bitcoin transactions - Slow OR Fast - page 35.

DOGE12321

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Quote from: Harsh32 on July 24, 2016, 12:04:00 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.

You could employ escrow, but it might not still solve the issue. Possibly, the store might still higher prices just to speed up the transaction. I am not 100% sure if you can do that though. But there is still a long way to go before, BTC is treated like normal currency by everyone.

prtty2gal2

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Quote from: Superbitzz on July 31, 2016, 05:11:57 PM

Quote from: Akupuniard on July 31, 2016, 02:36:15 PM

It's fast enough and also it's same as wester union but you no need to go anywhere, you can do this by youreself on your house, this is a great benfit.

yes it is really fast now in starting days it was creating problems while transferring bitcoin and specially the conformation message was a big problem but now we can see that the problem is solve to sole level. now mostly the transaction process of bit coin is too smooth creating no issue,

It's fast enough as a means of transferring funds but somehow, not fast enough if we are going to be buying stuff from stores since the store owners/managers would have to wait for the transaction to be confirmed before they give the item which would quite be annoying since confirmation times can take upto hours, days even.

TGD

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Quote from: Harsh32 on July 24, 2016, 12:04:00 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.

Actually it's not a problem as long as you already send it to their wallet , just waiting for the blockchain to be confirmed and it's takes only a minute , but some times it takes hour, as soon as youll already send it, there is no chance for reversal so no need to wait to for blockchain to be confirmed.

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Quote from: ImHash on July 31, 2016, 09:43:31 PM

OMG I think bitcoin transactions are instant now I did a withdraw and after 10 seconds I could see the incoming transaction in other address.
however it took 3 minutes to confirm but still very fast.

Me too I considered it fast. Sometimes I have a 5 mins waiting time to receive and still its OK to me compared to other services or mode of payment.As long as thers transaction ID and can be search on explorer, I am confident with the transaction.

deadsilent

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Well, bitcoin should be fast in any transaction. Since its not that fast, online market is the best choice to spend bitcoin. I have experience that kind of transaction coz few establishment are accepting bitcoin as payment. Im using an online wallet so i have to use internet connection in able to spend btc.

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Quote from: ImHash on July 31, 2016, 09:43:31 PM

OMG I think bitcoin transactions are instant now I did a withdraw and after 10 seconds I could see the incoming transaction in other address.
however it took 3 minutes to confirm but still very fast.

Faster than any payment processor mate, the thing is you can also save with the transaction fee and once the amount was already transaction it cannot be freeze anymore because that is not the norm of the system unlike in bank transaction.

ImHash

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OMG I think bitcoin transactions are instant now I did a withdraw and after 10 seconds I could see the incoming transaction in other address.
however it took 3 minutes to confirm but still very fast.

silpersurfer

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i think if that really happen, shop will look for transaction instead of confirmation , because even with high fee doesn't guaranteed if confirmation will be faster

madwica

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Quote from: relq on July 31, 2016, 08:13:29 PM

The bitcoin transactions is fast for me. Because i don't have any issue when i do some transaction using bitcoin so far. The confirmation only took 2-10 minutes.

Me also i do not ever encounter the delay in bitcoin transaction that is why i can say the bitcoin transaction is great it is very fast and also that is what i like in bitcoin.

groll

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Quote from: Achargeturry78 on July 31, 2016, 08:18:47 PM

Quote from: avikz on July 31, 2016, 08:04:31 AM

The transaction speed depends on the amount and the network fees paid for that...If the amount is high and the fees are less, it may take up to 30 minutes.

But I have exchanged a very small amount from an exchanger which is less than $20 and the transaction was instant. Did not take any time to get confirmed. So I guess the appropriate fees should be paid to the network.

yes it also depends on website you send your bitcoins , if you send your money or bitcoin in gambling website it always take 1-2 hours depends on people who sending their money into the site if you also use exchanger which has fee's ofcourse it will take up to 30 minutes or more than that because been there than that i also change my bitcoin into fiat Grin

Yes it is, I also experienced that when I deposit in gambling sites especially small amounts the confirmation takes very long. Including the cashout, it is much longer time before the transaction occurs. Also when you send from one wallet site to one wallet site it also needs a multiple confirmation before the transfer. But I guess as long as doublespend is avoided then it is normal.

Achargeturry78

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Quote from: avikz on July 31, 2016, 08:04:31 AM

The transaction speed depends on the amount and the network fees paid for that...If the amount is high and the fees are less, it may take up to 30 minutes.

