Topic: Fast transaction speed is not a real world problem in crypto space (Read 207 times)

Transactions in cryptocurrency Blockchains  are fast and still being worked upon to be faster. There is even one to be launched chain called SUI which is said to be capable of executing 1200 transactions in just a second.

I think scalability is more important for massive adoption. Look at ethereum. They really have a great feature which is the smart contract that make possible for many new projects built upon it. But, when it's become more crowded, it's not well able to accomodate the traffic. The gas fees become more and more expensive because more people using it, makes the miner choosing the transaction that are willing to pay more and abandon the cheaper one, affecting the pending transaction and the traffic becomes stuck. 

Just because other projects have the same thing, is it appropriate to ignore this issue while development doesn't stop? So you don't dream that bitcoin will reach a large scale of use. Or let this be a more talked about weakness so the developer thinks it's homework that needs to be done somehow.

Bitcoin is not slow in transaction speed if we compare it with fiat currency. Bitcoin is global and not exclusive like other fiat, so we don't have to worry about the weakness. I don't know why always compare it with altcoin kwhich has folk from bitcoin?, of course, when we compare it with altcoin, bitcoin will have transaction speed weakness. But, bitcoin has other altcoins that don't have, that is called fundamental, so if people talk about crypto, they will mention 1st bitcoin, not another altcoin like ETH or LTC.

You can do this in person, between you and your trusted friend, but you should not do this. It is easily to get a first confirmation if your trade partner knows how to use a good enough fee rate. If he does not know, tell him about that and the deal will be completed within 10 minutes or 30 minutes. It's more safely for you.

The speed of the transaction varies according to the purpose. If I want to drink coffee or buy from a store, the average time of 10 minutes is a lot for me, and this differs from a contract to buy a house or a car, or even sending money to a person in another part of the world.

The more accurate term is the use of Bitcoin for everyday life, which includes buying groceries and paying for everyday services, which require less reliability and higher speed.

Solutions have been built to this problem, such as the lightning network or side chains, and with the increase in the number of users, it can become an ideal solution instead of solutions such as increasing the size of blocks or making the average production of each block less than 10 minutes, which will lead to centralization in one way or another.

The speed of a bitcoin transaction depends on the peers involved in the exchange of good and services. The network is mainly involved in security, that's where the confirmation comes in, have you heard of Zero confirm merchants. So, if you are cool with the next person, you can send them what they paid for knowing that after the confirmation process your funds will definitely get to you. What then is speed about the Bitcoin network? The funds goes in immediately to your address balance, but needs at least 1 confirm before it reflects on your wallet, just to secure the funds from double spending. I've met some people who don't wait for the confirmation process before they send me what I've paid for, this time, the speed of a bitcoin transaction has to do with trust. If you don't trust that person please wait a little while before giving out your own side of the deal. I think it's a straight forward experience.

Yeah, High TPS on blockchain project is already typical because new blockchain just copy and improved the other fast blockchain technology. But these new blockchain is still not stress test on actual heavy transactions real time for long period of time that's why most of them still get scalability issue later on once TX's flooded. Tron is now charging +$1 compared to their old fee which is just a mere penny.

This new blockchains after Bitcoin is just doesn't have consistent high volume of TX's that's why they can maintain a fast blockchain.

Imo, The problem of new blockchain now is how can they attract user to use their ecosystem while there's a lot of competitor blockchain that offers the same fast feature. They are now competing on dapps but still nonsense because developers nowadays develop dapps in multiple chain. I agree that blockchain industry is starting to become a shitcoin like meme coin plague.  Open source is a bitch for them.

I think still fast transaction is a problem and even BTC is not capable of solving it. Like we all talk about BTC's mass adoption by countries adopting it as legal tender etc. but we should also ask ourselves that, does BTC blockchain is able to process the transactions of a whole country at once. AFAIK, No. BTC cannot process the transactions of a whole country at once. i had already discussed this topic.

For example, El-Salvador has almost a population of 7 million (let's say) if 5 million are using BTC as payment and if they make transactions on BTC all at once how much time will blockchain take to process/validate, it will take around 10 days. I have already discussed this topic here.

Plus i totally agreed with your point and the shit or mem coins are just new opportunities or products of venture capitalists to earn extra money, first, they come up with DeFi based coin back in 2020-2021 and in 2022 they came up with Web3 and now we are going to see projects with Artificial Intelligence Ideas. All they do is flow with the trend to gain funds and after that 90% of them scam investors and early adopters.

but sometimes even with fast transaction speed now the only problem was the time our transaction got block confirmation.
because we need higher transaction fees to get fast block confirmation, and I know that exchange want to get a few profits from bitcoin withdrawal and use a low transaction fees that will get a few hours to get block confirmation.

Then you will need to tell me how many crypto projects you know that are plagued with slow transaction speeds, transaction speeds are not issues anymore, even meme coins have fast transaction speeds, no project or shitcoin have long time transaction. That's a invalid point.

