Topic: bitcoin transactions - Slow OR Fast - page 41. (Read 40437 times)
Bitcoin transaction Confirmation always depends upon the Transaction Fees and on the Bitcoin Network and Now Many Merchants are accepting Bitcoin as a Payment Processor....
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.
For this problem, it's so difficult to fix that because all bout the system and it's needed a new concept to solve the problem of the transaction(confirmation) but waiting for a new project to solve the problem can making the transaction becomes slow and that is a Lightning Network. Can transactions be seeded up to save customers time or any other way to use bitcoin at local stores.
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.
It is possible that bitcoin will be accepted in local stores. As a matter of fact some establishment have already implementing this kind of payment. One of which is some restaurant where bitcoin enthusiast meet up take place in my coountry. Bitcoin transaction is fast, only the confirmation takes time. Can transactions be seeded up to save customers time or any other way to use bitcoin at local stores.
If you have money on bitcoin, what about to convert it in usd and than pay with your card?
It's very bad situation, it would be great if confirmations will be fast, but usually it takes 20-40 minute, but I think that transaction takes a second to register and reciever can see this, so there won't be any problem to accebt bitcoin payment in local stores.
It's very bad situation, it would be great if confirmations will be fast, but usually it takes 20-40 minute, but I think that transaction takes a second to register and reciever can see this, so there won't be any problem to accebt bitcoin payment in local stores.
Absolutely right. this thing already mentioned by someone else in the first page of the thread. but I don't know why people ignored that.
bitcoin transaction is not actually slow. the slow thing is actually confirmation. so any time we send someone some bitcoin the balance instantly visible to the receivers wallet.
so there is not issue to done the deal in seconds.
peoples are saying about using escrow. I would say using escrow will take more time. it is not a good idea at all.
Bitcoin might be if you want to use at a local store must first be combined with identity / KTP . when someone is willing buyers
pay for groceries with bitkoin and not getting speedy confirmation so he must meninggalan identity / KTP or something similar to it .
pay for groceries with bitkoin and not getting speedy confirmation so he must meninggalan identity / KTP or something similar to it .
Well before bitcoin transactions are very fast then later it become slow. But then again today it is mixed sometimes slow and sometimes fast.
The miners fee if increased then the transactions becomes more faster. But it also depends on where did you spent your bitcoins or where did it come from and where it is going to. It is duely to the number of confirmations that an address from a certain site or page requires. The more confirmations needed the longer the transfer will take place.
The miners fee if increased then the transactions becomes more faster. But it also depends on where did you spent your bitcoins or where did it come from and where it is going to. It is duely to the number of confirmations that an address from a certain site or page requires. The more confirmations needed the longer the transfer will take place.
As we know , bitcoin need to be confirm by miner although you have set fee on high priority. It will different case if you're using fiat !
But as long as the store can tolerance with bitcoin confirmation process, I think it will not a big problem
But as long as the store can tolerance with bitcoin confirmation process, I think it will not a big problem
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.
But I think when we try to send any amount to any person it can be send only when you have that much amount in wallet if not then you cannot make any transaction.
So why waiting to get amount clear after confirmations. Sometime it can take more time to get confirmed.
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.
But I think when we try to send any amount to any person it can be send only when you have that much amount in wallet if not then you cannot make any transaction.
So why waiting to get amount clear after confirmations. Sometime it can take more time to get confirmed.
If you have money on bitcoin, what about to convert it in usd and than pay with your card?
It's very bad situation, it would be great if confirmations will be fast, but usually it takes 20-40 minute, but I think that transaction takes a second to register and reciever can see this, so there won't be any problem to accebt bitcoin payment in local stores.
It's very bad situation, it would be great if confirmations will be fast, but usually it takes 20-40 minute, but I think that transaction takes a second to register and reciever can see this, so there won't be any problem to accebt bitcoin payment in local stores.
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.
yeah, probably the problem is in the network. maybe some people send payments in the same time, so miners can't confirm them fast.
