Can the delay in blockchain confirmation be one drawback of bitcoin transactions

odolvlobo

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Quote from: Dr.Bitcoin_Strange on March 20, 2023, 09:46:47 AM

Quote from: Zaguru12 on March 20, 2023, 09:31:21 AM

Firstly what kind of wallet are you using because some custodian wallets sometimes takes time for the funds to reflect.

I received the payment to my Binance account.

Quote from: hosseinimr93 on March 20, 2023, 09:44:13 AM

This is not possible, unless your wallet wasn't synced to the blockchain or you used a custodial service which credited your balance with some delay.
Your (non-custodial) wallet should display the balance once the receiving transaction gets its first confirmation. Some wallets like electrum display the receiving transaction and the balance even if it doesn't have any confirmation. (Electrum even allow you to spend the unconfirmed coins.)

It only displayed in my account as an unconfirmed transaction after the sender had left, and before then, it already showed the 15 confirmations on his device.
So the delay was not a Blockchain issues but from exchange I used to receive?

If the network showed 15 confirmations but your account at Binance was still not credited, then the delay was entirely due to Binance.

Quote from: Lucius on March 20, 2023, 11:24:03 AM

If in the end you successfully received the transaction, then without any doubt your "delay" has to do with the fact that you are using a non-custodial wallet. With the custodial wallet (if it is synced with the network) you will see the sent transaction almost instantly.

Yoy have it exactly backwards. A custodial wallet is run by the custodian of the bitcoins -- the exchange in this case. A non-custodial wallet has no custodian. You control your bitcoins yourself.

Nwada001

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Quote from: Dr.Bitcoin_Strange on March 20, 2023, 09:10:32 AM

one day I experienced a heavy delay (more than 10 hours) to receive the payment. I was not worried because already the customer had shown me his device to check the network confirmation (from his end, it was showing about 15 network confirmation), but I never received payment.

Although you were not worried, you sounded a bit worried based on your reaction and checking from the customer's side for confirmation.

Even without checking the customer's transaction history, you can do it from your own end by using any Bitcoin explorer, which can show off both unconfirmed transactions, provided it's not an internal transfer.
If the transaction is successful, why Binance is undergoing its second confirmation, you will still be notified via email of a successful deposit even though you will not be allowed to exchange or withdraw the bitcoin until it's fully confirmed.

I have experienced a similar network delay, but it was from blockchain confirmation that day, not anything relating to exchange.

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Quote from: Dr.Bitcoin_Strange on March 20, 2023, 09:10:32 AM

I was not worried because already the customer had shown me his device to check the network confirmation (from his end, it was showing about 15 network confirmation), but I never received payment.

....
But my question is, could we see that as one of the drawbacks of blockchain transactions?

The drawbacks you're accusing belongs to the wallet you're using. As far as I remember depositing bitcoin on binance only requires 2 confirmations, the delay in updating the balance is an internal problem that isn't related to the network.
And it's strange why you depend on sender verification, while the blockchain is so transparent that you can verify it yourself on your device.

Lucius

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Quote from: Dr.Bitcoin_Strange on March 20, 2023, 09:46:47 AM

It only displayed in my account as an unconfirmed transaction after the sender had left, and before then, it already showed the 15 confirmations on his device.
So the delay was not a Blockchain issues but from exchange I used to receive?

If in the end you successfully received the transaction, then without any doubt your "delay" has to do with the fact that you are using a non-custodial wallet. With the custodial wallet (if it is synced with the network) you will see the sent transaction almost instantly. I recommend you to change your wallet, because every customer will not feel comfortable if you doubt whether they have made a payment or not.

Use the exchange for what it is intended for, not like some kind of bank account, this is not only the wrong approach, but as you yourself have seen, it can create very unpleasant situations.

Dr.Bitcoin_Strange

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Quote from: Zaguru12 on March 20, 2023, 09:31:21 AM

Firstly what kind of wallet are you using because some custodian wallets sometimes takes time for the funds to reflect.

