bitcoin transactions - Slow OR Fast - page 18.

TastyChillySauce00

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Quote from: Xester on November 30, 2016, 01:05:11 AM

Quote from: TastyChillySauce00 on November 29, 2016, 03:30:41 AM

Quote from: David Walters on November 29, 2016, 03:26:54 AM

Indeed, the future of bitcoin is bright, in another 2-4 years it will be huge.

The slow confirms are not a problem.

The slow confirmation will be a problem if you're wanted the transaction to be done urgently but you need to wait for at least one confirmation which rarely takes more than 15 minutes for an average time needed for a transaction to be confirmed and luckily less than 15 minutes.

you're not considering it as a problem. that's okay. maybe you're not transacting so often hence you never really got the experience of waiting confirmation to arrive

To online transactions like purchasing online wherein it will take some time before they send you your items there is no problem. But when we use bitcoin in paying for a cup of coffee in a shop the long confirmation will be a big issue since some confirmation took a 2 to 3 hours time before it is completed. And so if you are a customer you will wait long before you can leave the shop. But another thing, if the shop owner is open minded after checking the blockchain you are allowed to go. But this issue of slow confirmation should not be left aside since big merchants see this as a problem.

well that's right that the merchant could do some steps to check whether the transactions are sent without any intention of cheating by seeing the transaction histories and the fees were spent for each transaction by the sender. but still the confirmation is needed if the merchants are seeking the safest way to deal with their customer.

Sir Legend

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If we compared to bank transactions, it is definitely the fastest is bitcoin. and with a very small cost, otherwise it is the sender's security is assured.

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Quote from: Xester on November 30, 2016, 01:05:11 AM

To online transactions like purchasing online wherein it will take some time before they send you your items there is no problem. But when we use bitcoin in paying for a cup of coffee in a shop the long confirmation will be a big issue since some confirmation took a 2 to 3 hours time before it is completed. And so if you are a customer you will wait long before you can leave the shop. But another thing, if the shop owner is open minded after checking the blockchain you are allowed to go. But this issue of slow confirmation should not be left aside since big merchants see this as a problem.

Then that is one of the disadvantage of bitcoin it terms of confirming transactions if it would be apply on offline shops and merchants. But it is not really a big issue because we can just wait the process and we know that it will be done.

Xester

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Quote from: TastyChillySauce00 on November 29, 2016, 03:30:41 AM

Quote from: David Walters on November 29, 2016, 03:26:54 AM

Indeed, the future of bitcoin is bright, in another 2-4 years it will be huge.

The slow confirms are not a problem.

The slow confirmation will be a problem if you're wanted the transaction to be done urgently but you need to wait for at least one confirmation which rarely takes more than 15 minutes for an average time needed for a transaction to be confirmed and luckily less than 15 minutes.

you're not considering it as a problem. that's okay. maybe you're not transacting so often hence you never really got the experience of waiting confirmation to arrive

To online transactions like purchasing online wherein it will take some time before they send you your items there is no problem. But when we use bitcoin in paying for a cup of coffee in a shop the long confirmation will be a big issue since some confirmation took a 2 to 3 hours time before it is completed. And so if you are a customer you will wait long before you can leave the shop. But another thing, if the shop owner is open minded after checking the blockchain you are allowed to go. But this issue of slow confirmation should not be left aside since big merchants see this as a problem.

bitkilo

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As always the transactions are instant but i have noticed that the last few days some transactions have been taking over 30min or more to receive the first confirmation, this is with a nice fee added amd the mempool below 10k waiting.

Mastsetad

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Quote from: TastyChillySauce00 on November 29, 2016, 03:30:41 AM

Quote from: David Walters on November 29, 2016, 03:26:54 AM

Indeed, the future of bitcoin is bright, in another 2-4 years it will be huge.

The slow confirms are not a problem.

The slow confirmation will be a problem if you're wanted the transaction to be done urgently but you need to wait for at least one confirmation which rarely takes more than 15 minutes for an average time needed for a transaction to be confirmed and luckily less than 15 minutes.

you're not considering it as a problem. that's okay. maybe you're not transacting so often hence you never really got the experience of waiting confirmation to arrive

Same case is with me, maybe because i don't do transactions so often so that is why i have never faced this thing, last night when i was topping up my mobile with bitrefill.com and when i sent the bitcoins to their address, it really surprised me when the transaction did not even take 5 minutes to get confirmed, i don't know why people face so many problems with transactions.

KingdomHearts

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Quote from: hilmanaaldi on November 29, 2016, 04:47:21 AM

bitcoin transactions very quickly, because we could do it anywhere at any time, just press the button on your laptop / mobile, if there is internet, we can directly do the transactions. Because that, bitcoin transactions is very fast

i agree with you that bitcoin transaction is really very fastest than other currency or other service and i just use bitcoin for online shopping or other transaction and i am that bitcoin transaction will be more faster in the future and i hope more people will be adopt the bitcoin.

mastica

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The transactions of bitcoin does happen instant, but the network confirmations usually takes from 20 minutes to some hours to get confirmed, due the possible to double spend bitcoins the merchants in the general wait for atleast 2-5 confirmations, this in the future might change to some seconds, atleast its expected to bitcoin achieve those.

sportis

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As all things it depends. That is, the network confirmation is irritatingly slow if I wait in the queue of a supermarket cashier but is extremely fast when I buy my new laptop from an online store or when I buy my new car from a local store where I can wait more than six confirmations. So, for everyday transactions I believe that we need a third party entity to vouch instead of us where we must sacrifice our anonymity in order to have almost instant speed like as when we use our debit or credit cards.

hilmanaaldi

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bitcoin transactions very quickly, because we could do it anywhere at any time, just press the button on your laptop / mobile, if there is internet, we can directly do the transactions. Because that, bitcoin transactions is very fast

TastyChillySauce00

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Quote from: David Walters on November 29, 2016, 03:26:54 AM

Indeed, the future of bitcoin is bright, in another 2-4 years it will be huge.