Fast transaction speed issue have been solved after Bitcoin, every other blockchain projects out there have faster transaction speed than Bitcoin, solana, Tron, Cardano, Polkadot, Polygon, Cosmos, Avalanche, and many, this is not a real problem anymore.  It will be stupid of you to invest on a new project that has nothing new than faster transaction speed. We've seen it over and over again, even projects with less market cap like Kaspa and Saito, they all have faster speed.

The world is changing, and new solutions to old issues are being discovered. Projects that still use rapid transactions to advertise their services are still not bad; no one wants to participate in a project that takes longer time to execute their transactions.
Since fast transaction speed is no longer a problem in cryptic space, you can now focus on other distinguishing qualities of that project that set it apart from others. In the crypto space, transaction speed is not a priority, rather security is the most critical characteristic that everyone should address first in any project.

Bitcoin prioritized security over speed, the includes having more secure transactions per second than other channels. With fiat payment channels, they accommodate lots of transactions which does not involve any transfer of value, just change of digits between one account and the other, like what you got when you trade within an exchange. The actual transfer of value between bank accounts take place at a much later time, far slower than on the Bitcoin network.
Bitcoin involves secure, irreversible transactions with actual exchange of value between one address and the other.

Opening a lightening network channel does not usually pose a problem at all. Are you experiencing any particular issues with it?

When you create something new and discover oneor two challenges facing it, thenn what to do next is to introduce a system that will hrlp tackle such challenges and people get satisfied in using it, this is what bring about bitcoin lightning network when the transaction was slow, now with bitcoin LN, you can get off the delay in transaction speed through the layer 2 protocols and not only that, multiple transactions can be confirmed at once with a lesser transaction charges and of all other cryptos, bitcoin is the one with the least transaction fee and high transaction speed.

Actually, how many transactions per second is the Bitcoin blockchain capable of processing? It's just 7. On the other hand, how many transactions per second is, say, the Solana blockchain capable of carrying out? It's 50,000. But why do people transact on the Bitcoin blockchain and not on the Solana blockchain? It's because the Bitcoin blockchain provides the most security, among others.

My point is that you cannot just single out a certain feature in choosing which crypto to trust. You have to look at the parts as well as the whole. Is Solana, for example, even decentralized? So even if Solana is better than Bitcoin in terms of speed and scalability, it doesn't mean it is better than Bitcoin.

The problem that LN has is the opening of channels, although in most cases, for a user carrying low amounts on his mobile, this is usually not a problem. I opened a thread asking about this recently.

Confused with how LN works.

In any case, bitcoin is currently used more as a store of value and I believe that this will be its main function in the future. For quick payments we have LN and altcoins, so I agree with the OP that it is not a problem today.

Though is still a problem in Bitcoin, Bitcoin core developers have solved or is solving this problem through the Lightning Network, just that is not too well known.
Aside from this, if the coin is not really solving a long term problem (just like the case of Xrp), it does not worth it.
Lastly, those coins which are fast are still not secured and as the current rate of crypto hacks is highly increasing, Security is still the best.

It is somewhat a promotion thing when every Alticoins is created they always point at some certain self aclaimed flaws of the bitcoin and they project to correct the problem. Things like transition from POW to POS, lower transaction fees, faster transaction speed and a very high Return on Investment. We have all seen how all of them have faired since then. these are ways to lure people into those alt coins just like how Ponzi scheme. Bitcoin decentralization and hedge against inflation can’t be match and with the regular BIPs it will be hard to have any alt taking bitcoin place

I don't see any of this aitcoins in anyway better of than bitcoin in terms of anything. Remember when bitcoin was launched in 2009 and after while it becomes the hot coin against other digital assets like gold and crude oil. So the aitcoins you mentioned above came after bitcoin there is a need to make transactions fast and convenient for buyers but still not to be compare with bitcoin transaction.

Value transacted per second (VTPS) is more important in reality than TPS.

Click to see the comparison (a bit outdated but it is still true now).

What is the fastest blockchain and why?. I failed to see any of those projects are bigger and better than Bitcoin.

Especially if you are aware of how big and safe, secured the Bitcoin network is. Check the fact with https://howmanyconfs.com/

None of existing Proof of Work blockchain networks can compare with Bitcoin in this term. Other blockchains with other algorithms like Proof of Stake, etc. are centralized can be hacked, seized anytime. They are not deserved to compare with Bitcoin.

Bitcoin - solves or trying to solve financial institute problems, like inflation,  and its fully decentralized, yet it has slow transaction speed, it wasn't built for fast transaction speed anyway.

Litecoin came, and has faster transaction speed, a problem on the horizon from Bitcoin, well noted.

Ethereum later came, brings the smart contract, but still has it's problem right?

These old projects are good example of what solving a real problem looks like, but today it's a different thing with new projects.


Fast transaction speed is no more a problem now, it's feature, and features and solving a real world problem are not the same thing, some projects are coming up saying they have faster transaction speed, which project doesn't have that today? Even shit meme coins now boldly rant about fast transaction speed. This is not solving anything, because this problem was already solved. Too many times.

Don't invest in a project that has the same utility that has been around for years, there is no point having the same thing over and over again, if the project is not solving a known problem in cryptic space you are simply throwing your money away.

Adding fast transaction speed is now an extra features, not solving a real world problem, almost all projects now has faster transaction speed.