I received the payment to my Binance account.

Quote from: hosseinimr93 on March 20, 2023, 09:44:13 AM

This is not possible, unless your wallet wasn't synced to the blockchain or you used a custodial service which credited your balance with some delay.
Your (non-custodial) wallet should display the balance once the receiving transaction gets its first confirmation. Some wallets like electrum display the receiving transaction and the balance even if it doesn't have any confirmation. (Electrum even allow you to spend the unconfirmed coins.)

It only displayed in my account as an unconfirmed transaction after the sender had left, and before then, it already showed the 15 confirmations on his device.
So the delay was not a Blockchain issues but from exchange I used to receive?

hosseinimr93

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Quote from: Dr.Bitcoin_Strange on March 20, 2023, 09:30:29 AM

When he showed his phone, there were already 15 confirmations, but from my end, the payment had not yet arrived in my wallet; it took almost 10 hours to arrive in my wallet.

This is not possible, unless your wallet wasn't synced to the blockchain or you used a custodial service which credited your balance with some delay.
Your (non-custodial) wallet should display the balance once the receiving transaction gets its first confirmation. Some wallets like electrum display the receiving transaction and the balance even if it doesn't have any confirmation. (Electrum even allow you to spend the unconfirmed coins.)

Zaguru12

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Firstly what kind of wallet are you using because some custodian wallets sometimes takes time for the funds to reflect. I once had similar issue with trust wallet (non custodian). But once theirs is at least 1 confirmation on the blockchain then the funds has actually been sent to your address. Maybe excepting it was sent to the wrong address. So you just need to cross check from the sender the recipient address again.

If at all you’re using say that trust wallet then import the seed address into blue wallet and the funds might be reflecting

Dr.Bitcoin_Strange

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Quote from: hosseinimr93 on March 20, 2023, 09:18:50 AM

I don't understand this. You say the transaction had 15 confirmations, but you never received the fund.
Do you mean the sender scammed you with displaying a fake image on his/her phone?

When he showed his phone, there were already 15 confirmations, but from my end, the payment had not yet arrived in my wallet; it took almost 10 hours to arrive in my wallet.

hosseinimr93

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Quote from: Dr.Bitcoin_Strange on March 20, 2023, 09:10:32 AM

I was not worried because already the customer had shown me his device to check the network confirmation (from his end, it was showing about 15 network confirmation), but I never received payment.

I don't understand this. You say the transaction had 15 confirmations, but you never received the fund.
Do you mean the sender scammed you with displaying a fake image on his/her phone?

Quote from: Dr.Bitcoin_Strange on March 20, 2023, 09:10:32 AM

Although I did not keep the customer waiting because I am aware that this is how the network can sometimes be delayed, he did drop his phone line with me and ask me to notify him when i recives. The payment finally arrived in my wallet after a long time of waiting.

Take note that there is no guarantee that an unconfirmed transaction will be finally confirmed. You shouldn't accept unconfirmed transactions.

Dr.Bitcoin_Strange

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I accept Bitcoin payment in my business, so one day I experienced a heavy delay (more than 10 hours) to receive the payment. I was not worried because already the customer had shown me his device to check the network confirmation (from his end, it was showing about 15 network confirmation), but I never received payment. I cover the customer's transaction fee, so I asked him to increase the transaction fee by $1, but yet the transaction was delayed. Although I did not keep the customer waiting because I am aware that this is how the network can sometimes be delayed, he did drop his phone line with me and ask me to notify him when i recives. The payment finally arrived in my wallet after a long time of waiting.

Some centralized service providers will send messages across to their customers that they will be experiencing network issues if they truly are facing any challenge with the network (they will inform customers to bear with them on the inconvenience, promising that service will be restored soon), but Bitcoin is decentralized, and I don't expect anyone to send such a message across to Bitcoin users. But my question is, could we see that as one of the drawbacks of blockchain transactions?

Topic: Can the delay in blockchain confirmation be one drawback of bitcoin transactions (Read 170 times)