bitcoin transactions - Slow OR Fast - page 38.

TastyChillySauce00

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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

Whosdaddy

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Quote from: HeroCat on July 28, 2016, 10:25:45 AM

Bitcoin transactions are not fast, sometimes up to more than 24 hours. In real shop buying it is not possible to wait for buying transaction more than 2 - 3 minutes. So BTC currently is shopping future. Wink

I have never had any transaction confirmation that went over 24 hours. At most, I have had was about three hours.
It really is inconvenient for physical shop owners as they might have to wait for that long for the confirmation even they are following with risky standardized policy of just one confirmation to approve any order to be processed.

pandalion98

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Quote from: bravehearth0319 on July 29, 2016, 01:14:46 AM

Quote from: mirakal on July 24, 2016, 02:30:13 AM

In my point of view, bitcoin transaction is fast because in less than an hour I could already received the payments sent to me. I believe that sometimes there is a problem with network by the fact that we can transact anytime we wishes will overshadowed the weaknesses noted.

Indeed, in fact if we are going to compare it to other advertising businesses most of the time their transaction is often delayed even it is manualy process. While in bitcoins it is reality that sometimes it delays because of net connection but if net is strong there will be no problem with the transaction its very fast not slow. Wink

I think we're talking about transaction confirmation time instead of internet speed here. Block times are more or less 10 minutes each, so usually, it takes a minimum of 10 minutes for a transaction to get processed unless merchants accept zero-confirmation transactions or other methods like lightning networks or off-chain transactions (e.g. CoinBase)

bravehearth0319

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Quote from: mirakal on July 24, 2016, 02:30:13 AM

In my point of view, bitcoin transaction is fast because in less than an hour I could already received the payments sent to me. I believe that sometimes there is a problem with network by the fact that we can transact anytime we wishes will overshadowed the weaknesses noted.

Indeed, in fact if we are going to compare it to other advertising businesses most of the time their transaction is often delayed even it is manualy process. While in bitcoins it is reality that sometimes it delays because of net connection but if net is strong there will be no problem with the transaction its very fast not slow. Wink

madwica

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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.

As of now bitcoin is not recommendable for some store to accept as payment there are many thing to improved and to consider it is very hassle for now but in some online store who are accepting bitcoin the transaction is not too slow because we consider also the confirmation of the transaction.

Hugroll

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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.

Karpeles

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It is already is.

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

PsursV

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Quote from: MyBTT on July 28, 2016, 05:12:56 PM

You could always use the lightning network. If you trust a recipient, you basically get your transaction confirmed immediately or extremely fast. Bitcoin is the best for internet transactions, not irl ones.

but i think it has not a fixed time for transaction. some time it done it in a very fast mode and some time it requires such a long time. in different time it has different result. some time the transaction is conformed with in seconds. and some time it take minutes and hours to conform the transaction. so we cannot say anything for sure either it is slow or fast.

MyBTT

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You could always use the lightning network. If you trust a recipient, you basically get your transaction confirmed immediately or extremely fast. Bitcoin is the best for internet transactions, not irl ones.

Vikingr

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For me it was slow only one time when I was transacting my 0.1 bitcoins and it took more time than the regular and now I do not face a delay but of only a few minutes.

jonatuzc

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Quote from: botany on July 27, 2016, 08:55:37 PM

Quote from: madwica on July 27, 2016, 08:40:53 PM

Base on my experience every transaction i can not encounter any delay like 10 mins and above that is why i can say that the bitcoin transaction is fast confirmation. And i think we need to consider what is the transaction we made.

You must have a really high transaction fee.

The transaction fee is so dynamic that I seem to be underpaying at every transaction, leading to huge delays.

Transaction fees aren't the only factor on the priority for confirmation times though but of course, you already know that.
10 minutes isn't even that fast and I've come to a point that 10 minutes has become a 'normal' to me.

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Quote from: serjent05 on July 28, 2016, 01:21:26 PM

Quote from: MingLee on July 28, 2016, 12:47:49 PM

Quote from: jukka on July 28, 2016, 12:41:57 PM

Quote from: HeroCat on July 28, 2016, 10:25:45 AM

Bitcoin transactions are not fast, sometimes up to more than 24 hours. In real shop buying it is not possible to wait for buying transaction more than 2 - 3 minutes. So BTC currently is shopping future. Wink

if you compare to international money transfers between different banks even 24h is quite fast.

Well for international money transfers yes, but if we're talking about something like day-to-day shopping or anything else asides from long and large international transfers you can kind of see the flaw with the amount of confirmations and the length it takes to get the confirmations to pass through. It's nothing too major, but it could be an issue for some people because of the length of time. I personally don't really mind it, and it hasn't been super long whenever I've gone and done transactions, but that's anecdotal.

Transaction as said is fast, but the confirmation is a bit slow Cheesy

. Most shop just needs 1 confirmation to fully accept the Bitcoin payment. and I agree, I wonder when will the Bitcoin developer tweak the confirmation process. I hope they do it because I think this is one of the major reason why some are avoiding Bitcoin to use in their transasctions.

