bitcoin transactions - Slow OR Fast - page 13.

BlockEye

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Quote from: naidray on December 11, 2016, 05:15:56 PM

Quote from: richardsNY on December 10, 2016, 02:09:01 PM

Quote from: OrangeII on December 10, 2016, 01:58:30 PM

bitcoin transaction speed today is very different from the first. Well, this time the speed is somewhat reduced. perhaps it is because more and more users bitcoin.

Bitcoin transactions come through instantly. Not sure why people still mix up transaction speed with the time a transaction needs to get confirmed. The number of users has gone up while the blocks are still capped at 1MB. Pools have to make a decision based on the financial gain. Transactions with the highest fees get included in found blocks, everything else will need to wait for other pools to get picked up.

That's the beauty of the system because if someone needs urgent confirmation or say quick confirmation they can pay a little higher fees than usual and enjoy the luxury of getting confirmed within next block while someone who does not have such urgency can pay the normal fees and get confirmed normally. And guys which other payment method allows you to do so ? (I mean pay less when less need and pay more when need of confirmation is urgent)

Right it can be an advantage that we can be picked first and be accommodate seems like a special treatment to do it we need give extra or higher the fees to be able to get the confirmation we needed ASAP. But still I'm hoping that there'll be no specially treatment we will just need to pay the right amount and be accompanied a accordingly.

Viviyang

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It depends on how much transaction fees you are giving and apart from that if their is heavy transaction traffic on the blockchain network then the transaction gets delay in confirmation . If you have payed the correct transaction fees , then it will take very less time to get confirmation.

angaper

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Nothing in this world is perfect, and perhaps this is one of the little limitations that I find in the use of bitcoins as a regular currency, but comparing the great advantages of the blockchain to ensure our transactions and protect our anonymity, I still think this relative slowness is still acceptable.

naidray

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Quote from: richardsNY on December 10, 2016, 02:09:01 PM

Quote from: OrangeII on December 10, 2016, 01:58:30 PM

bitcoin transaction speed today is very different from the first. Well, this time the speed is somewhat reduced. perhaps it is because more and more users bitcoin.

Bitcoin transactions come through instantly. Not sure why people still mix up transaction speed with the time a transaction needs to get confirmed. The number of users has gone up while the blocks are still capped at 1MB. Pools have to make a decision based on the financial gain. Transactions with the highest fees get included in found blocks, everything else will need to wait for other pools to get picked up.

That's the beauty of the system because if someone needs urgent confirmation or say quick confirmation they can pay a little higher fees than usual and enjoy the luxury of getting confirmed within next block while someone who does not have such urgency can pay the normal fees and get confirmed normally. And guys which other payment method allows you to do so ? (I mean pay less when less need and pay more when need of confirmation is urgent)

geopolisch

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Quote from: Ayers on December 10, 2016, 01:39:13 PM

Quote from: ged00u on December 10, 2016, 01:09:22 PM

Quote from: brian_23452 on December 09, 2016, 10:14:37 AM

the transaction of bitcoin is very fast compare to other currency this is a transaction you can carry out at your own convenient using your mobile phone but if off late the transaction is not fast as it use to be before now i think they will have to do something about it.

If you compare Bitcoin to other currencies, Bitcoin is definitely the fastest currencies because it is created digitally and used on the Internet. However, Bitcoin is not always fast like you think. Sometimes, unusually, when man does not charge the sending fee, transaction can be forever unconfirmed.

bitcoin is fast compared to fiat but only if you count chargeback time, because fiat is instant but they have the backup of visa and mastercard so they can accept "zero confirmation without probnlem", if you compare it to other altcoin bitcoin is slow, but it has less orphan because of the higher block time

And actually slow confirmations never bothered me at all because most of the people provide you the item you paid bitcoins for if you have paid proper transaction fees and now a days gambling sites like bitsler are accepting deposits without any confirmations. So, where exactly you need confirmations ? Yes surely confirmations is a issue if you send with low fees.

michnelli6

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Quote from: qiman on December 10, 2016, 07:00:52 AM

In the past month we had around 8 bitcoin transactions that took nearly 24 hours to confirm so it was very nerve wracking to say the least, but in the end they did finally reach their destination in tact. We are just paying more in miner's fees now to make sure they get transferred in reasonable time.

