Unfortunately I've had this issue as well (10mins though not 30 lol)
10 minutes is an awfully long time to sit around and wait for your payment to be approved when you could simply swipe your credit card or hand over cash, for this reason I never use BTC in the real world.
Topic: Blocks are still taking way too long. - page 5. (Read 5929 times)
When we have a offchain payment system for small amounts, block times wouldn't matter.
This. Soon enough confirmation times will be irrelevant for low cost day-to-day transactions.
It is applicable if we use a centralized on line wallet.
It would be useful to have a system where blocks were found more often but the reward was smaller. Say, one block every 30 seconds. The original worry was that miners wouldn't find out about the new blocks fast enough, and they'd waste effort building on top of orphaned blocks. But now that all useful mining is centralized, the big guys have enough connectivity to pass around their new blocks fast. As a miner, you want your new block to reach other big miners as fast as possible, and you want to hear about new blocks as fast as possible. So miners will cooperate in passing new blocks around fast, and all the big farms will send directly to each other.
Yes, shorter block times are clearly superior but too many people refuse to acknowledge that fact it the Bitcoin world. Probably because it would involve acknowledging that an alt implemented the protocol better.
It would be useful to have a system where blocks were found more often but the reward was smaller. Say, one block every 30 seconds. The original worry was that miners wouldn't find out about the new blocks fast enough, and they'd waste effort building on top of orphaned blocks. But now that all useful mining is centralized, the big guys have enough connectivity to pass around their new blocks fast. As a miner, you want your new block to reach other big miners as fast as possible, and you want to hear about new blocks as fast as possible. So miners will cooperate in passing new blocks around fast, and all the big farms will send directly to each other.
But for a consumer getting 2-5% cash back or rewards by using a credit card it's going to be hard for even the slickest of innovations to beat that.
Where do you think that money comes from? The goodness of the bank's hearts? Discounts for paying in Bitcoin are already happening. Newegg's huge PS4 discount for instance.
legendary
Activity: 1302
Merit: 1008
Core dev leaves me neg feedback #abuse #political
this is a serious problem
Are you sure? How is it a serious problem?
this is a serious problem,But I believe that the BTC team will solve it in near future!
I just have one comment to make. "Simplicity" is still the keyword. If we start to make exceptions, setting criterias, started to make categories, fine with unnecessary waiting, doing one form of exchange to another to make it work, forcing oneself, taking unnecessary risk....... THEN by all means that is not 'Simplicity'
I you get paid in PayPal, it could be reversed. If you get paid in cash, the bills could be fake. If you get paid by credit card, the buyer could reverse the charges, or the card could be stolen and you (the merchant) would have to absorb the loss. How is the consideration of these risks simple whereas having to decide whether to wait 10 seconds or 60 seconds is not? I mean if someone gives you $5000 in cash don't you first have to count the bills and verify that they are not fakes? That should take at least 60 seconds, unless you have a currency counter plugged in and ready to go.Your argument is mostly bogus.
Bitcoin is by far the fastest payment method when comparing it to credit cards and checks. It can take a bank several days for a bank to even give you credit for a check and the funds from a check can be reversed after several weeks/months (depending on the reason). A credit card transaction will give the merchant somewhat more confidence that a transaction will go through however after several months will the transaction no longer be able to be reversed
Yes, the 'final status' is much faster with BTC, but the all-important 'first result' is often waaaaaaayyyyyyyyyyyyyy
ttooooooooooooooooooo slow.
I tend to be more confident and optimistic about BTC when I am not actually using it much. (sorry, but that is the truth)
I just have one comment to make. "Simplicity" is still the keyword. If we start to make exceptions, setting criterias, started to make categories, fine with unnecessary waiting, doing one form of exchange to another to make it work, forcing oneself, taking unnecessary risk....... THEN by all means that is not 'Simplicity'
I you get paid in PayPal, it could be reversed. If you get paid in cash, the bills could be fake. If you get paid by credit card, the buyer could reverse the charges, or the card could be stolen and you (the merchant) would have to absorb the loss. How is the consideration of these risks simple whereas having to decide whether to wait 10 seconds or 60 seconds is not? I mean if someone gives you $5000 in cash don't you first have to count the bills and verify that they are not fakes? That should take at least 60 seconds, unless you have a currency counter plugged in and ready to go.Your argument is mostly bogus.
