Can we really have fast transactions like the XRP?

kingcolex

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Quote from: DiamondCardz on October 28, 2019, 03:20:03 PM

Quote from: RapTarX on October 28, 2019, 02:55:26 PM

You don't know how transaction take place. The bitcoin block interval is 10 minutes. The difference between creating one block to another is 10 minutes, the reason behind 10 minutes block interval- https://bitcoin.stackexchange.com/questions/1863/why-was-the-target-block-time-chosen-to-be-10-minutes
Initially the plan was 1 minute but later Satoshi change his mind for a lot of reasons detailed in the linn above.

Nothing in his post suggests he doesn't know how transactions take place. It seems that you have skimmed his thread in order to make a post as fast as possible that seems like it contributes something.

His question is whether the Lightning Network, which is a protocol on top of the blockchain, enables Bitcoin to have fast payments like XRP does right now. The fact that there's 10 minutes between blocks is irrelevant to this question.

To the OP: The answer right now is not really. LN support is not amazing, and there isn't really complete consensus on whether it goes far enough or not.

Quote from: White Christmas on October 24, 2019, 09:51:38 AM

What do you mean by fast transactions? Did you mean about having a fast transaction by speed? If that's the case then I would probably says that it is depends on the exchangers because there are exchangers that also have a fast transactions almost the same to all of the coins that they have and there is also some exchangers that is so slow to have transactions compared to other coins. If you mean is about the transaction fees, then it would be more efficient if we will use ripple or xrp to have transaction fees because they are more efficient and affordable as it is very low fees compared to other transaction fees of coins like bitcoin and etc.

Another person who definitely didn't read the OP.

Honestly they didn't even really need to, the whole point of this post was a trojan for the OP to push his bullshit, he didn't really care about anything else.

angrybirdy

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Quote from: Boov on October 29, 2019, 03:59:31 AM

Quote from: ?? on ??

Yes i been try to withdraw and deposit xrp in exchanger i experienced a fast transactions. Its been a minute then my xrp received it.
So i think xrp transactions are fast and good.

I agree with this. I can get my XRP in just 5mins , it is faster than usual! At first I have a doubt on it but then I believe that XRP is much better than in eth. Maybe because it is not yet congested.

We can't deny that the lightning network is indeed great, using XRP when having withdrawal or transactions will only take for a minute or two. In terms of having a fast transaction it is indeed better than using eth.
Both eth and xrp are a good investment, they have different use and there is no need to compare both of them, they serve their own function and the most important is, they give us satisfaction.

Inkdatar

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Quote from: Shasha80 on October 28, 2019, 06:52:30 PM

At this time there is no answer related to the problem of bitcoin transactions which are slower and more expensive than altcoins.
Therefore, altcoins like XRP were created to perfect the BTC function itself, so for now this is indeed a best solution to use XRP for
cheap and faster transactions.Hopefully some cryptocurrency experts can find ways to make bitcoin transactions cheaper and faster.
Of course related to this settlement can take a long time, and can not be solved in the near future. Because needed a lot of research
so that this problem can be solved.

This is the problem ever before if there’s a solution to faster transaction of bitcoin like Xrp. But these days the higher fee you have the faster transaction you can experience. With that exactly it takes time to have a resolution and I tried using xrp and it really has a fast transaction and lower fees.

Boov

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Quote from: ?? on ??

Yes i been try to withdraw and deposit xrp in exchanger i experienced a fast transactions. Its been a minute then my xrp received it.
So i think xrp transactions are fast and good.

I agree with this. I can get my XRP in just 5mins , it is faster than usual! At first I have a doubt on it but then I believe that XRP is much better than in eth. Maybe because it is not yet congested.

jootn2kx

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Quote from: yazher on September 29, 2019, 07:15:30 AM

Bitcoin has been the Top 1 cryptocurrency since its birth from 2009 it evolves now to the one of the top use cryptocurrency by means of payment.
But I see one problem with it, about its transaction. last time after our manager sent our rewards on signature campaign it took a day to confirm the transaction the longest transaction I've ever had. So I came to think of it if Bitcoin can have a fast transaction like Ripple (XRP).

I found this Video explaining about Lightning network, this is an old video.

By now are we able to make fast Bitcoin transactions without paying a big amount for it?

Source: The Blockchain and Us: Interview Elizabeth Stark, Lightning Network

The speed of transactions generally depends on the fee that the payment sender pays. Higher fees tend to be prioritized, while lower fees tend to wait. It's that simple. With Lightning Network, there is a way to have smaller, regular transactions done instantly, which might be good for subscriptions, and maybe even salaries. However, I don't think that this is the way in which BTC is heading. Stellar, or even Litecoin would be better for faster transactions. BTC is moving towards becoming a store of value, imo. So no, I don't expect that BTC will ever be XRP-fast, but that is fine, there are other altcoins that could be used for making fast payments.

