bitcoin transactions - Slow OR Fast - page 37.

prtty2gal2

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Quote from: Dudeperfect on July 30, 2016, 12:17:30 PM

Think the comparison of time bitcoin transaction and that of alternative options. Wire transfer usually takes something from 1/2 hour to 3 hours and most of my bitcoin transactions are between 10 minutes to 30 minutes.

Yes, debit / credit cards take less than that but the fees are comparatively more for those options. I think we will find some way to minimize the bitcoin transaction time on local level but current transaction time is fast enough when it comes to international level and the best part is the fees required for it are nominal as compared with other options.

The confirmation of transaction is actually pretty slow and not very useful in physical transactions as it can take from seconds to minutes to hours to days even and that would clearly be very inconvenient.
However, in terms of transferring funds, it's actually quite a lot faster than most.

Dudeperfect

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Think the comparison of time bitcoin transaction and that of alternative options. Wire transfer usually takes something from 1/2 hour to 3 hours and most of my bitcoin transactions are between 10 minutes to 30 minutes.

Yes, debit / credit cards take less than that but the fees are comparatively more for those options. I think we will find some way to minimize the bitcoin transaction time on local level but current transaction time is fast enough when it comes to international level and the best part is the fees required for it are nominal as compared with other options.

Siyas

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Quote from: ?? on ??

for me bitcoin transaction is fast and steady.....using it for shopping is also fast

Many confirm the same. I am waiting to experience it. Will probably confirm you after i make few transactions. Almost all give positive feedback on the transactions. Fees are not charges i suppose. Right? No tax, well protected and secured. Good to be part of this community.

BitHodler

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Quote from: BTcoint on July 30, 2016, 03:28:13 AM

if anyone can explain why it takes long time more than 30 mint to transfer bitcoin from exchange (poloniex) to own wallet ?

It can have many reasons of which the most common are:

~ Poloniex manually needing to review your withdrawal request.
~ Your wallet is not up to date with the latest blocks, and thus your coins will not show up in your wallet yet.

If you are talking about your coins taking more than 30 minutes to confirm, then it's either pools not having found a block yet, or they are ignoring your TX due to a low included fee.

Ewinsane

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bitcoin transaction is too much faster than other .

BTcoint

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if anyone can explain why it takes long time more than 30 mint to transfer bitcoin from exchange (poloniex) to own wallet ?

mirakal

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Quote from: coinsocieties on July 29, 2016, 12:12:04 PM

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.

I understand what you are saying, however once the bitcoin transaction has been added to the blockchain, it is normally safe to say that you are in the clear. People use that method all the time, whether selling products or giving loans out. You need to understand how it works and confirmations are not always needed.

There are other sites like gambling sites that does not need confirmation to credit your deposit, as soon as they see your transaction in the blockchain even "unconfirmed transactions" they will automatically credit your deposit in your account and that is a good way because you can easily attract gamblers to patronize your site.

coinsocieties

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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.

I understand what you are saying, however once the bitcoin transaction has been added to the blockchain, it is normally safe to say that you are in the clear. People use that method all the time, whether selling products or giving loans out. You need to understand how it works and confirmations are not always needed.

upsidedown75

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Quote from: Betwrong on July 29, 2016, 05:06:54 AM

Quote from: ABCbits on July 24, 2016, 03:43:58 AM

Fast if merchants accept zero confirmation and slow if merchants don't accept zero confirmation, especially if they ask at least 3-6 confirmation.
But, for purchases something which is expensive, wait for a confirmation isn't problem.

I agree. And also I think it's ridiculous to wait until 1 conformation when purchasing inexpensive goods, but unfortunately many sellers think otherwise.

Well, businesses do want security, and confirmations=/=security. I know a few stores in my area that accept 0-confirmation transactions, but they're basically smaller stores. There are still double-spenders out there, but I don't know how many people who would double-spend for an eraser or a bottle of water.

ranochigo

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Quote from: lumeire on July 29, 2016, 03:20:36 AM

Quote from: TastyChillySauce00 on July 29, 2016, 02:45:10 AM

Quote from: Karpeles on July 28, 2016, 06:03:45 PM

It is already is.

There are services that won't make the transaction time a problem, like bitpay and others

they still require a confirmation if the merchant want it,although just heared some people say bitpay's zero confirmation is no longer accepted due too much double spends,but before it was removed,it's very useful indeed

Really? The last time I transacted via BitPay like a week ago the payment was accepted almost instantaneously. It's BitPay's greatest asset for consumers, we need to confirm on that.

Used it recently and it didn't require a confirmation either. There is a settings in the Bitpay POS for merchants to choose the risk that they are willing to accept. For most physical stores, they do not require a confirmation and the customer can just pay and go if it gets pass some of the checks. For online stores, most would require one or six confirmations before it is listed as 'Paid'.

Ferrero

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Actually Bitcoin or any altcoin transactions are instant, they need certain confirmations after successful transaction to reflect amount in Wallet.

We can see transaction on wallet or ledger that such transaction is made or not, but as miner start to verifying it, generally takes 10 minutes an average to get confirmations. BCZ of 1 block takes 10 minutes to solve.

mirakal

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Quote from: X-ray on July 29, 2016, 07:44:00 AM

Quote from: airsounds on July 29, 2016, 07:40:20 AM

Quote from: TastyChillySauce00 on July 29, 2016, 02:45:10 AM

Quote from: Karpeles on July 28, 2016, 06:03:45 PM

It is already is.