Bitcoin is by far the fastest payment method when comparing it to credit cards and checks. It can take a bank several days for a bank to even give you credit for a check and the funds from a check can be reversed after several weeks/months (depending on the reason). A credit card transaction will give the merchant somewhat more confidence that a transaction will go through however after several months will the transaction no longer be able to be reversed
I just have one comment to make. "Simplicity" is still the keyword. If we start to make exceptions, setting criterias, started to make categories, fine with unnecessary waiting, doing one form of exchange to another to make it work, forcing oneself, taking unnecessary risk....... THEN by all means that is not 'Simplicity'
I you get paid in PayPal, it could be reversed. If you get paid in cash, the bills could be fake. If you get paid by credit card, the buyer could reverse the charges, or the card could be stolen and you (the merchant) would have to absorb the loss. How is the consideration of these risks simple whereas having to decide whether to wait 10 seconds or 60 seconds is not? I mean if someone gives you $5000 in cash don't you first have to count the bills and verify that they are not fakes? That should take at least 60 seconds, unless you have a currency counter plugged in and ready to go.Your argument is mostly bogus.
Your alternatives would be to do the transaction with an intermediary company that you do trust (for example a title company for the purchase of real estate). This however still takes a very long time to complete and would end up costing you additional money from having to pay the fee to the intermediary
I just have one comment to make. "Simplicity" is still the keyword. If we start to make exceptions, setting criterias, started to make categories, fine with unnecessary waiting, doing one form of exchange to another to make it work, forcing oneself, taking unnecessary risk....... THEN by all means that is not 'Simplicity'
I you get paid in PayPal, it could be reversed. If you get paid in cash, the bills could be fake. If you get paid by credit card, the buyer could reverse the charges, or the card could be stolen and you (the merchant) would have to absorb the loss. How is the consideration of these risks simple whereas having to decide whether to wait 10 seconds or 60 seconds is not? I mean if someone gives you $5000 in cash don't you first have to count the bills and verify that they are not fakes? That should take at least 60 seconds, unless you have a currency counter plugged in and ready to go.Your argument is mostly bogus.
Don't forget about "transaction confidence". 10 seconds is usually more than enough wait for low value purchases.
I'm selling my car for 10 BTC, and I'm willing to wait only 60 seconds before I hand you the keys.
It takes a lot more then 60 seconds from the time you pay for a car before the car is "ready" to be driven off the lot. For example once you pay for it, the dealer will have it cleaned an additional time, the salesman will go over the various features with you.I'm selling my car for 10 BTC, and I'm willing to wait only 60 seconds before I hand you the keys.
Also most dealerships accept payment by check and will not verify funds. They simply put a clause in the sales contract that the ownership does not actually change hands until they receive payment. If the TX does not confirm due to a double spend or otherwise then you would be driving around in a stolen car.
Over 30 minutes for a single confirmation does not (and will not ever) work in the real world.
(Almost) Every time I start to believe that BTC is "going mainstream", I have a delay waiting for a 30+ minute block....
(Almost) Every time I start to believe that BTC is "going mainstream", I have a delay waiting for a 30+ minute block....
BS, its called variance. I have always got confirmed within 10min, some even in secs ..... What does that tell you?
Look at the avg block time, you've been this ignorant b4. Sell your coins and fck off?
Ridiculously rude people are another barrier to mainstream usage.
Why are you here, to make us all look bad?
When we have a offchain payment system for small amounts, block times wouldn't matter.
With an offchain payment system for small amounts, Bitcoin doesn't matter. The problem is that a lot of people were sold on Bitcoin being the future of consumer payments on a massive scale. Which as we all know simply isn't going to be the case(and that's fine). Just read reddit's r/bitcoin to see the masses suddenly realizing that Bitcoin itself isn't going to replace their credit card.