Honestly if I am doing a 8 bitcoins transaction then for sure I would pay 0.005 btc fees and hence have issues for getting the confirmation. People are used to of paying the normal 0.0001 fees but guys the fees has now a new standard which is 0.0002 or pay as per the size of it.
In simple and short, pay 0.0005 each transaction you make and you will have much quicker confirms.

warwar

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Quote from: richardsNY on December 10, 2016, 07:22:55 PM

Quote from: darkangel11 on December 10, 2016, 03:42:31 PM

Quote from: richardsNY on December 10, 2016, 02:09:01 PM

Quote from: OrangeII on December 10, 2016, 01:58:30 PM

bitcoin transaction speed today is very different from the first. Well, this time the speed is somewhat reduced. perhaps it is because more and more users bitcoin.

Bitcoin transactions come through instantly. Not sure why people still mix up transaction speed with the time a transaction needs to get confirmed. The number of users has gone up while the blocks are still capped at 1MB. Pools have to make a decision based on the financial gain. Transactions with the highest fees get included in found blocks, everything else will need to wait for other pools to get picked up.

Because unconfirmed transaction are not accepted in most places. Your balance gets updated once the transaction gets a certain number of confirmations (usually at least one), until then you can't use the service.
An example here could be bitcoin casinos, where you can play only after your transfer has been confirmed and in many cases also manually accepted by someone and added to your current balance.

I understand what you say, but waiting for a confirmation and transaction speed are still different things. Services requiring you to wait for your transactions to confirm is not a problem of the network but more the services themselves. I mostly send out transactions in small amounts, but the receiver sees the coins show up in his wallet instantly. And yes, in some cases certain services or casinos don't show them in your balance, but the coins are sent by the network, and sit in the wallets of the receiver instantly.

well you are right sort of some instances like casinos your deposit really doesn't appear after you send it it requires an minute or hour. Well sending to another wallet is fast unlike that one because it is direct but as of now it is slow and not as fast unlike before. I think there is something wrong in the blockchain but I know they could fix that . But there is no prblem at all because you can receive it later on

Itty Bitty

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I just sent some bitcoin and in 12 minutes there were 5 confirmations. Checked on blockchain.info and between 2016-12-11 12:42:10 and 2016-12-11 13:41:39 (barely 1 hour), there were 16 blocks found!

Is that unusual? Statistical fluke? Exahashes gone wild?

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Quote from: rapazev on December 10, 2016, 09:16:20 PM

dude, banks generally needs more than a day to do a a transaction. bitcoin is way faster than any bank Roll Eyes

still slow to use on daily needs, but there are services helping with that(xapo debit card for example).

Totally bullshit, I'm at the middle land and wanna speaking about the fact. If a bank needs a seconds for sending any transaction.
It is a fact, and I'm not defending anyone.

carlisle1

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Quote from: Harsh32 on July 24, 2016, 01:04:00 AM

is it possible that bitcoin will be accepted in local stores, shops etc. since transactions are to slow and customers have to wait until their transactions are verified. And nobody wants to wait.
Can transactions be seeded up to save customers time or any other way to use bitcoin at local stores.

of course it is possible for bitcoin to be accepted in local stores by the way when it comes to the confirmations issue as of now just like what other people said we are just on a early stage of adoption with bitcoin so i think after the bitcoin becomes wide spread there will some thing that will be developed to make the transaction more faster since it is on the full adoption .

rapazev

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dude, banks generally needs more than a day to do a transaction. bitcoin is way faster than any bank Roll Eyes

still slow to use on daily needs, but there are services helping with that(xapo debit card for example).

richardsNY

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Quote from: darkangel11 on December 10, 2016, 03:42:31 PM

Quote from: richardsNY on December 10, 2016, 02:09:01 PM

Quote from: OrangeII on December 10, 2016, 01:58:30 PM

bitcoin transaction speed today is very different from the first. Well, this time the speed is somewhat reduced. perhaps it is because more and more users bitcoin.