There are services that won't make the transaction time a problem, like bitpay and others

they still require a confirmation if the merchant want it,although just heared some people say bitpay's zero confirmation is no longer accepted due too much double spends,but before it was removed,it's very useful indeed

well yeah the confirmations are the things that require a lot of time though if you actually only send a transaction as far as i know they are instant

a transaction can't be considered as a final transaction or done if it don't have any confirmation or it's near to useless,the money still owned by the sender and if the transaction was rejected by network the money will back to the sender,if the receiver only need 0 confirmation it's instant but confirmation still an important thing

Confirmation in the blockchain is just very fast, and I would say that it is the fastest among the payment processors. There are times that it is faster than 5 minutes and that is the best thing of bitcoins when transacting online because it is also transparent.

Bestwishes745

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Quote from: TastyChillySauce00 on July 29, 2016, 02:45:10 AM

Quote from: Karpeles on July 28, 2016, 06:03:45 PM

It is already is.

There are services that won't make the transaction time a problem, like bitpay and others

they still require a confirmation if the merchant want it,although just heared some people say bitpay's zero confirmation is no longer accepted due too much double spends,but before it was removed,it's very useful indeed

I used bitpay once for buying a domain, and I found it more convenient to pay through there, it took only 2 minutes to accept the confirmation and my domain was delivered to me.

X-ray

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Quote from: airsounds on July 29, 2016, 07:40:20 AM

Quote from: TastyChillySauce00 on July 29, 2016, 02:45:10 AM

Quote from: Karpeles on July 28, 2016, 06:03:45 PM

It is already is.

There are services that won't make the transaction time a problem, like bitpay and others

they still require a confirmation if the merchant want it,although just heared some people say bitpay's zero confirmation is no longer accepted due too much double spends,but before it was removed,it's very useful indeed

well yeah the confirmations are the things that require a lot of time though if you actually only send a transaction as far as i know they are instant

a transaction can't be considered as a final transaction or done if it don't have any confirmation or it's near to useless,the money still owned by the sender and if the transaction was rejected by network the money will back to the sender,if the receiver only need 0 confirmation it's instant but confirmation still an important thing

airsounds

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Quote from: TastyChillySauce00 on July 29, 2016, 02:45:10 AM

Quote from: Karpeles on July 28, 2016, 06:03:45 PM

It is already is.

There are services that won't make the transaction time a problem, like bitpay and others

they still require a confirmation if the merchant want it,although just heared some people say bitpay's zero confirmation is no longer accepted due too much double spends,but before it was removed,it's very useful indeed

well yeah the confirmations are the things that require a lot of time though if you actually only send a transaction as far as i know they are instant

Xester

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Quote from: Hugroll on July 28, 2016, 06:14:24 PM

the transactions are pretty much instant, but the confirmations take a while. so if you are selling something worth a lot in you stores meaning the bill is going to be large, i wouldnt recommend bitcoin because double spends would leave you pennyless. but if you are a coffee shop owner or something with smaller transactions, i doubt anyone would double spend for a couple of bucks so you should be safe.

Is doublespending still occur until today. I didn't expect that to be still present up to now.

Blockchain transactions are now fast and more reliable except when a site requires more confirmations.

For faster transaction I recommend using blockchain. Info wallets between two bitcoin users. The transfer will be at lightning speed without double spending

ufaiz50

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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.

i think are not slow until transaction verification,

Betwrong

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Quote from: ABCbits on July 24, 2016, 03:43:58 AM

Fast if merchants accept zero confirmation and slow if merchants don't accept zero confirmation, especially if they ask at least 3-6 confirmation.
But, for purchases something which is expensive, wait for a confirmation isn't problem.

I agree. And also I think it's ridiculous to wait until 1 conformation when purchasing inexpensive goods, but unfortunately many sellers think otherwise.

groll

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Quote from: TastyChillySauce00 on July 29, 2016, 02:45:10 AM

Quote from: Karpeles on July 28, 2016, 06:03:45 PM

It is already is.

There are services that won't make the transaction time a problem, like bitpay and others

they still require a confirmation if the merchant want it,although just heared some people say bitpay's zero confirmation is no longer accepted due too much double spends,but before it was removed,it's very useful indeed

Bitpay had made their transaction more faster than ever while Having to get rid of doublespend.
Blockchain on the other hand has also increased the transaction speed though sometimes it slow and sometimes its like a blink of an eye and your coins is transferred already.

So far to evaluate bitcoin if fast or slow, I will say it is much faster than before.

lumeire

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Quote from: TastyChillySauce00 on July 29, 2016, 02:45:10 AM

Quote from: Karpeles on July 28, 2016, 06:03:45 PM

It is already is.

There are services that won't make the transaction time a problem, like bitpay and others

they still require a confirmation if the merchant want it,although just heared some people say bitpay's zero confirmation is no longer accepted due too much double spends,but before it was removed,it's very useful indeed

Really? The last time I transacted via BitPay like a week ago the payment was accepted almost instantaneously. It's BitPay's greatest asset for consumers, we need to confirm on that.

Topic: bitcoin transactions - Slow OR Fast - page 37. (Read 40437 times)