If that is the case, then they are being misinformed. There is no reason why Bitcoin can't be the future of consumer payments, and there is no reason why it can't replace credit cards.
BTW, the confirmation time in a credit card transaction is 90 days (or longer). That's how long it takes for a merchant to know that he actually has the money.
It takes an average of 10 minutes for a Bitcoin confirmation, but a merchant doesn't have to wait for a confirmation, just like in a credit card transaction.
The problem is that a lot of people were sold on Bitcoin being the future of consumer payments on a massive scale. Which as we all know simply isn't going to be the case(and that's fine). Just read reddit's r/bitcoin to see the masses suddenly realizing that Bitcoin itself isn't going to replace their credit card.
We all simply know that isn't going to be the case? How so?
Read up on current development, future development plans, and third party tools in development now. There's a vast difference between what Bitcoin can do at this moment and what it can do in the fullness of time (or even in the next three years).
Hell, the bulk of the worries continually shouted in threads like this (frequently as if the idea was brand new) are discussed in the freaking original white paper, along with potential solutions.
People are building things now that will improve the consumer experience for Bitcoin. But for a consumer getting 2-5% cash back or rewards by using a credit card it's going to be hard for even the slickest of innovations to beat that. I haven't heard many people arguing this for a while. Even in the Rise and Rise of Bitcoin Erik Voorhees of all people says he doesn't expect mass adoption of Bitcoin in western countries with their modern banking systems.
Doesn't mean I don't think people can't build projects that make crypto easier to use for regular people so that they can use it as a daily use currency. I'm working on such a project myself at the moment in fact. But I don't expect to be able to sell Bitcoin to someone going shopping at the mall and getting cash back on their credit card. But crypto can be used in many ways, just because it can't win in every category doesn't mean that it can't gain more adoption in other areas over time.
bitcoin is not for your daily latte. if its a large enough transaction that you need to wait for it to confirm, then the time is not significant.
The problem is that a lot of people were sold on Bitcoin being the future of consumer payments on a massive scale. Which as we all know simply isn't going to be the case(and that's fine). Just read reddit's r/bitcoin to see the masses suddenly realizing that Bitcoin itself isn't going to replace their credit card.
We all simply know that isn't going to be the case? How so?
Read up on current development, future development plans, and third party tools in development now. There's a vast difference between what Bitcoin can do at this moment and what it can do in the fullness of time (or even in the next three years).
Hell, the bulk of the worries continually shouted in threads like this (frequently as if the idea was brand new) are discussed in the freaking original white paper, along with potential solutions.
The problem is that a lot of people were sold on Bitcoin being the future of consumer payments on a massive scale. Which as we all know simply isn't going to be the case(and that's fine). Just read reddit's r/bitcoin to see the masses suddenly realizing that Bitcoin itself isn't going to replace their credit card.
If that is the case, then they are being misinformed. There is no reason why Bitcoin can't be the future of consumer payments, and there is no reason why it can't replace credit cards.
BTW, the confirmation time in a credit card transaction is 90 days (or longer). That's how long it takes for a merchant to know that he actually has the money.
It takes an average of 10 minutes for a Bitcoin confirmation, but a merchant doesn't have to wait for a confirmation, just like in a credit card transaction.
If I buy coffee, what's the problem with waiting 10 seconds?
If I buy a car, what's the problem with waiting 1 minute?
If I buy a house, or some large piece of land, I think I can wait an hour.
If I buy a car, what's the problem with waiting 1 minute?
If I buy a house, or some large piece of land, I think I can wait an hour.
I just have one comment to make. "Simplicity" is still the keyword. If we start to make exceptions, setting criterias, started to make categories, fine with unnecessary waiting, doing one form of exchange to another to make it work, forcing oneself, taking unnecessary risk....... THEN by all means that is not 'Simplicity'
Jump to: