Topic: Bitcoin transaction was faster than a Bank transfer today (for me) (Read 278 times)

It's an experience for you that occurred sudden. That can't be say it will happen everytime. May there were some problem with internal system or network problem that make the situation complicate and longer. Maybe one day
uses of digital money will permanently fast than banks.

If "no middleman so it's cheaper" is what you mean then yeah that kinda defeats it.

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This gives us an idea why the btc you transferred was confirmed faster than the bank transaction. If the fees used were the same, it's possible btc confirmation time would have taken the same or even longer than the bank.

Nice to know.. my take on this topic is ... Fiat transfer speed actually depends on country and system implemented..
I know in some countries transfer happens  with in a minute its confirms  with particular transfer.  and there are another payments  methods may take  some hours.

So basically f you have real time clearance system, its immediate.

BTC transfer good  but i think its up on fee you set ? right ?  Thats bad.. why u need to pay larger fee to get it transfer !!!

In my view BTC is getting in the direction of asset that payment system.. This can get reversed only, when fee are nominal and payments happens in minute ...

For me it's always like this apart from sending money within the same bank. If someone is using the same bank it's instant and he'll have money on his account within 1 minute from me sending it, but this isn't that common. Between banks it's usually about 24 hours, which is already much slower than Bitcoin, that usually confirms in 1-2 hours if you go easy on the fee.
International bank transfers usually take around 3 working days, which can be a difference between life and death if someone you know is stuck abroad with no money and calls you asking for help.

Transferring local to local banks here is more like an instant using the bank's mobile app with the use of instapay, and it's free of charge so nothing for us to worry.

But in terms of intl transfer, it's a long wait, I'd tried to receive from an intl transfer US to PH bank account last week and it takes 3 days before it arrives.
Then I just have traded with a US person using bitcoin today, less than 15 minutes it got a confirmation and that's how bitcoin transfer is way better for cross border payments/transfers without giving my personal information such as my real name.

I agree that Bitcoin transaction now is fast compared to bank transfers, I tried different bank transfers in my country.
And it turns out it really takes more than 24 hours, while I move Bitcoin from one exchange to another exchange less
than 3 hours arrived. Indeed Bitcoin transaction fees are more expensive than bank transfers, but Bitcoin costs less
if compared to banks sending abroad or in different countries.

Bank transfers are instant in my country plus free. So there is that. Bitcoin/crypto is much better option for cross border transfers, much less fee and faster transaction and also less legal hassle.

Even though credit card transactions might be faster, you still have to deal with charge backs when you are the recipient. As you said, the actual transfer of the money takes a lot longer than what most people think.. (the money is not free to use immediately)

I am not the kind of person that are blinded by the weak points of the technology that I am pushing, if it has flaws... I would also mention that, but in this specific scenario it was quicker for me to use Bitcoin.. than using a Bank transfer. (Unfortunately the recipient did not accept Bitcoin, so I could not use it.... and that is the negative side of this technology)   

It all seems to revolve around how quickly a transaction will be made and how much someone will pay for it - but that just means you always have to adapt to the current situation. I use BTC whenever and where possible, but of course I always check first what the current fees are and how fast I need confirmation. If the conditions do not suit me, I choose other options such as bank transfer or PayPal.

Bitcoin can never be faster without LN than transactions made within the same bank - but it is usually faster and cheaper if it is two different banks in the same country, or if you do not want to wait 3-5 working days for an international transfer (EU-USA).

Yep, I log into my online bank account, and use the UK faster payments transfer to pay people. It's instant and free, and I've used it to buy Bitcoin from a member here.

I have a premium credit card, and I can use that to make international fiat payments. That is free as well, and it creates an instant credit, but I believe the recipient has to wait a few days for the transfer to complete.

Actually either way of using bank or Bitcoin for transactions are good. It is just that the speed depends on where would you like to transact the money if it would be a local or international one. Well on my case, I do experience fast bank transaction even at this pandemic while I am using digital banking app on my phone and it was just seamlessly fast to be confirmed compared to when you are going to the bank branch which would take time for there are stations and processes that are needed to attend to. But when it comes to bank transfer internationally, expect that it would really take time for there are certain confirmations that is in need to process the transaction.

With regards to Bitcoin transactions, there would be times that the transfer is seamlessly fast but there are also time that it would take a long time due to congestion of many Bitcoin transactions waiting for confirmation. But if you are really in a hurry, you can try to top up which will cost you extra fees to make the confirmation faster.

Both have their fast and slow transactions depending on the situation because most of the time, they are unlikely to be fast or slow. Process of confirmation or placing your transaction is the one making it fast or slow. You just have to be patient for it will be confirmed and be transferred once and for all.

My international bank wire to Europe can take 4 business days but usually it clears in 3 days, and I have seen when they send to me it takes longer (add on 1 or 2 days) but I actually never really complain because I know this and I don't use it for urgent needs!

Same as BTC I don't always get people complaining. It's not like even on normal days we get it instant we still have to wait for next block:)

yes even though it's not as fast as lightning basically we all know that BANK transactions are much slower than bitcoin, at least even large transactions do not cost much and without the hassle of taking care of other letters

zing!

it's not that bad. we just don't have instant real-time transfers. a fed wire transfer sent during business hours (ie before 5pm eastern time) gets completed in ~ a couple hours. ACH transfers clear overnight.

that's the norm for business banking anyway. big banks like chase and bank of america often delay things a day or two for retail customers, but as far as i can tell it has little to do with real limitations of the banking system. it's just big banks treating consumers like shit.

Well, you are right. Perhaps the network are okay now and it means this is not congested at the time and there is no pending unconfirmed transaction in mempool which is having very fast confirming of transaction. Perhaps OP paid high fees for this and we may know how much the fees OP spent for this fast transaction he/she has. Indeed, this is good news to bitcoin because the network seems to do a great job as of now.

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Local bank transfer it depend on what payment processor OP used. The speed transaction was sometimes depend on third party exchange.

We can't neglect things to happen like that especially when you are transferring from different banks, it really takes time (48 hours max in our country)to reflect into your account base of my experience. Sometimes it arrives earlier but most likely it takes more than 24 hours a bit longer than we use to transfer Bitcoin even though we encounter some delays.

I hope that banks will show some actions with this and to speed up their transaction so their clients won't lost their confidence with them, otherwise.

Heavy network could certainly affect the speed during that time. Besides, even today we sometimes experience long delays though the current number of users are still few and how much more if there is a massive increase of its numbers.
 

Time is definitely depressing for some of us when using Swift.
If you make the transfers on a Friday you must take into account that Saturdays and Sundays do not count as effective time and if by chance in the destination country Monday results in a holiday, add another one; in some countries like mine on holidays the banks don't work.

Finally it was confirmed on a Thursday , according to the bank, it was 3 bank business days, but the calendar was 6 days, it is something to consider when you make an international transfer, and on a Wednesday afternoon you run the risk that Monday will arrive.

As I was the buyer, I had to pay all the fees, no problem. (...I thought...)

I do not know why in the area where I am, which is the Americas region, according to the bank I must pay a fee by the bank * intermediary, of course, upon payment of the departure fee, which is actually the only one that you know in the process before your money arrives, they are established by regions, Asia, Europe and oceania.

When the money arrives, you "lose" (for being courteous and not saying anything else) the fee for the intermediary bank plus a fee for the amount in the account of the recipient, so the process involves an exit fee + an intermediary bank fee + a fee from the receiving bank.

The deposit! If you are lucky you can have in the whole process a fee of about $ 60.

By the way the fee of the intermediary bank and reception are discounted from the amount sent. It seems obvious, but at least they could discount it, upon confirmation of deposit registration, this sometimes causes confusion when you make or receive payments from third parties for a specific amount and do not consider these expenses.

I have to explain bitcoin times/fees! just say, no more! *

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You touched a key, a fiber of memories, headaches, anger, etc.
* They have not been 100% solved but at least today I have an alternative, which helps me a lot.

The immediate option is useless in my opinion. It is never immediate (both EFT and wire transfer), unless the transaction is taking place between two same banks (in this case, it is almost immediate). I guess the delay is to make sure everything is done safely and securely or probably due to regulation.
Bitcoin transaction are supposed to get confirmed within ten minutes average time, but when the network gets loaded, it rarely happens. You either got really lucky or you paid high fee to get faster confirmation .

You may compare these two since they are both type of money/value transfer. They are also working on the same grounds, bitcoin might take an hour to receive once a miner confirm it in a certain block similar with bank transfer funds will be received when the the receiver received the receipt of the transaction, the receipt acts as the confirmation and the receiver ( bank ) as a the miner. The only difference is the waiting time, it is easier in bitcoin network to confirm transaction because we got a lot of miners unlike in banks, certain person in a branch is the only one who can make the receipt. Time difference is what we are pushing for, the convenient.

It gets worse when you compare centralized currencies to decentralized alternatives in regards to physical payments. Having to wait a long time to have your tx confirmed is a pain in the ass for both customers and merchants so, in the end, most will choose the more convenient way obviously. This is why BTC will probably never be above the payment methods and means of exchange we currently have.

Like, I have not really tried spending BTC at a local restaurant, but what happens if you pay for a $50 restaurant bill using BTC with 1 (or zero) sat/byte?