Bitcoin transactions come through instantly. Not sure why people still mix up transaction speed with the time a transaction needs to get confirmed. The number of users has gone up while the blocks are still capped at 1MB. Pools have to make a decision based on the financial gain. Transactions with the highest fees get included in found blocks, everything else will need to wait for other pools to get picked up.

Because unconfirmed transaction are not accepted in most places. Your balance gets updated once the transaction gets a certain number of confirmations (usually at least one), until then you can't use the service.
An example here could be bitcoin casinos, where you can play only after your transfer has been confirmed and in many cases also manually accepted by someone and added to your current balance.

I understand what you say, but waiting for a confirmation and transaction speed are still different things. Services requiring you to wait for your transactions to confirm is not a problem of the network but more the services themselves. I mostly send out transactions in small amounts, but the receiver sees the coins show up in his wallet instantly. And yes, in some cases certain services or casinos don't show them in your balance, but the coins are sent by the network, and sit in the wallets of the receiver instantly.

coinplus

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Quote from: ged00u on December 10, 2016, 01:09:22 PM

Quote from: brian_23452 on December 09, 2016, 10:14:37 AM

the transaction of bitcoin is very fast compare to other currency this is a transaction you can carry out at your own convenient using your mobile phone but if off late the transaction is not fast as it use to be before now i think they will have to do something about it.

If you compare Bitcoin to other currencies, Bitcoin is definitely the fastest currencies because it is created digitally and used on the Internet. However, Bitcoin is not always fast like you think. Sometimes, unusually, when man does not charge the sending fee, transaction can be forever unconfirmed.

Yes comparing all the features then yes its fastest else paypal you can do with one click transactions but the reversible nature, plus verification and moreover the anonymity is lost since whatever transactions you will do paypal knows and will reflect on your transactions While with bitcoins you are secure and anonymous though recently transactions have been a bit slow comparing to old times.

darkangel11

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Quote from: richardsNY on December 10, 2016, 02:09:01 PM

Quote from: OrangeII on December 10, 2016, 01:58:30 PM

bitcoin transaction speed today is very different from the first. Well, this time the speed is somewhat reduced. perhaps it is because more and more users bitcoin.

Bitcoin transactions come through instantly. Not sure why people still mix up transaction speed with the time a transaction needs to get confirmed. The number of users has gone up while the blocks are still capped at 1MB. Pools have to make a decision based on the financial gain. Transactions with the highest fees get included in found blocks, everything else will need to wait for other pools to get picked up.

Because unconfirmed transaction are not accepted in most places. Your balance gets updated once the transaction gets a certain number of confirmations (usually at least one), until then you can't use the service.
An example here could be bitcoin casinos, where you can play only after your transfer has been confirmed and in many cases also manually accepted by someone and added to your current balance.

Doamader

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We all know that transactions happens instant, the confirmations that are required to get the deposit confirmed at most places does take some minutes to hours to happen. I do know time its money, but as long my trasaction its safe, i can wait some hours to get my coins where i wanna. I believe the most important thing at bitcoin its the huge security it has around.

richardsNY

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Quote from: OrangeII on December 10, 2016, 01:58:30 PM

bitcoin transaction speed today is very different from the first. Well, this time the speed is somewhat reduced. perhaps it is because more and more users bitcoin.

Bitcoin transactions come through instantly. Not sure why people still mix up transaction speed with the time a transaction needs to get confirmed. The number of users has gone up while the blocks are still capped at 1MB. Pools have to make a decision based on the financial gain. Transactions with the highest fees get included in found blocks, everything else will need to wait for other pools to get picked up.

OrangeII

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Quote from: ged00u on December 10, 2016, 01:09:22 PM

Quote from: brian_23452 on December 09, 2016, 10:14:37 AM

the transaction of bitcoin is very fast compare to other currency this is a transaction you can carry out at your own convenient using your mobile phone but if off late the transaction is not fast as it use to be before now i think they will have to do something about it.