Shasha80

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At this time there is no answer related to the problem of bitcoin transactions which are slower and more expensive than altcoins.
Therefore, altcoins like XRP were created to perfect the BTC function itself, so for now this is indeed a best solution to use XRP for
cheap and faster transactions.Hopefully some cryptocurrency experts can find ways to make bitcoin transactions cheaper and faster.
Of course related to this settlement can take a long time, and can not be solved in the near future. Because needed a lot of research
so that this problem can be solved.

Digitalbitcoin

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I would like to suggest use XRP or XLM for microtransactions. Making such microtransactions with Bitcoin(BTC) may cost more. And XRP and XLM are also altcoins( Alternative coins used instead of Bitcoin).

Considering Bitcoin's transaction time and fees taken for transaction costs muc more comparing to XRP and XLM transaction speed and fees. And it's because of the different protocols and consenses.

XRP and XLM are great altcoins offering instantaneous transactions within the network with blazing speed, it takes hardly milliseconds to broadcast and verify the transaction on network.

DiamondCardz

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Quote from: RapTarX on October 28, 2019, 02:55:26 PM

You don't know how transaction take place. The bitcoin block interval is 10 minutes. The difference between creating one block to another is 10 minutes, the reason behind 10 minutes block interval- https://bitcoin.stackexchange.com/questions/1863/why-was-the-target-block-time-chosen-to-be-10-minutes
Initially the plan was 1 minute but later Satoshi change his mind for a lot of reasons detailed in the linn above.

Nothing in his post suggests he doesn't know how transactions take place. It seems that you have skimmed his thread in order to make a post as fast as possible that seems like it contributes something.

His question is whether the Lightning Network, which is a protocol on top of the blockchain, enables Bitcoin to have fast payments like XRP does right now. The fact that there's 10 minutes between blocks is irrelevant to this question.

To the OP: The answer right now is not really. LN support is not amazing, and there isn't really complete consensus on whether it goes far enough or not.

Quote from: White Christmas on October 24, 2019, 09:51:38 AM

What do you mean by fast transactions? Did you mean about having a fast transaction by speed? If that's the case then I would probably says that it is depends on the exchangers because there are exchangers that also have a fast transactions almost the same to all of the coins that they have and there is also some exchangers that is so slow to have transactions compared to other coins. If you mean is about the transaction fees, then it would be more efficient if we will use ripple or xrp to have transaction fees because they are more efficient and affordable as it is very low fees compared to other transaction fees of coins like bitcoin and etc.

Another person who definitely didn't read the OP.

RapTarX

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You don't know how transaction take place. The bitcoin block interval is 10 minutes. The difference between creating one block to another is 10 minutes, the reason behind 10 minutes block interval- https://bitcoin.stackexchange.com/questions/1863/why-was-the-target-block-time-chosen-to-be-10-minutes
Initially the plan was 1 minute but later Satoshi change his mind for a lot of reasons detailed in the linn above.

Expecto

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XRP has a fast transaction system and it has one of the biggest market capacities in the market. But it doesn't give good signals about its price. Bitcoin is highly dominating the market and it started to make transaction duration shorter than before thanks to Lightning Network. I believe Bitcoin will be successful on this too.

Ridwan Fauzi

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I've been waiting for almost one year to see what will happen if lighting network is being launched because at that time there were many people who explain that this service is a solution for bitcoin transaction proccess and fees as well.

And now it has came, we can use it although we still feel restless (just me maybe) since we make a transaction then the transaction is not directly being created on blockhain and there are some people who reveal that this thing is really vurlnarable to hack.

But, maybe this service need more an education since just a few people who use it even it is not much who didn't know it. However, there are some altcoin who like XRP which have fast transaction such as matric network who can be able to proccess transaction for almost 6000 proccess per second, maybe you can use it.

Ayiranorea

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Quote from: Kambal2000 on October 24, 2019, 08:54:58 PM

They are different in many ways as Bitcoin was developed as digital currency that which aims as payment of services and good, while on the other hand, XRP was created for banks for payment settlement, money transfer and currency exchange. XRP is really developed to create asset transfers in real time.

