Confirmation Times | Bitcointalksearch.org

Sonny

hero member

Activity: 868

Merit: 1000

Quote from: corki on October 25, 2014, 09:37:27 PM

some confirmation times are bulls shiet lol.

like 1 hr wait..

Bitcoin blocks are found randomly. So even with the target time at 10 minutes, it is possible to have 6 blocks in 10 minutes or no block in a whole hour.
It is like you expect to get one "6" by rolling a fair dice 6 times, but in fact, you could get "6" three times in a row, or no "6" in 30 rolls.

drmundo

newbie

Activity: 42

Merit: 0

the most I waited was about 30 mins, not sure about others mentioning more then that.

spidergoat

member

Activity: 103

Merit: 10

Confirmation isn't required for small purchases like a cup of coffee. Most of the risk in doublespending can be migrated by taking simple precautions.

corki

newbie

Activity: 53

Merit: 0

some confirmation times are bulls shiet lol.

like 1 hr wait..

Omikifuse

legendary

Activity: 1834

Merit: 1009

No.

Such major changes don't occur, unless lots of money and people's life are in game. And of course it is not a life or death concern.
The inertia already is too big to such changes happen

bf4btc

hero member

Activity: 568

Merit: 500

Smoke weed everyday!

Quote from: torusJKL on October 13, 2014, 03:56:46 PM

Quote from: MF Doom on October 13, 2014, 02:50:21 PM

Quote from: Salmon1989 on October 13, 2014, 02:10:59 PM

^ And you can use offchain transaction on Coinbase or other sites for small transactions, which will go through instantly in the site's database.

So is this how a store would integrate bitcoin as a payment option?

I don't think this is a good idea.
It will centralize bitcoin in those offchain servers.
And we could have another MtGox.

We already have seen other exchanges fail (got "hacked") since gox went down. We will probably see more in the future.

For most everyday transactions, it is safe to accept a 0/unconfirmed TX after only a few seconds. It would take more time to manually review the TX then the amount of time necessary to see if a double spend attack is being attempted.

There is somewhat of an argument to use services like coinbase for very small transactions as over time the TX fee may increase, making very small transactions uneconomical.

aronnov

member

Activity: 89

Merit: 10

time konfirmasu often rather long, sometimes have to wait for days, even to this day there is any confirmation that has not been approved so that bitcoin is not transferred to the addressee, bitcoin system should have to correct and fix this error, hopefully ... Grin

mullerdan

full member

Activity: 154

Merit: 100

I dont think it will change, it doesnt look like it

torusJKL

hero member

Activity: 619

Merit: 500

Quote from: MF Doom on October 13, 2014, 02:50:21 PM

Quote from: Salmon1989 on October 13, 2014, 02:10:59 PM

^ And you can use offchain transaction on Coinbase or other sites for small transactions, which will go through instantly in the site's database.

So is this how a store would integrate bitcoin as a payment option?

I don't think this is a good idea.
It will centralize bitcoin in those offchain servers.
And we could have another MtGox.

MF Doom

hero member

Activity: 560

Merit: 500

Quote from: Salmon1989 on October 13, 2014, 02:10:59 PM

^ And you can use offchain transaction on Coinbase or other sites for small transactions, which will go through instantly in the site's database.

So is this how a store would integrate bitcoin as a payment option?

cryptosky

newbie

Activity: 20

Merit: 0

it looks like they won't be changed

Salmon1989

hero member

Activity: 603

Merit: 500

^ And you can use offchain transaction on Coinbase or other sites for small transactions, which will go through instantly in the site's database.

torusJKL

hero member

Activity: 619

Merit: 500

And for smaller transactions it is very unlikely someone would try to do a double spend attack and thus you could consider them yours even without waiting for a confirmation.

bf4btc

hero member

Activity: 568

Merit: 500

Smoke weed everyday!

Quote from: Basket Case on October 11, 2014, 09:22:06 PM

Quote from: torusJKL on October 11, 2014, 05:48:15 PM

Quote from: BitcoinBoost on October 11, 2014, 09:16:37 AM

Do you believe the confirmation times will be changed in the near future?

The protocol automatically adjust itself so that on average every 10 minutes a new block is mined.

I don't think that there will be a hard fork in the near future to make it less than 10 minutes.

Its not adjusting well. For sometime now it takes more than 10 minutes to get 1 confirmation.

The 10 minute confirmation time is only an average, not an exact time that it takes for every block. It will be very rare for exactly 10 minutes to pass between found blocks, this is due to variance/luck.

The target block time will probably not change and the reason for this is due to the fact that if confirmation times gets shorter then too many blocks will be invalid because two blocks were found at the same time, and if confirmation time were to increase then it would take too long for a transaction to confirm

Loophole

hero member

Activity: 619

Merit: 500

Quote from: BitcoinBoost on October 11, 2014, 09:16:37 AM

Do you believe the confirmation times will be changed in the near future?

TBH, nope.
First, changing the average block time will require a hard fork, and second there is not much benefit in my point of view.

Velkro

legendary

Activity: 2296

Merit: 1014

Quote from: BitcoinBoost on October 11, 2014, 09:16:37 AM

Do you believe the confirmation times will be changed in the near future?

Everybody explains how it works, but i will ask, why do you ask? You need it smaller for some reason?

torusJKL

hero member

Activity: 619

Merit: 500

Quote from: Basket Case on October 11, 2014, 09:22:06 PM

Quote from: torusJKL on October 11, 2014, 05:48:15 PM

Quote from: BitcoinBoost on October 11, 2014, 09:16:37 AM

Do you believe the confirmation times will be changed in the near future?

The protocol automatically adjust itself so that on average every 10 minutes a new block is mined.

I don't think that there will be a hard fork in the near future to make it less than 10 minutes.

Its not adjusting well. For sometime now it takes more than 10 minutes to get 1 confirmation.

There can be multiple things.
The network adjusts every 2016 blocks.

If you are talking about the first calculation that it depends if you added a fee or not.
If you didn't add a fee than the transaction could take some time until it is mined into a block.

SirLolicon

sr. member

Activity: 322

Merit: 250

Sound Engineer for Hire

Quote from: Basket Case on October 11, 2014, 09:22:06 PM

Quote from: torusJKL on October 11, 2014, 05:48:15 PM

Quote from: BitcoinBoost on October 11, 2014, 09:16:37 AM

Do you believe the confirmation times will be changed in the near future?

The protocol automatically adjust itself so that on average every 10 minutes a new block is mined.

I don't think that there will be a hard fork in the near future to make it less than 10 minutes.

Its not adjusting well. For sometime now it takes more than 10 minutes to get 1 confirmation.

It depends on node propagation, which means sometimes it depends on the miners fee

Basket Case

newbie

Activity: 15

Merit: 0

Quote from: torusJKL on October 11, 2014, 05:48:15 PM

Quote from: BitcoinBoost on October 11, 2014, 09:16:37 AM

Do you believe the confirmation times will be changed in the near future?

The protocol automatically adjust itself so that on average every 10 minutes a new block is mined.

I don't think that there will be a hard fork in the near future to make it less than 10 minutes.

Its not adjusting well. For sometime now it takes more than 10 minutes to get 1 confirmation.

torusJKL

hero member

Activity: 619

Merit: 500

Quote from: BitcoinBoost on October 11, 2014, 09:16:37 AM

Do you believe the confirmation times will be changed in the near future?

The protocol automatically adjust itself so that on average every 10 minutes a new block is mined.

I don't think that there will be a hard fork in the near future to make it less than 10 minutes.

Topic: Confirmation Times (Read 1728 times)