If you compare Bitcoin to other currencies, Bitcoin is definitely the fastest currencies because it is created digitally and used on the Internet. However, Bitcoin is not always fast like you think. Sometimes, unusually, when man does not charge the sending fee, transaction can be forever unconfirmed.

maybe you're right. owned bitcoin transaction speed today is very different from the first. Well, this time the speed is somewhat reduced. perhaps it is because more and more users bitcoin. but, I agree with you, that, if you try to compare the transaction which is owned by altcoin, then, possessed bitcoin transaction speed is still faster.

Ayers

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Quote from: ged00u on December 10, 2016, 01:09:22 PM

Quote from: brian_23452 on December 09, 2016, 10:14:37 AM

the transaction of bitcoin is very fast compare to other currency this is a transaction you can carry out at your own convenient using your mobile phone but if off late the transaction is not fast as it use to be before now i think they will have to do something about it.

If you compare Bitcoin to other currencies, Bitcoin is definitely the fastest currencies because it is created digitally and used on the Internet. However, Bitcoin is not always fast like you think. Sometimes, unusually, when man does not charge the sending fee, transaction can be forever unconfirmed.

bitcoin is fast compared to fiat but only if you count chargeback time, because fiat is instant but they have the backup of visa and mastercard so they can accept "zero confirmation without probnlem", if you compare it to other altcoin bitcoin is slow, but it has less orphan because of the higher block time

ged00u

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Quote from: brian_23452 on December 09, 2016, 10:14:37 AM

the transaction of bitcoin is very fast compare to other currency this is a transaction you can carry out at your own convenient using your mobile phone but if off late the transaction is not fast as it use to be before now i think they will have to do something about it.

If you compare Bitcoin to other currencies, Bitcoin is definitely the fastest currencies because it is created digitally and used on the Internet. However, Bitcoin is not always fast like you think. Sometimes, unusually, when man does not charge the sending fee, transaction can be forever unconfirmed.

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Quote from: serjent05 on December 10, 2016, 06:42:53 AM

Quote from: South Park on December 09, 2016, 02:21:08 PM

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Quote from: hawkins on December 09, 2016, 12:51:04 AM

Quote from: xIIImaL on December 08, 2016, 11:48:55 PM

Quote from: rajasumi3 on December 08, 2016, 11:20:22 PM

bitcoin transactions are fast but due to problems in blockchain the transactions have become much slower than before .hope the programmers will make the necessary changes and make it better as soon as possible .and so that bitcoins take over the world.

Transaction might be due to you might had low fees while you transferring bitcoins which lower than minimum estimated value. However, try to have atleast minimum required balance and it will get transferred with in 4 blocks and 30 mins time interval.

correct. probably the main cause of it is the low fee. if you make a transaction, try to make feenya a little more, it could speed up the transaction. Well, add fee will not make a loss in significant amounts. if you deficiency fee, most likely, confirmation that happen to be very long

If I may know, what is the wallet that have option to add the transaction fee?
I'm using blockchain and coinbase wallet, but when I sent a bitcoin, I did not meet option of adding transaction fee.
So it's all in the settings of the wallet automatically.

In the Multibit Wallet you can change the fee you want a transaction to have, so if you need a fast transaction you can add a bigger fee and if time is not critical to you then you add a small fee, but you need to change the fee in the options or something you cannot do it while you are trying to do a transaction, second I don't have experience with coinbase but in the blockchain wallet I remember you can change the fee too.

I am using multibit wallet too, this previous week i let the default fee be implemented in my transaction and it took me 30 min to more than an hour waiting for the transaction to confirm, but recently i decided to increase the fee to 25k satoshi, and i was surprised that it only took less than 10 min to have 2 confirmation and less than 20 min to be fully confirmed. So it means we need to pay higher fee to make the transaction confirm faster.

I don’t know if the network is less busy now but when I sent a transaction two weeks ago and I used the default fee it took about 14 hours to get a confirmation, I was afraid the transaction could get stuck, fortunately it went through but since then I have learned my lesson.

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