I think bitcoin transactions can be done in a food/drink shop. we can send bitcoin first then get the food/drink, and we wait for the transaction while we eat/drink.
Transactions propagation takes literally seconds. It's the time needed before a confirmation.
Most merchants in the real world requires no confirmations unless the purchase is of a significant value. Double spending is quite hard since the reference implementation does not accept transactions spending identical input to be added into the mempool. However, merchants must take note if the transaction has opt-in RBF enabled since this would allow for the transaction to be replaced. As long as there is a decent fee, it is propagated well enough and it follows the network rule, merchants can accept the transaction with next to no risk.
Most merchants in the real world requires no confirmations unless the purchase is of a significant value. Double spending is quite hard since the reference implementation does not accept transactions spending identical input to be added into the mempool. However, merchants must take note if the transaction has opt-in RBF enabled since this would allow for the transaction to be replaced. As long as there is a decent fee, it is propagated well enough and it follows the network rule, merchants can accept the transaction with next to no risk.
third party service is mentioned here a lot, but could you please name some of this third party services so i could look further into i.
also how big is the risk of accepting zero confirmations? how could an attacker take advantage of this?
also how big is the risk of accepting zero confirmations? how could an attacker take advantage of this?
I think for now it takes 10 minutes sometimes fast and sometimes its slow.. depends of your fee.. for transaction..
Also if we use bitcoin as payment in stores .. better to improve the transaction speed for bitcoin or they can make a bitcoin ATM card that we can use to buy in stores.
Also if we use bitcoin as payment in stores .. better to improve the transaction speed for bitcoin or they can make a bitcoin ATM card that we can use to buy in stores.
here in the Philippines, If the one who sends and one who receives use the web wallet coins.ph, the receiver receives bitcoins instantly in his/her btc wallet in his/her coins.ph account regardless of the confirmations. Well this app may be good to fasten up transactions since the sent bitcoins will reflect to your wallet instantly after a refresh or two after sending. 
I don't have problem with little waiting, for me bitcoin have a good speed. Who wish to be faster can pay a bit larger fee and transaction will be fast. I believe that this will not be some big obstacle for bitcoin.
Bitcoin is growing, and many problems will appear on our way. That doesn't need to discourage us, people should have patience for this things and don't lose faith. Things will get better over time and for sure we will see many changes and upgrades in the future.
Bitcoin is growing, and many problems will appear on our way. That doesn't need to discourage us, people should have patience for this things and don't lose faith. Things will get better over time and for sure we will see many changes and upgrades in the future.
If you send a Bitcoin payment from your Coinbase wallet, most of the time you don't have to wait for any confirmations, the payment is cleared the second it is broadcasted through the network which is pretty much instantly. But for this won't work if the seller/store accepts your payment directly rather than via a Bitcoin payment processor.
Im pretty sure most cafes that accept bitcoin (not that ive ever seen one) take 0 confimation payments due to the price being just pocket change. Nowadays i dont really see bitcoin as a method of paying for micro transactions like that though. It looks like we are being steered into being more of a store of value in which case we wont need fast transactions anyway but it would always be nice to have that confimations. Maybe in the future this could be improved on but it doesnt seem to be top priority.
I think Bitcoin is not for local stores there are some reason what I understand like It is widely used for money transfers where you don't have problem to wait for 1-2 confirmations as this is still fast and convenient and cost effective than traditional money transfer methods in remittance market. Other use is gambling where people make a prior deposit or send directly to specific address and have enough time to let the transaction be confirmed. Bitcoin has limited supply i don't think it is made for local stores acceptance.
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.
But, for purchases something which is expensive, wait for a confirmation isn't problem.
The easiest way to avoid this is through a thrid party bitcoin wallet. This is one of the few bad things about bitcoins because the transaction times are inconsistent. Using a thrir party may even mean that fees are reduced depending on the transaction size.
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