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Topic: bitcoin transactions - Slow OR Fast - page 26. (Read 40467 times)

legendary
Activity: 1092
Merit: 1000
November 12, 2016, 05:11:42 PM
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.
I think It is fast enough, although it will be nice if it can get faster, with this speed will not apropriated for transaction in supermarket. But it is really fast to sent money to outside of region.
to me i think the bitcoin transaction is fast enough and but the problem is in conformation, as some time it take some more time, but some time the conformation also take second while other time it take hours to conform the transaction, i think this problem should be solve on priority basis.

If you want faster confirmation, you should pay a higher fee when doing a transaction. When the blockchain is overloaded of transactions, it will take more time to complete. On these days you need to pay more fees.

But somedays you don't need to pay very high fees, because there are less transactions at same time.

Or just use any Alt coin , that is cheaper to send and will be received faster than BTC, mainly because they can handle more transactions volume and BTC can't.
If you are partial to China own Crypto use LTC or Doge, faster confirmations and very inexpensive to send.  Wink


 Cool
hero member
Activity: 1190
Merit: 525
CryptoTalk.Org - Get Paid for every Post!
November 12, 2016, 04:20:49 PM
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.
I think It is fast enough, although it will be nice if it can get faster, with this speed will not apropriated for transaction in supermarket. But it is really fast to sent money to outside of region.
to me i think the bitcoin transaction is fast enough and but the problem is in conformation, as some time it take some more time, but some time the conformation also take second while other time it take hours to conform the transaction, i think this problem should be solve on priority basis.

If you want faster confirmation, you should pay a higher fee when doing a transaction. When the blockchain is overloaded of transactions, it will take more time to complete. On these days you need to pay more fees.

But somedays you don't need to pay very high fees, because there are less transactions at same time.
hero member
Activity: 728
Merit: 501
io.ezystayz.com
November 12, 2016, 03:42:04 PM
In my opinion, it does not matter if they are slow or fast.  With in a few seconds of you making a transaction, you can see that the transaction in in the chain waiting to be approved or confirmed.  When this happens, the chances of it falling back out are slim to none, so the money is there once the transaction starts.  This is just my opinion.
hero member
Activity: 588
Merit: 500
November 12, 2016, 02:07:10 PM
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.
I think It is fast enough, although it will be nice if it can get faster, with this speed will not apropriated for transaction in supermarket. But it is really fast to sent money to outside of region.
to me i think the bitcoin transaction is fast enough and but the problem is in conformation, as some time it take some more time, but some time the conformation also take second while other time it take hours to conform the transaction, i think this problem should be solve on priority basis.
full member
Activity: 190
Merit: 100
November 12, 2016, 09:08:20 AM
My opinion is transactions of bitcoin is fast. because we need a connection we will use bitcoin or transactions. but also transaction of bitcoin is slow it happen occurred if connect unstable.
legendary
Activity: 3276
Merit: 1029
Leading Crypto Sports Betting & Casino Platform
November 12, 2016, 02:42:51 AM
Bitcoin is fast for international transactions, comparated to another old ways to transfer money, bitcoin solved a lot of problems

Bitcoin is slow for local transactions, if you will use it in an store will be boring wait 10-60 minutes until the transaction confirm

Bitcoins transaction is fast when you pay a high fee.

Bitcoin transaction is slow when you pay low fees.

That is what make the transaction speed go up or down... Who pays more, have priority. Somedays we need to highest fees to make our transactions go on an average speed, because there is a lot of people using bitcoins at same time and paying higher fees.
I paying more but I just get the middle priority and it takes average 12-15 minutes for every transaction. and what about that?

I thought this are depending on the delay of the block are take your transaction.

But i don't think if paying more will giving a large impact for this.
hero member
Activity: 1190
Merit: 534
November 12, 2016, 01:42:10 AM
For me it is really fast and accurate when I wanted to buy something online or withdraw my money through my bitcoin wallet I can easily withdraw it to my bank partner and use it if I want it. Bitcoin transaction for me is really fast but for transaction in store if by the mercy of God happens late like 2 3 hours then the system sucks.

I faced same situation, sometimes it takes less than 10 minutes for transaction confirmation but sometimes it takes too much time. I am not sure but we should actually find a solution for faster offline transactions because no one would like to wait in a store for transaction to get it confirmed. Paying high fees is a solution but that is affordable while dealing in large amount, I won’t pay huge fees for low amount transactions.
legendary
Activity: 1092
Merit: 1000
November 12, 2016, 01:17:34 AM


The Merchant cares because not waiting for the confirmation, means that product for $1 could be stolen if the confirmations never come.

Only idiots accepts BTC without waiting for 3 to 6 confirmations.

-snip-

FYI:
Maybe instead of trying to trick Vendors into unnecessary risk of being robbed.
You Guys should bug the BTC Devs why they can't complete 4 confirmations in 2 minutes like my favorite Altcoin can.   Cheesy

Rofl. Shilling at it's most blatant. Way to go. Do you really want for 3-6 confirmations for such a small transaction? Do you know how much effort would need to go into double spending for $1? And do you know that it takes months for a confirmation from a credits card yet everywhere accepts them? Maybe you need to rethink the fundamentals.

