Returning to bitcoin after 2 years! shocked at confirmation time!

TastyChillySauce00

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Quote from: FiiNALiZE on May 25, 2017, 12:17:42 PM

Quote from: Freezingel on May 22, 2017, 09:56:50 AM

From what i know, the speed is roughly the same, the difference is the price or fee you have to pay. Now it's more expensive to send bitcoin because the demand and number of transactions is increasing compared to 2 years ago.

You’re right, the amount of time required for the transaction to get confirmed is pretty much the same as a couple of years ago. People were complaining about the transaction fees then too and a little bit of progress was made from the complaints (Viabtc was built so the transactions could get accelerated causing a bunch transactions getting confirmed much faster than normal).

We are seeing a little bit of progress of the years, if only more miners applied a free transaction accelerator for the people.

Don't expect that to happen in the future, Viabtc was created in purpose of supporting bitcoin unlimited if I'm not mistaken, the miners will not going to make a free BTC accelerator because it'll reduce their profit.
If you want to see the reality, just look at Bitcoin accelerator other than Viabtc, they'll require you to pay a high amount of money, that's what miners actually want from you.

keithers

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If I am hearing/reading correctly, it looks like there has been some small progress made on the scaling debate right? Aren't a lot of the miners signaling towards a version of segwit to help with the scaling?

As stands to make a transaction go fast enough, the fees are like equivalent to credit card or PayPal fees which partially defeats one of the original major use cases for bitcoin Sad

Don't get me wrong, I'm still a firm believer that it is going to be a major long term storage of value, but micro transactions will probably be taken over by Ethereum or maybe even Litecoin.

bitcoinisbest

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Well yes the old fees is now actually takes forever and new fees is way beyond the normal. It becoming more expensive to transfer from one address to another with the new fees. And if you want to send with lesser fees the transaction does not get confirmed for days only.

amacl1n

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You probably used the old fees of 0.0001 btc which is not sufficient at all right now, the fees are more dynamic nowadays and the best methods is using a fees calculator to guarantee getting included in the next few blocks, developers are considering possible options to solve this problem now, but for now at least 200s/b for a quick confirmation.

Vishnu.Reang

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Quote from: Periodik on June 13, 2017, 12:13:39 PM

Welcome back to bitcoinland. Surprised with the very slow transaction and higher fees? You'd be also shocked to bitcoin's price despite these problems surrounding it. We hope segwit and lightning stike be done successfully. If not good luck and thumbs up to the coming altcoin party.

Is SegWit the only solution which is available right now? I am asking this because I don't think that it will be possible to attain a 95% consensus, which is needed to implement the SegWit proposal. Are there any other solutions available currently?

Wa(t)ch_night()

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Quote from: javalemcgee on June 13, 2017, 12:27:23 PM

Quote from: Newar on May 13, 2017, 10:51:21 PM

Simply pay the proper fee. Most clients include that functionality by now.

I paid $3 fee for $150 bitcoin transfer and it completed in 2-3 hours. Do you see the fee like %2 ??

You would say bitcoin had the advantage. Where is it?

I also would not mind if you can buy Bitcoin with a low percentage. Today this is a very rare rarity, since Bitcoin has a stable demand. Everyone hopes for a huge price in the future and therefore reluctantly implements the crypto currency.

btxu

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I have a similar issue.

Been holding a bitcoin in MultibitHD.

Have tried to send a week ago using the default transaction fee that worked in the past. (0.00001) - I don't think it support dynamic fees.
It didn't work - and has been stuck as unconfirmed.

The address I was sending to was another from the same wallet (I was doing this for the Byteball sync a few days ago)

I have since tried to send again to another separate wallet - and upped the transaction fee to the default setting in Multibit (0.00005)

This still hasn't gone through.

I'm concerned my BTC will just be stuck in some weird perpetual limbo - I don't really understand what to do in this situation, if the transactions will time out, or what to expect.

If anyone here has any advice I'd really appreciate it.

javalemcgee

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Quote from: Newar on May 13, 2017, 10:51:21 PM

Simply pay the proper fee. Most clients include that functionality by now.

I paid $3 fee for $150 bitcoin transfer and it completed in 2-3 hours. Do you see the fee like %2 ??

You would say bitcoin had the advantage. Where is it?