But I have exchanged a very small amount from an exchanger which is less than $20 and the transaction was instant. Did not take any time to get confirmed. So I guess the appropriate fees should be paid to the network.

yes it also depends on website you send your bitcoins , if you send your money or bitcoin in gambling website it always take 1-2 hours depends on people who sending their money into the site if you also use exchanger which has fee's ofcourse it will take up to 30 minutes or more than that because been there than that i also change my bitcoin into fiat Grin

relq

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The bitcoin transactions is fast for me. Because i don't have any issue when i do some transaction using bitcoin so far. The confirmation only took 2-10 minutes.

outatime1

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The actual transaction is very quick. If the merchant can accept the unconfirmed transaction as payment, then is should be no slower than using a credit or debit card.

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Quote from: Bitcotalk on July 31, 2016, 02:39:51 PM

Quote from: gtglener on July 31, 2016, 01:46:32 PM

Quote from: rinhunter on July 31, 2016, 09:22:41 AM

Quote from: Harsh32 on July 24, 2016, 12:04:00 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.

Possible.. in BitPay payment gateway you don't need wait the confirmation. As evidence u can try buy 1 games from steam with Bitcoin.

Yeah, bitpay only need the process to start and then they approve your transaction, I think every system should have to work like that as the transactions of bitcoin once made are unable to reverse,so they should not have to remain in wait their customers until the bitcoin technology is made more advanced.

Yeah, the transaction of bitcoin is not reversible so in that case it is not need to wait for the confirmations, the sellers have to sell the product once they find that the payment has been released from the buyer's wallet, with that we will make the process of dealing with bitcoin more faster , then there will be no any issue of confirmation with any purchase.

But at this time there is a lot of sellers is applied for waiting for some confirmation before their can accepted the transaction, maybe bitpay just needed one confirmation for them accept the payments.

Cuidler

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Quote from: Bitcotalk on July 31, 2016, 02:39:51 PM

Quote from: gtglener on July 31, 2016, 01:46:32 PM

Yeah, bitpay only need the process to start and then they approve your transaction, I think every system should have to work like that as the transactions of bitcoin once made are unable to reverse,so they should not have to remain in wait their customers until the bitcoin technology is made more advanced.

Yeah, the transaction of bitcoin is not reversible so in that case it is not need to wait for the confirmations, the sellers have to sell the product once they find that the payment has been released from the buyer's wallet, with that we will make the process of dealing with bitcoin more faster , then there will be no any issue of confirmation with any purchase.

The only problem is transactions are irreversible only after included to the block, eg after you get at least one confirmation. Thats why its tricky to use unconfirmed transactions, as you can sign as many different transactions as you like with the same bitcoin you own, but only one such transaction can be included to the blockchain, ever. So good work from bitpay how they can accept unconfirmed transactions to finalize the order process, if it really still works this way.

Superbitzz

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Quote from: Akupuniard on July 31, 2016, 02:36:15 PM

It's fast enough and also it's same as wester union but you no need to go anywhere, you can do this by youreself on your house, this is a great benfit.

yes it is really fast now in starting days it was creating problems while transferring bitcoin and specially the conformation message was a big problem but now we can see that the problem is solve to sole level. now mostly the transaction process of bit coin is too smooth creating no issue,

Bitcotalk

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Quote from: gtglener on July 31, 2016, 01:46:32 PM

Quote from: rinhunter on July 31, 2016, 09:22:41 AM

Quote from: Harsh32 on July 24, 2016, 12:04:00 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.

Possible.. in BitPay payment gateway you don't need wait the confirmation. As evidence u can try buy 1 games from steam with Bitcoin.

Yeah, bitpay only need the process to start and then they approve your transaction, I think every system should have to work like that as the transactions of bitcoin once made are unable to reverse,so they should not have to remain in wait their customers until the bitcoin technology is made more advanced.

Yeah, the transaction of bitcoin is not reversible so in that case it is not need to wait for the confirmations, the sellers have to sell the product once they find that the payment has been released from the buyer's wallet, with that we will make the process of dealing with bitcoin more faster , then there will be no any issue of confirmation with any purchase.

Akupuniard

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It's fast enough and also it's same as wester union but you no need to go anywhere, you can do this by youreself on your house, this is a great benfit.

gtglener

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Quote from: rinhunter on July 31, 2016, 09:22:41 AM

Quote from: Harsh32 on July 24, 2016, 12:04:00 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.

Possible.. in BitPay payment gateway you don't need wait the confirmation. As evidence u can try buy 1 games from steam with Bitcoin.

Yeah, bitpay only need the process to start and then they approve your transaction, I think every system should have to work like that as the transactions of bitcoin once made are unable to reverse,so they should not have to remain in wait their customers until the bitcoin technology is made more advanced.

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Quote from: Harsh32 on July 24, 2016, 12:04:00 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.

I have thought about this in the past but If the merchant has coinbase address and the costumer has coinbase too then this transaction can we done easily and the merchant should not wait about first confirmation, otherwise I think merchant should use bitpay or anyother service but still is a risk that the transaction cannot be confirmed.

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