Maybe you should quit being a lying jackass, but your choice.  Cheesy

Actually the Vendors I use determine how many confirmations I end up waiting.
None of them do less than 3 confirmations, because of the double spend security issues.

Your understanding is warped, the focus of this topic is transaction time.
I go buy gas for my car, swipe the card and can leave in a few seconds.
A Direct BTC transaction would require I sit there for 30 minutes to an hour before 3 confirmations.

So really shrill that.  Wink

 Cool
legendary
Activity: 3108
Merit: 1290
Leading Crypto Sports Betting & Casino Platform
November 12, 2016, 01:06:06 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.

I think people will definitely wait. Technology will be progressing so, it will be faster than before. If I had the option I would wait if I could pay via Bitcoins. So far it's all positive. Look at blockchain Bitcoin in dubai and Swizz accepting money at railway station. Also a school in India accepts it, and many atms and gas stations have started it. So yes people are moving towards it, and waiting time is not a issue.
We do not need to wait as it's already here, the technology that you are saying has been in existence for many years and we are using it now. I do not have any issue with the speed of transaction as I feel it's way faster than other payment processor.
hero member
Activity: 2646
Merit: 686
November 11, 2016, 11:04:48 PM
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.

I think people will definitely wait. Technology will be progressing so, it will be faster than before. If I had the option I would wait if I could pay via Bitcoins. So far it's all positive. Look at blockchain Bitcoin in dubai and Swizz accepting money at railway station. Also a school in India accepts it, and many atms and gas stations have started it. So yes people are moving towards it, and waiting time is not a issue.
legendary
Activity: 966
Merit: 1042
November 11, 2016, 10:54:08 PM


The Merchant cares because not waiting for the confirmation, means that product for $1 could be stolen if the confirmations never come.

Only idiots accepts BTC without waiting for 3 to 6 confirmations.

-snip-

FYI:
Maybe instead of trying to trick Vendors into unnecessary risk of being robbed.
You Guys should bug the BTC Devs why they can't complete 4 confirmations in 2 minutes like my favorite Altcoin can.   Cheesy

Rofl. Shilling at it's most blatant. Way to go. Do you really want for 3-6 confirmations for such a small transaction? Do you know how much effort would need to go into double spending for $1? And do you know that it takes months for a confirmation from a credits card yet everywhere accepts them? Maybe you need to rethink the fundamentals.
full member
Activity: 154
Merit: 100
November 11, 2016, 09:41:48 PM
For me it is really fast and accurate when I wanted to buy something online or withdraw my money through my bitcoin wallet I can easily withdraw it to my bank partner and use it if I want it. Bitcoin transaction for me is really fast but for transaction in store if by the mercy of God happens late like 2 3 hours then the system sucks.
sr. member
Activity: 280
Merit: 250
November 11, 2016, 08:52:29 PM
I had faced problem of large transactions where there was a delay even I had paid the necessary minimum transaction fees. I  had two such transactions that were not confirmed for about 7 to 9 hours. But those are rare situations, and most of my other transactions went on normal, and took about 1 to 5 mins to get all the confirmations. I feel it'd be fine to accept Bitcoin transactions in store, but it will prove disgusting if it takes lot of time.
legendary
Activity: 1638
Merit: 1010
https://www.bitcoin.com/
November 11, 2016, 08:37:24 PM

Bitcoin transactions are almost instant, just the first confirmation you need to wait for.

Finally someone that is talking real stuff. In most cases that people experience slow confirmations, it is because it's their fault. People not inculding sufficient fees with their transactions are the one to be blamed here. But still, it's Bitcoin that is slow, or boring, or whatever. Ignorance....
Exactly as long as you use it in the correct way and add the right size fee for you transaction there is little if anything constantly wrong with confirmation times.

Sometimes the mempool might back up a little but it's still always quicker than the 3-5 business days the banks will make you wait.
sr. member
Activity: 714
Merit: 250
November 11, 2016, 08:18:30 PM
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.
I think It is fast enough, although it will be nice if it can get faster, with this speed will not apropriated for transaction in supermarket. But it is really fast to sent money to outside of region.
hero member
Activity: 1190
Merit: 525
CryptoTalk.Org - Get Paid for every Post!
November 11, 2016, 06:50:17 PM
Bitcoin is fast for international transactions, comparated to another old ways to transfer money, bitcoin solved a lot of problems

Bitcoin is slow for local transactions, if you will use it in an store will be boring wait 10-60 minutes until the transaction confirm

Bitcoins transaction is fast when you pay a high fee.

Bitcoin transaction is slow when you pay low fees.