I think 3 confirmation in up before they accept it.. they are considering 3 in up and i think there is no failed in transaction right now unless if the sender is double spend..

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Quote from: MingLee on July 28, 2016, 12:47:49 PM

Quote from: jukka on July 28, 2016, 12:41:57 PM

Quote from: HeroCat on July 28, 2016, 10:25:45 AM

Bitcoin transactions are not fast, sometimes up to more than 24 hours. In real shop buying it is not possible to wait for buying transaction more than 2 - 3 minutes. So BTC currently is shopping future. Wink

if you compare to international money transfers between different banks even 24h is quite fast.

Well for international money transfers yes, but if we're talking about something like day-to-day shopping or anything else asides from long and large international transfers you can kind of see the flaw with the amount of confirmations and the length it takes to get the confirmations to pass through. It's nothing too major, but it could be an issue for some people because of the length of time. I personally don't really mind it, and it hasn't been super long whenever I've gone and done transactions, but that's anecdotal.

Transaction as said is fast, but the confirmation is a bit slow Cheesy

. Most shop just needs 1 confirmation to fully accept the Bitcoin payment. and I agree, I wonder when will the Bitcoin developer tweak the confirmation process. I hope they do it because I think this is one of the major reason why some are avoiding Bitcoin to use in their transasctions.

MingLee

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Quote from: jukka on July 28, 2016, 12:41:57 PM

Quote from: HeroCat on July 28, 2016, 10:25:45 AM

Bitcoin transactions are not fast, sometimes up to more than 24 hours. In real shop buying it is not possible to wait for buying transaction more than 2 - 3 minutes. So BTC currently is shopping future. Wink

if you compare to international money transfers between different banks even 24h is quite fast.

Well for international money transfers yes, but if we're talking about something like day-to-day shopping or anything else asides from long and large international transfers you can kind of see the flaw with the amount of confirmations and the length it takes to get the confirmations to pass through. It's nothing too major, but it could be an issue for some people because of the length of time. I personally don't really mind it, and it hasn't been super long whenever I've gone and done transactions, but that's anecdotal.

jukka

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Quote from: HeroCat on July 28, 2016, 10:25:45 AM

Bitcoin transactions are not fast, sometimes up to more than 24 hours. In real shop buying it is not possible to wait for buying transaction more than 2 - 3 minutes. So BTC currently is shopping future. Wink

if you compare to international money transfers between different banks even 24h is quite fast.

HeroCat

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Bitcoin transactions are not fast, sometimes up to more than 24 hours. In real shop buying it is not possible to wait for buying transaction more than 2 - 3 minutes. So BTC currently is shopping future. Wink

X-ray

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Quote from: botany on July 27, 2016, 08:55:37 PM

Quote from: madwica on July 27, 2016, 08:40:53 PM

Base on my experience every transaction i can not encounter any delay like 10 mins and above that is why i can say that the bitcoin transaction is fast confirmation. And i think we need to consider what is the transaction we made.

You must have a really high transaction fee.

The transaction fee is so dynamic that I seem to be underpaying at every transaction, leading to huge delays.

really high transaction fee can't fasten your transaction because need to wait the block to be solved and it's the same when you use normal fees ,as long the fees could fulfill the requirement it's okay and you don't need to waste money

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Quote from: lister storm on July 25, 2016, 06:49:32 PM

Quote from: Monumental on July 25, 2016, 01:45:48 PM

Quote from: X-ray on July 25, 2016, 08:05:08 AM

Quote from: romero121 on July 25, 2016, 08:01:11 AM

Bitcoin transactions were really fast, because within few seconds a primary confirmation in the form of unconfirmed state as a notification is got. At times the speed depends upon internet network too for its confirmation.

You can't consider unconfirmed transaction as a "transaction" because it's still not confirmed by the network and you don't know whether it could possibly rejected by the network or it will be succeed

That is right. It is too risky to accept an unconfirmed transaction if some amount of money is involved.

thats true, it might easily be a doublespend, besides that if person sends it via phone i think it would be really safe as it would be impossible to do that

False. One can always modify the app on their phone to automatically script another transaction to send another transaction using the same input. This would however be impossible as long as the merchant takes sufficient measure including waiting for several seconds for the transactions to propagated, ensure that the customer has paid reasonable fee/kb and connect to various nodes across the globe.

botany

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Quote from: madwica on July 27, 2016, 08:40:53 PM

Base on my experience every transaction i can not encounter any delay like 10 mins and above that is why i can say that the bitcoin transaction is fast confirmation. And i think we need to consider what is the transaction we made.

You must have a really high transaction fee.

The transaction fee is so dynamic that I seem to be underpaying at every transaction, leading to huge delays.

madwica

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Base on my experience every transaction i can not encounter any delay like 10 mins and above that is why i can say that the bitcoin transaction is fast confirmation. And i think we need to consider what is the transaction we made.

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