The slow confirms are not a problem.

The slow confirmation will be a problem if you're wanted the transaction to be done urgently but you need to wait for at least one confirmation which rarely takes more than 15 minutes for an average time needed for a transaction to be confirmed and luckily less than 15 minutes.

you're not considering it as a problem. that's okay. maybe you're not transacting so often hence you never really got the experience of waiting confirmation to arrive

David Walters

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Indeed, the future of bitcoin is bright, in another 2-4 years it will be huge.

The slow confirms are not a problem.

Positid

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Quote from: kidoseagle0312 on November 29, 2016, 01:55:14 AM

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.

Yes! there is a big possibility to be happen in the long run. And that will be good news for the bitcoin enthusiast it will be convenient also for the shoppers if that happen in any malls or supermarket.

We just have to be positive all the time, the future is great for bitcoin and businesses will eventually adopt. They are not the first to adopt but the people, if we can attract more users, this business might consider accepting bitcoin to take advantage of the great market.

kidoseagle0312

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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.

Yes! there is a big possibility to be happen in the long run. And that will be good news for the bitcoin enthusiast it will be convenient also for the shoppers if that happen in any malls or supermarket.

richardsNY

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Quote from: crwth on November 28, 2016, 03:23:10 PM

The transactions can be seen already on the blockchain. Whether or not it's confirmed, the store owners wallet can see that a payment has been made, it just needs to be confirmed to have the payment on the wallet, other than that I think it's okay to have the transaction ID just to monitor it. It also depends if the owner wants bitcoin transactions, if he does, he should probably know the characteristics of bitcoin and the advantages and disadvantages of it when accepting it. Patience is a virtue anyways.

Transactions aren't a problem. It's about getting your transactions to confirm in a reasonable amount of time. If you look at the far majority of the merchants using BitPay, then it all depends on BitPay if it accepts your transaction instantly, or requires you to wait for at least 1 confirmation. If the latter, then you have no other option than to wait as they otherwise won't let you get what you bought.

Ryan Dugan

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You can deposit bitcoin into a bitcoin address that the shop gives you (say the supermarket) then they just minus the amount each time you shop and then you must top it up again. Every time an item you buy is scanned it will minus off your wallet automatically. You just add more bitcoin.

hawkins

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Quote from: Monnt on November 28, 2016, 02:45:58 PM

Quote from: abel1337 on November 25, 2016, 02:20:28 PM

For me bitcoin transaction is a bit quite fast than before. There is a problem right now about bitcoin transactions and this will take a couple of weeks before it is solved. This trouble happened before.

The transaction problem is existing from a long time and actually the problem is the confirmation of transaction, as we receive the confirmation with delay, otherwise the transaction of bitcoin is very fast, I think this problem must be solved on priority basis. As we do face problems when we are going to pay for shopping in our local shops as we have to wait till the transaction to be included after that new blocks to be mined out.

you are right. bitcoin transaction does happen very quickly, but the duration of the transaction confirmation makes it to be quite long. perhaps, a system of transactions that need to be developed, so that the transaction and delivery confirmation can occur more quickly. Well, I do not know about bitcoin transaction system, but I think the system needs to be upgraded, because at this time, bitcoin users has grown rapidly

crwth

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The transactions can be seen already on the blockchain. Whether or not it's confirmed, the store owners wallet can see that a payment has been made, it just needs to be confirmed to have the payment on the wallet, other than that I think it's okay to have the transaction ID just to monitor it. It also depends if the owner wants bitcoin transactions, if he does, he should probably know the characteristics of bitcoin and the advantages and disadvantages of it when accepting it. Patience is a virtue anyways.

Monnt

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Quote from: abel1337 on November 25, 2016, 02:20:28 PM

For me bitcoin transaction is a bit quite fast than before. There is a problem right now about bitcoin transactions and this will take a couple of weeks before it is solved. This trouble happened before.

The transaction problem is existing from a long time and actually the problem is the confirmation of transaction, as we receive the confirmation with delay, otherwise the transaction of bitcoin is very fast, I think this problem must be solved on priority basis. As we do face problems when we are going to pay for shopping in our local shops as we have to wait till the transaction to be included after that new blocks to be mined out.

Zadicar

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There are really store do accept bitcoin as of todays which paying them with bitcoins is not really a problem. If a person do send bitcoin into a merchant or on a business its already guaranteed that they will recieve the payment because bitcoin transactions are not irreversible thats why people wont need to wait anymore.If they pay then they can leave anytime.

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