That is what make the transaction speed go up or down... Who pays more, have priority. Somedays we need to highest fees to make our transactions go on an average speed, because there is a lot of people using bitcoins at same time and paying higher fees.
full member
Activity: 238
Merit: 100
it's showtime
November 11, 2016, 05:22:19 PM
Bitcoin is fast for international transactions, comparated to another old ways to transfer money, bitcoin solved a lot of problems

Bitcoin is slow for local transactions, if you will use it in an store will be boring wait 10-60 minutes until the transaction confirm
legendary
Activity: 1092
Merit: 1000
November 11, 2016, 05:10:21 PM
Transactions are instant so I think you're mistaken op. The only thing that can be slow in confirmations which if you're buying a pop who cares about getting confirmations for the $1. Maybe 1 but most places won't need any.

The Merchant cares because not waiting for the confirmation, means that product for $1 could be stolen if the confirmations never come.

Only idiots accepts BTC without waiting for 3 to 6 confirmations.

Reasons
https://en.bitcoin.it/wiki/Double-spending
Quote
Attack vectors
Race attack

Traders and merchants who accept a payment immediately on seeing "0/unconfirmed" are exposed to a double-spend occurring, if there was a fraudulent attempt that successfully communicated one transaction to the merchant yet communicated a different transaction that spends the same coin that was first to eventually make it into the block chain.

Merchants can take precautions (e.g., disable incoming connections, only connect to well connected nodes) to lessen the risk of a race attack but the risk cannot be eliminated. Therefore, the cost/benefit of the risk needs to be considered when accepting payment on 0/unconfirmed when there is no recourse against the attacker.

The research paper Two Bitcoins at the Price of One finds that the protocol allows a high degree of success by an attacker in performing race attacks. The method studied in the research paper depends on access to the merchant's Bitcoin node which is why that even prior to this paper, recommendations for merchants include disabling incoming connections and to choose specific outgoing connections[1].
Finney attack

Another attack the trader or merchant is exposed to when accepting payment on 0/unconfirmed. The Finney attack is a fraudulent double-spend that requires the participation of a miner once a block has been mined[2]. The risk of a Finney attack cannot be eliminated regardless of the precautions taken by the merchant, but the participation of a miner is required and a specific sequence of events must occur. Thus the attack is not trivial nor inexpensive to perform and only makes sense for the attacker when the gains from the attack are significant. Just like with the race attack, a trader or merchant should consider the cost / benefit when accepting payment on just one confirmation when there is no recourse against the attacker.
Vector76 attack

Also referred to as a one-confirmation attack, is a combination of the race attack and the Finney attack such that a transaction that even has one confirmation can still be double-spent. The same protective action for the race attack (no incoming connections, explicit outgoing connection to a well-connected node) significantly reduces the risk of this occurring.

It is worth noting that a successful attack costs the attacker one block - they need to 'sacrifice' a block by not broadcasting it, and instead relaying it only to the attacked node.

See on BitcoinTalk or further example of an attack scenario.
Brute force attack

This attack has a chance to work even if the merchant waits for some confirmations, but requires relatively high hashrate.

The attacker submits to the merchant/network a transaction which pays the merchant, while privately mining a blockchain fork in which a double-spending transaction is included instead. After waiting for n confirmations, the merchant sends the product. If the attacker happened to find more than n blocks at this point, he releases his fork and regains his coins; otherwise, he can try to continue extending his fork with the hope of being able to catch up with the network. If he never manages to do this, the attack fails and the payment to the merchant will go through.

The probability of success is a function of the attacker's hashrate (as a proportion of the total network hashrate) and the number of confirmations the merchant waits for. For example, if the attacker controls 10% of the network hashrate but the merchant waits for 6 confirmations, the success probability is on the order of 0.1%[3].
>50% attack

Also referred to as a majority attack. If the attacker controls more than half of the network hashrate, the previous attack has a probability of 100% to succeed. Since the attacker can generate blocks faster than the rest of the network, he can simply persevere with his private fork until it becomes longer than the branch built by the honest network, from whatever disadvantage.

No amount of confirmations can prevent this attack; however, waiting for confirmations does increase the aggregate resource cost of performing the attack, which could make it unprofitable or delay it long enough for the circumstances to change or slower-acting synchronization methods to kick in.

 Cool

FYI:
Maybe instead of trying to trick Vendors into unnecessary risk of being robbed.
You Guys should bug the BTC Devs why they can't complete 4 confirmations in 2 minutes like my favorite Altcoin can.   Cheesy
legendary
Activity: 966
Merit: 1042
November 11, 2016, 03:19:36 PM
Transactions are instant so I think you're mistaken op. The only thing that can be slow in confirmations which if you're buying a pop who cares about getting confirmations for the $1. Maybe 1 but most places won't need any.
MMA
legendary
Activity: 1134
Merit: 1000
November 11, 2016, 02:53:38 PM
Bitcoin transactions are fast but the confirmation time for the transactions is slow.Thats the main problem due to which shop owners dont accept Bitcoin payments.It has to be solved for Bitcoin progress.
yes bitcoin transaction is really fast but the transaction time is a little boring, as some time it really take some more time to conform. but if you pay a little high fee then the conformation also done in a high speed.
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