Periodik

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Welcome back to bitcoinland. Surprised with the very slow transaction and higher fees? You'd be also shocked to bitcoin's price despite these problems surrounding it. We hope segwit and lightning stike be done successfully. If not good luck and thumbs up to the coming altcoin party.

haroldtee

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Welcome back! That's how we have all seen it. I don't really see that as a problem anyway, if you are transacting huge amount in dollars of bitcoin except for micro transaction like how it used to be. No one has because of that abandoned BTC and I don't see that coming in years to come and since you have been away, there has been a lot of progress as you can see. Once again, you are welcome back.

itsallpc

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Quote from: cuddaloreappu on May 13, 2017, 10:47:50 PM

This was not the bitcoin i had seen!

What in the world has happened to bitcoin

It is almost one day and the transaction has not been confirmed and as a result i am not able to trade in any exchange..

i have heard that the transaction confirmation time has increased but never expected this worst case.. at this rate everyone will soon abandon bitcoin and this is the reason perhaps bitcoin dominance has come down significantly in the crypto space

No one would abandon bitcoin for this reason and bitcoin is still attracting world wide investors.It depends on the transaction amount to pay fee.Higher the amount,higher the fee.But transaction fee is still low in case of remittances from abroad.

25hashcoin

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Quote from: Newar on May 13, 2017, 10:51:21 PM

Simply pay the proper fee. Most clients include that functionality by now.

Herp derp.

Tons of people can't afford this.

mammon

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Well, I have no problems with my BTC transaction so far...

210 dollar send with 3 dollar fee from EU to US, I don't mind. Just don't see the problem??
If had had done this with my bank, would have cost me around 12 dollar....

keithers

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Refresh my memory, what was the original framework laid out by Satoshi for when this confirmation times slowed due to network transactions quantities picking up.

Are we facing this because the creator anticipated that we would have faster networks by now than we actually do in current day?

The part that I'm not grasping is why would anyone not want bitcoin to scale? I mean correct me if I'm wrong, but 99.9 percent of the people here want bitcoin to go "mainstream" and there is no chance in hell that happens if you have to wait days or even hours for a transaction to confirm...

MachineZero

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There was absolute mayhem today on the exchanges and I was still able to get first confirmation in under 8 minutes. Fee was 370 satoshis FYI.

FiiNALiZE

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Quote from: Freezingel on May 22, 2017, 09:56:50 AM

From what i know, the speed is roughly the same, the difference is the price or fee you have to pay. Now it's more expensive to send bitcoin because the demand and number of transactions is increasing compared to 2 years ago.

You’re right, the amount of time required for the transaction to get confirmed is pretty much the same as a couple of years ago. People were complaining about the transaction fees then too and a little bit of progress was made from the complaints (Viabtc was built so the transactions could get accelerated causing a bunch transactions getting confirmed much faster than normal).

We are seeing a little bit of progress of the years, if only more miners applied a free transaction accelerator for the people.

keithers

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This is the land of wolves now & you're not a wolf

I'm going to repeat what I said earlier (or maybe on a different thread), if you are using blockchain.info as one of your hot wallets, DO NOT send your transaction with the default fee settings (especially if it is time sensitive). I have a transaction for about $400 that was sent 5/17, and still has 0 confirmations

Freezingel

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From what i know, the speed is roughly the same, the difference is the price or fee you have to pay. Now it's more expensive to send bitcoin because the demand and number of transactions is increasing compared to 2 years ago.

Victorycoin

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Quote from: Jalum on May 19, 2017, 01:35:21 PM

Bitcoin's confirmation time is not that bad considering that amount of time it requires for some Bank Wire's funding an account overseas. There's a bunch of Banks that require people to wait about 28 days in order to get their money, Bitcoin does not require that much of a wait.

Not having to wait for so so number of working days before a transaction pulls through is one of the ills in the financial sector that Bitcoin came to solve and interesting its first foot forward left no one in doubt. However, these days, a lot of grumbling is in the air, because people know it could be better than what we are getting.

dragonusa9

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because of the rate of bitcoin is really high at the moment, it mean your usual fee dont work at this time
cause the different time and price will be affecting fees to send your bitcoin. so you need to adapt real quick after 2 years

Topic: Returning to bitcoin after 2 years! shocked at confirmation time! (Read 5205 times)