Agreed, this is the real difference between bitcoin and xrp. Bitcoin is developed as a payment that itself serves as a currency. When it comes to xrp, it is developed to pivot transactions and support banking services. With that it is developed as a network for banking. This is why it is also termed centralized platform service.

meanwords

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We all have this problem, A lot of people are crying for the past years about Bitcoin's transaction speed and we still don't have an absolute answer. We just have to deal with this and settle if we want anonymity and privacy. You could just wait for LN to improve so that you could do large transactions. If you really can't deal with Bitcoin's transaction fees, then use altcoin then change to Bitcoin again. That's what I do.

Kambal2000

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They are different in many ways as Bitcoin was developed as digital currency that which aims as payment of services and good, while on the other hand, XRP was created for banks for payment settlement, money transfer and currency exchange. XRP is really developed to create asset transfers in real time.

Wintersoldier

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Quote from: mrBTCman on October 24, 2019, 09:18:02 AM

I think it's possible just to switch to using XRP in such a case.
I know this might be not an answer to your question, but just think about it - if you need transactions like those from Ripple, so what do you want from Bitcoin? There are lots of coins that solve the issues with slow transactions, just some of them and don't make things more complicated than they are.

It is not the case that we need to change from bitcoin to XRP, I see the point is if the technology behind XRP can be use in bitcoin as well in order to promote fast and much more efficient transactions. In this case, we don't need to find another altcoin such as XRP just to pay small amounts and long period of time since we are as fast as them and as efficient as well.

Xxmodded

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Quote from: yazher on September 29, 2019, 07:15:30 AM

Bitcoin has been the Top 1 cryptocurrency since its birth from 2009 it evolves now to the one of the top use cryptocurrency by means of payment.
But I see one problem with it, about its transaction. last time after our manager sent our rewards on signature campaign it took a day to confirm the transaction the longest transaction I've ever had. So I came to think of it if Bitcoin can have a fast transaction like Ripple (XRP).

I found this Video explaining about Lightning network, this is an old video.

By now are we able to make fast Bitcoin transactions without paying a big amount for it?

Source: The Blockchain and Us: Interview Elizabeth Stark, Lightning Network

Using xrp very faster payment transaction where you sent your xrp from one exchange to other exchange only take few minute and your transaction successful receive in your wallet destination, compare with bitcoin take few hour using XRP very good way if you want to withdraw your bitcoin to other wallet by convert become XRP coin first and you get faster payment.

White Christmas

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What do you mean by fast transactions? Did you mean about having a fast transaction by speed? If that's the case then I would probably says that it is depends on the exchangers because there are exchangers that also have a fast transactions almost the same to all of the coins that they have and there is also some exchangers that is so slow to have transactions compared to other coins. If you mean is about the transaction fees, then it would be more efficient if we will use ripple or xrp to have transaction fees because they are more efficient and affordable as it is very low fees compared to other transaction fees of coins like bitcoin and etc.

mrBTCman

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I think it's possible just to switch to using XRP in such a case.
I know this might be not an answer to your question, but just think about it - if you need transactions like those from Ripple, so what do you want from Bitcoin? There are lots of coins that solve the issues with slow transactions, just some of them and don't make things more complicated than they are.

jarhed

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Quote from: Wind_FURY on October 02, 2019, 12:49:58 AM

Quote from: timerland on September 30, 2019, 06:25:54 AM

It really depends on the lightning network I guess, if it keeps working as intended, making smaller transactions dirt cheap, and confirming transactions super fast, we could definelty see BTC as a fast payment option, and viable for those everyday coffees.

I agree with Malse, even though I don't support ripple's views and I definetly don't like the centralised aspect, using ETH, and XRP to pay for small things is just so much easier compared to BTC.

Or change our attitude on what Bitcoin "should be". It's not going to be "the next Paypal". Design decisions should always move more towards decentralization, security, and censorship-resistance, than speed.

Even now, I know many people who use ripple for quick transfers between exchanges and among themselves. They do not want to use Bitcoin due to the fact that expensive transactions and are rather slow.

Wind_FURY

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Quote from: timerland on September 30, 2019, 06:25:54 AM

It really depends on the lightning network I guess, if it keeps working as intended, making smaller transactions dirt cheap, and confirming transactions super fast, we could definelty see BTC as a fast payment option, and viable for those everyday coffees.

I agree with Malse, even though I don't support ripple's views and I definetly don't like the centralised aspect, using ETH, and XRP to pay for small things is just so much easier compared to BTC.

Or change our attitude on what Bitcoin "should be". It's not going to be "the next Paypal". Design decisions should always move more towards decentralization, security, and censorship-resistance, than speed.

Topic: Can we really have fast transactions like the XRP? (Read 598 times)