uncommon to see merchants giving you a discount if you make an online payment or just make an advance payment. I guess that for the buyer this pretty well counts as different prices for different ways of payment. Obviously, merchants don't distinguish between debit and credit cards, but they certainly do between these cards and cash. In the latter case they might have to pay for the big guys with big guns in mighty vans with small windows

OP, from what I have gathered so far it seems Trading Platforms have faster Transaction time. Same thing happened to me with Poloniex: it didn't take up to 7mins to get my transaction confirmed

Unfortunately Blockchain.info has a fixed default transaction fee no one can adjust. There is no option to adjust fee (or maybe there is?). They should make it well visible if there is

Right now and counting.

I dont know how your transaction got confirmation so fast but for most of us its still same or a little less. I was just thinking whether the segwit integration will be a solution for this or not.

In the U.S. the currency is the dollar. Nobody keeps their money in dollars. Dollars are what things are priced in because dollars are the currency used in the United States. It is a means of exchange, it is not an investment.

Again, dollars are what things are priced in. That is the difference between a currency and an asset.

I live in the U.S. I do not have dollars. I have stocks, bonds, real estate, bank deposits, etc. None of those are dollars. They have a value that is priced in dollars. A house is not dollars. Many people in the U.S. are short dollars. They have borrowed dollars to buy a house, for example. They have a mortgage. They have bought an asset with dollars they don't have, they have borrowed those dollars, and they need to pay the dollars back over time. They hope their house will be priced more in dollars in the future.

Bitcoin is not a currency because things are not priced in bitcoins. If most things were priced in bitcoin, you could consider bitcoin a currency. When I look at buying a house, car or other item, I am not looking at a price in bitcoins. Bitcoin is an asset. When buying bitcoins, you are betting the current price of bitcoins will go up. The price put on bitcoin is based on the last price someone paid on an exchange. For bitcoin to rise in price, you must find buyers willing to pay those higher prices.  This is different from a currency. A currency does not require buyers to pay higher prices as it is what things are priced in. Market liquidity in bitcoins is determined by how many buyers are available.

Very well said theres nothing special on here thinking off on using exchanges to fasten up transaction times. We can able to say that because when a certain transfer of ours is usually included on bunch of transaction of others and very lucky of us that they do really put up huge fees thats why it confirms fast and i did also this thing too but a little bit hassle because you would need to log in everytime on where your bitcoins have been transferred thats why sometime i do decide to put up high fee to avoid those transferring habits.

One, when you buy something with a credit card, you aren't buying with your own money. You are borrowing money and spending it. At the end of the month, you can choose to pay the loan off or you can choose to roll most of it to the next month. You can't compare buying something with someone else's money to buying something with your own money.

Two, merchants do not have 2 different prices, one for credit cards and one for other methods of payment. Merchants like when people use credit card because people don't need money to buy things and the merchant still gets paid. If you are selling a $100 widget and people can just borrow money to buy it, you can make a lot more widget sales than if people need cash to buy it. Show me any large merchant that has different prices for debit cards vs. credit cards vs. cash vs. check. When I go to the store, it is the same price for any of them.

Three, there is no 10% charge to merchants. There is a fee they pay but the better position the merchant is in to negotiate with the banks, the lower fees the merchant pays. Amazon, for example, pays just about nothing to credit card merchants.

This shows that the bitcoin transactions are completely fast, the stuck only occurs when too many transactions are made at the same time. But, even with so many transactions happening, bitcoins will certainly not face any obstacle when they do 2mb segwit. I'm waiting for it.

I think it's all about fee and what wallet that the sender and the receiver use, more higher you pay the fee more faster you transaction get confirmed. Actually i'm surprised OP can get fast confirmation with 0.0005 fee, i'm sure OP not sent to/from the blockchain wallet. Blockchain is really hard to get confirmed on a transaction nowdays, if you want fast to get confirmed, you must pay the fee at least 0.0012+ (based on my experience on blockchain).

There is nothing special to think about

It should be obvious that your transactions weren't alone, i.e. they were included in a bunch of other transactions, and this complex transaction might have had enough fees set to get confirmed on time. Apart from that, some rogue exchanges set very high transaction fees while in fact paying only a tiny portion of that (thereby, essentially stealing money from their clients), while other, more benevolent exchanges set lower fees and may even pay for you what should suffice for the transaction to get confirmed fast. Bitfinex just outright pays the fees for you, i.e. cryptocurrency withdrawals are free of charge there

Good for you that you get your transaction confirmed in that little time so to say but you also need to understand that if the same transaction had been carried out in the last 6months, it might not take up to 5 minutes for it to confirm. Also, you also need to understand that most trading site in other to maximise the clients experience monitor the bockchain network in other to make transactions faster than normal bitcoin wallet providers. So those complaining are not joking around as its what they have experienced they are sharing.

Yes, I have the same experience. Actually I wanted to post it here but then I thought to wait for few more days and let's check if it was an accident or what. In last week it happened with me 2 times. It took less than 10 minutes for transactions to get confirmed and that too without using ViaBtc transaction accelerator service. This is very good sign and more people would join us if this situation continues.

I have one 0.00448 btc transaction which still has 0 confirmations after 72 hours.
You are lucky....
I can`t use my bitcoins for anything,rigth now.

I hadn't any transactions on this week, so I'm pretty surprised to hear that transactions became fast again. Those one that I provided this month was very slow, like 3-4 days.

some of my transactions take 20 mins and some take 3 days even with the same fee.. sometimes theres just a huge backlog