Topic: Can we really have fast transactions like the XRP? - page 2. (Read 598 times)

I didn't think of it as hack honestly. Because we can see the record of transaction through the network and I'm sure that there's no others address that's associated why it was delayed.
The fees really varies and we can't control them so the higher you pay, the more priority you'll get. That's the solution that we can do for ourselves. I don't use XRP for my transactions or even convert my BTC to XRP.

I just don't like the idea of being centralized, because at any moment they can make any reason for their escape scam. like the other exchanger with their hacking stories. then there will be no other way to get your coins back that is one of the bad consequences for holding a centralized coin.

That's why Even though they can have fast transactions with lower fees, they still behind Bitcoin.

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.

"Insecure" in the context that the users have to trust a centralized third party that your transaction will go through, and hope that a government entity would not take the network down.

They have. I use doge to transfer btc from one exchange to another. Though amongst the top coins in the market, ripple  is my top choice for cheap and fast transactions. It's definitely cheaper than bch. Even if btc transactions are a lot faster now, converting to alts is still cheaper and for me, way quicker than bitcoin.

The robust network of bitcoin does not make it malleable to increase its transaction speed like other blockchain networks have. However, using the lighting network to make payments can help hasten the process. Also, i believe the bounty manager settled to pay very low transaction fee and that caused the delay.

Yupp the xrp distribution system is fucked just like fiat which is hurting cryptocurrency principle about how it supposed to be run decentralized. I will avoid comparing to xrp but xlm instead.

They launched the live net and lightning network beta last year which it's very much in development... we can't expect much but yeah i wish i could always send money through cryptocurrency without waiting any confirmation.

Let's see what xlm can do about this .

I understand now, so that's how they got their speed by becoming centralized. I can sacrifice the speed rather than becoming centralized as pooya87 said: "insecure transactions will get us in trouble".  satoshi's main plan was to make bitcoins transaction to be decentralized. so to be more secure, they are not adopting the XRP technology as it gives Bitcoin holders unsecured transactions right? and the idea of secure transactions will no longer exist.

I believe you should change what Bitcoin is in reality. Satoshi designed the network to be decentralized first, and therefore secure, not fast.

The Lightning Network is only suitable for small recurring payments. And this is definitely not the silver bullet that will make Bitcoin a “peer-to-peer payment system”, as it is written in its white paper.

of course we can. it is easy, we sacrifice the decentralization and security of bitcoin and become centralized like XRP and then it is easy to have fast insecure transactions that the centralized power who would control the chain by then could take away from you at any time if they wished to.

Well we have the lightning network implemented last 2018 but there's not enough advertising in it to convince people to use lightning network although the nodes connected to lightning network are already in 10000 still low amount of people using the network though and more people still using legacy addresses until now but i think in future, more start ups will move lightning network and people with full node will move too.

The transaction speed of xrp is much higher than bitcoin for various reasons. We have bitcoin to be working on the mining process while xrp is pre-mined. Out of 100 billion only 38 billion are in the market. Bitcoin is spread all around, 60% of xrp is being owned by Ripple.

On the whole Bitcoin is made and more as a money while ripple is made as a payment service for banks, payments network, commodities and much used for assets transfer through the network with a much reduced cost.

Waiting for a week is a little bit worrying mate for sure, it sometime we could think of being hack as what it happens to me before when I withdraw it coming from HITBTC. It sometimes we might think of its high fees compared to the other coins and even ETH it also have low fees. I don't know what makes especial with BTC, instead, they should have to lower the transactions fees since a lot of people are using this.

But what XRP did is almost instant which some traders are converting their BTC into XRP cause of transaction fees and also its fast confirmation. How I supposed to see it happen also with BTC and possible to all cryptocurrency, maybe it is just fair.

Your experience was a little bit lower than most of us who experienced the slowest confirmation of all time (probably) by the end of 2017. IIRC, my longest transaction was nearly a week before it got confirmed.
Others doesn't get the idea of OP has, he's asking about if its possible that bitcoin could be upgraded with the same speed as XRP. But honestly speaking, the confirmation time right now isn't taking any longer. Around 3-7 minutes, most of my transactions were confirmed.

I understand OP's stance.  We are talking about confirmation between cryptocurrency, not of fiat and cryptocurrency.  I also think that OP feels that it is annoying to wait for several hours when he is used to waiting 20 to 30 minutes before he can use his BTC.  The point of the post is to inform us that there is a solution to this problem being laid and it is the lightning network.  Its just the title is somehow a bit tricky to the point of misleading its reader.


It is slow compared to other cryptocurrency block confirmation.  Bitcoin have 10 minutes  and others have way less than that time to confirm blocks.  But I believe if lightning network is fully implemented it can rival any fast confirming cryptocurrency in the industry.

Bitcoin transaction is not that slow, the problem is it takes a higher fee! Maybe your manager put a low transaction fee, so it took one day to finish. The same thing happened to me in a masternode website, I received my payment after 5 days and Bitcoin was pending in my wallet through those 5 days!
However, I don't think Bitcoin can be fast like Ripple with a lower fee, if you want to get your bitcoin fastly, you have to spend at least 6-7 USD!

Better in what way? And what altcoins are better according to you? I honestly consider XRP one of the better altcoins to pick if you're out to enjoy super fast transactions to for example benefit from arbitrage opportunities.

It's probably the most accepted altcoin alongside Ethereum. The downside is that we don't know how centralized XRP exactly is. I'm wondering if Ripple can reverse transactions at will.

People keep complaining about Bitcoin's slow transactions, but there isn't anything that will change here as long as LN isn't fully deployed. You either use Bitcoin or an altcoin that's faster. People are free to choose.

Why are you complaining for 1 day? DO you know how long international wire transfers take? WEEKS.

Signature campaigns pay minuscule amounts, do you wan't him to spend half of the payment in transaction fees? OF COURSE i would use the lowest fee (1 Sat/B), this usually takes about ONE HOUR, and rarely several hours.

Yes, in theory campaign managers could use Lightning Network, given that the payments are frequent and often, it makes a perfect use of it. Unfortunately, Lightning Network wallets are still rare. Perhaps when the likes of Electrum finally add it, but even LN has had changes lately so i still don't know when this would ever get critical mass use (if ever).

You mention ripple but that is the case of everybody else, due to lack of use among other things. Except perhaps ethereum, because their blockchain is used for a gazillion things not eth (all those tokens and smart contracts, etc). Go ahead and send 1 dogecoin while paying the lowest fee and see how long it takes, its probably faster than ripple...

Bitcoin transactions are perfect for most uses. I always use the lowest fee, i even bought something once online that way, and got it faster than ever compared to using the traditional wire transfer fiat method, that usually takes at least 1 day for the seller to confirm, while with bitcoin 1 hour later he got it confirmed AND, no stupid bank working times (which in this country suck).

This lightning node technology already exists, in fact, some exchanges have set up their own Lightning Network Node. Some say Bitcoin on-chain transactions are more secure than Lightning off-chain transactions I don't think so.

Sample:
Bitstamp's Lightning Network node
https://www.bitstamp.net/lightning-network-node/?utm_source=Twitter&utm_medium=post&utm_campaign=lightningnetwork

Lightning Network Discussion Thread
https://bitcointalksearch.org/topic/lightning-network-discussion-thread-4638321

Lightning Network Article:
https://bitcoinmagazine.com/articles/understanding-the-lightning-network-part-building-a-bidirectional-payment-channel-1464710791