Hello, is there any progress being done with these ridiculous confirmations times?
Nothing will be done in the immediate future, probably for a few years, if you want reliability and speed you need to find some other way.
Topic: Confirmation time (Read 1073 times)
Nothing will be done in the immediate future, probably for a few years, if you want reliability and speed you need to find some other way.
If you are buying Bitcoin for cash, then you don't want to stand around for 30 minutes or more before you feel confident that it is safe to hand over several hundred pounds.
If you have a trust relationship with the other party, then there is no need to wait for confirmations at all.
If you don't have a trust relationship, then 10 minutes (on average), and less than 10 minutes the majority of the time, is a reasonable amount of time to wait for the ability to engage in a non-reversible trust-free transaction.
They're only too long if you think every coffee purchase or micropayment must be on the blockchain to be broadcasted to every single node.
If you are buying Bitcoin for cash, then you don't want to stand around for 30 minutes or more before you feel confident that it is safe to hand over several hundred pounds.
http://www.ibtimes.com/blockchain-complaints-hit-record-level-bitcoin-transaction-times-grow-fees-rise-2332196
“In short, transactions took longer despite average fees rising significantly, and the price fell,” Smith said. “Simply put, bitcoin users paid more for less value. Higher fees did not result in faster transactions, just a lengthy backlog.”
The fees didn't help. This is quote by CEO of blockchain.info
“In short, transactions took longer despite average fees rising significantly, and the price fell,” Smith said. “Simply put, bitcoin users paid more for less value. Higher fees did not result in faster transactions, just a lengthy backlog.”
The fees didn't help. This is quote by CEO of blockchain.info
Yes, there are many things you can do for faster confirmations. Like don't be greedy and use https://bitcoinfees.21.co/ to find out what fee you should use. I have had very quick confirmations using the suggested fees from that site.
Bitcoin is working as designed.
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They're only too long if you think every coffee purchase or micropayment must be on the blockchain to be broadcasted to every single node.
10 minute average block generation times are far too long. Until they are reduced dramatically, Bitcoin has a limited future.
Sometimes no amount of fees can speed up confirmations
https://en.bitcoin.it/wiki/Confirmation#Confirmation_Times
Something can be done, implement a network of routed payment channels that confirm instantly. Also known as the lightning network.
https://en.bitcoin.it/wiki/Confirmation#Confirmation_Times
Something can be done, implement a network of routed payment channels that confirm instantly. Also known as the lightning network.
Hello, is there any progress being done with these ridiculous confirmations times?
Sure. Just pay a higher fee.And yes there is work to increase scalability which in theory will allow more transactions to confirm and reduce fees by increasing block capacity. Segwit is being worked on as are hard forks to increase the block size limit.
But the only real way to guarantee that your transaction confirms in a timely manner is to pay a high enough fee.
Hello, is there any progress being done with these ridiculous confirmations times?
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