Topic: Is Bitcoin slow when you talk about moving money? (Read 276 times)

I think, Ripple's tweet is right. No one wants to wait when payment is pending about 15-20 minutes. Don't think only it is a money trasnferring. Bitcoin is a tool for peer-to-peer payments. So I want make a deal with someone. And he send me his Bitcoin. Everything is ok but we have to wait for transfer approval? It is not cool.

It has to be fixed ASAP. There is two biggest problem for Bitcoin. One of the transaction speed and the other one is the energy consume. Someone has to find a solution this two problem.

I agree with the point that transactions on the Bitcoin network are slow. Sometimes they are even very expensive regarding to fees. Bitcoin itself is far from being adopted globally as a means of payment (comparing to e.g. debit or credit cards), but it certainly enriches the global payment environment.

For me, it is relative. When you transfer for small amount for example 0.1 btc, according to the blocktime of btc, you need 10 minutes to complete your transactions. But when you transfer for huge amount, let say 10,000 btc, you will need same time amount of time to complete your transaction which is very small time amount of time to move such big amount of money. So, it will depend on how much you send.

I have try to invest in bitcoin. It was the most time-consuming process in my life. First, I was suspiciously observing its development, but then I decided to become good and profound at it. The process of turning cash to cryptocurrency is not that long. To understand how and when you need to this - that is a really long thing.

it depends, for example if there is bitcoin bubble it could be hard to move bitcoins or fast but demand big fee
second example, now, its very easy to transfer bitcoins, you can move whatever amount you want for pennies and in matter of minutes. compare that to bank transfers which could take from 1 day to 7 days

Bitcoin is incredibly fast compared to traditional systems of money when you consider things such as international payments, heck, even payments within the same "country" can take days in some circumstances.

Compared to paypal and "some" fiat payments, yes, those can be near instant... but the compromises in privacy, security and censorship-resistance are not worth it. Bitcoin and other cryptos will only improve in terms of speed, things like lightning network or instantsend... the possibilities are endless.#

Most comments like these are simply born out of ignorance or only coming from the perspective of someone who is very high up and well served in the current financial system; but the vast majority of the Earth is under-served or not served at all. Those who are served are under immense control and surveillance, whether they're aware of it or not.

Although before some months ago bitcoin moving money l means transactions was very slow but now l think it is improvmentioned of a speed. I think now lot of people are satisfied about bitcoin transactions.

It depends. If we talk about moving funds from North America to an African country then Bitcoin is the best choice. It is the fastest and cheapest way. In addition, you don't have to move from your place, nor carry a bag full of money nor sign a paper to do it.
However, when it comes to the daily life, for example shopping, waiting for 10 minutes on average to get at least 1 confirmation is a little bit annoying. The best solution is a third party insuring the transaction.

bitcoin has never been about instant irreversible payments. instead it has been about decentralization and security of a payment system that doesn't require any intermediary like banks to process your money transfers. and the time it takes to transfer the money you want to someone else is not something unreasonably high. it is good enough. and there are options such as lightning network that you can use if you want faster transactions.

Bitcoin is much faster now and I would personally prefer to still utilize Bitcoin mainly as it is a decentralized entity. Ripple on the other hand could pull a plug on my finances tomorrow, whereas Bitcoin cannot be stopped even by governments because it is not centralized the way Ripple is. Bitcoin before the lightning network and segwit was very very slow. I remember having transactions stuck for days, plus it was getting frightfully expensive to move around small amounts of money whereas now, Bitcoin is very nice and fast and also much cheaper to move around. Right now I am happy with Bitcoin transaction times, no complaints here.

Bitcoin transactions were slow last winter,when the blockchain was stuck due to the large quantity of transactions.Now,the bitcoin transaction speed is just fine.The ripple chief probably isn`t expecting the Lightning Network launch.Let`s see if bitcoin is slower than ripple,when LN comes.

I strongly believe that these kinks would be sorted out in the nearest future. Yes it takes abit of time to confirm but that is the beauty of the blockchain. High security and transparency. At the moment I would rather take bitcoin over any fiat. And people just need to relax. Bitcoin and the blockchain will get there. It takes time.

there are a couple of things that are worth mentioning here.
first and most important one is the fact that Ripple is a centralized token that the Ripple group has full control over, even on your balances.
now let's look at bitcoin. it is a decentralized currency and in order to remain like that it has to be designed this way. for example if you decrease the time between the blocks (make confirmation faster) you don't increase the security you in fact decrease it. because you need more confirmation for it to be safe and also you will end up with a bloated blockchain that nobody can download ever again like ethereum and that ends up with a big centralization of nodes to super servers instead of individuals around the world running nodes whenever they want.
additionally "sending money" with bitcoin is instant. it takes about 3 seconds for the whole network to find out about your "money transfer". it is the confirmation that takes time which is about 10 minutes on average. comparing it with other centralized services like VISA the confirmation of VISA which is when a merchant receives his money in his bank for instance takes up to 3 days. so John is saying VISA shouldn't even work!
and finally with lightning network we already have instant irreversible transactions!

While he stated valid points, I'd still choose bitcoin over a centralized cryptocurrency any day, no matter how much development the latter got over the course of years. What's disheartening about bitcoin is that devs is that they aren't actively making any developments about making bitcoin a viable currency because rhey feel that there isn't a need to improve the specifications of bitcoin. If it works, why modify it? That kind of mentality separates bitcoin from being a successful currency from a successful investment vehicle.

For now I will agree with Cory Johnson statement because Bitcoin transaction recently are slow, it will take 30 minutes to 1 hour before it is confirm by the miners while other centralized money transfer will probably need only 5 minutes to process your transaction.

I am not sure Cory John's statement was aimed at promoting Bitcoin negatively, I think, John's statement was shading light on the current issues associated with transferring money over the internet using Bitcoin.

More so, I think Charlie Lee advice was to individual interest in investing in cryptocurrency. Investing in Bitcoin is way different from using Bitcoin to transfer money over the internet. I want to believe that Bitcoin was purposely made for easy transferring money over the internet so as to skip or run away from huge fees charges associated with BANK transfers.

I shall therefore like to refer you that, the focus of this topic is on
1. Whether it is true that Bitcoin is currently slow in transferring money over the internet
2. Whether is true that money is not being moved as fast as it is expected to be moved over the internet?

The best way Johnson could have promoted bitcoin is not by putting bitcoin in a negative perspective, Charlie Lee said everyone should first bitcoin before any other coin.Bitcoin is not a slow moving money.

Cory Johnson, Ripple Chief Market Strategist said that "Bitcoin is slow when you talk about moving money" in a recent discussion on the future of blockchain and cryptocurrency @ foxbusiness.com.

Following this comment, Ripple tweeted on its official twitter page that
 “Money should move as fast as ideas move as fast as data moves and right now it doesn’t.”

While i strongly agree to Ripples tweet, i turn to ponder over exactly what Cory John has experience with Bitcoin. So i gave it a try, and the transaction experience is nothing better to write home about nor keep mute over

Anyways before i draw any conclusions. I just want to find out if
1. You agree or disagree with Ripples tweet.
2. You agree or disagree with Cory John assertion.

However before you comment on the Number two. You should have had an experience with transferring money with Bitcoin in the past couple of Weeks.