the problem is not the slowness only, but the recently randomness(i hate that), due to those little bit diff adjustment i presume
this is bad for merchants
Topic: Sick of the confirmation time... - page 2. (Read 4253 times)
Am I the only one? Lol
You might need to read a bit more and less lolling. yes, really slow... if can send instant that will be good. but a hardfork might influence bitcoin value for sure . big time
Im too scared of the fork effectively ruining bitcoin all in hopes to make the transaction confirmation times faster. I don't think we need faster confirmation times. Ive never seen anyone having a problem with a transaction not going through unless they did something really stupid (0 fees for big ass transactions or whatever) BTC conformation time is horrible. Especially when you are transferring funds to an exchange or something and you have to wait for 6 confirmations before you can spend your coins. Takes an HOUR at least. Darkcoin and the new instant X is awesome. Takes about 30 SECONDS for 6 confirms. so cool.
*Sigh*
There is no magic "6 confirms" that relates to all altcoins. The strength of the confirm relies largely on the time of confirmation. That is why exchanges have different requirements for number of confirmations with different coins. DarkCoin's "Instant X" is not a new concept. The concept of masternodes is not new, and also cannot be compared with Bitcoin's bedrock POW blockchain. It's closer to POS as each of those masternodes must "buy in". Apples to Oranges.
We shall see whether it proves itself when the stakes are higher.
Darkcoin, eh, Dash has been instamined and is 100% a scam.
If you're looking for quick confirmation times, Bitshares confirms in less than 10 seconds(All those full PoS coins do).
yes, really slow... if can send instant that will be good. but a hardfork might influence bitcoin value for sure . big time
There's no need to stress over confirmation times. Did you know credit cards also take time before the operation gets officially confirmed? People just assume nothing wrong is going to happen, so do the same with Bitcoin.
People take credit cards without issue because there are issuing banks and a full blown network of support (Visa, MasterCard, etc) backing the transaction up. BTC has nothing backing it other than another anonymous individual's word. That's why when it comes to merchants doing fast transaction (in-person retail transactions or instant download transactions) would need to rely on something like CoinBase to cover and back the transaction.
There's no need to stress over confirmation times. Did you know credit cards also take time before the operation gets officially confirmed? People just assume nothing wrong is going to happen, so do the same with Bitcoin.
People take credit cards without issue because there are issuing banks and a full blown network of support (Visa, MasterCard, etc) backing the transaction up. BTC has nothing backing it other than another anonymous individual's word. That's why when it comes to merchants doing fast transaction (in-person retail transactions or instant download transactions) would need to rely on something like CoinBase to cover and back the transaction.
There's no need to stress over confirmation times. Did you know credit cards also take time before the operation gets officially confirmed? People just assume nothing wrong is going to happen, so do the same with Bitcoin.
BTC conformation time is horrible. Especially when you are transferring funds to an exchange or something and you have to wait for 6 confirmations before you can spend your coins. Takes an HOUR at least. Darkcoin and the new instant X is awesome. Takes about 30 SECONDS for 6 confirms. so cool.
*Sigh*
There is no magic "6 confirms" that relates to all altcoins. The strength of the confirm relies largely on the time of confirmation. That is why exchanges have different requirements for number of confirmations with different coins. DarkCoin's "Instant X" is not a new concept. The concept of masternodes is not new, and also cannot be compared with Bitcoin's bedrock POW blockchain. It's closer to POS as each of those masternodes must "buy in". Apples to Oranges.
We shall see whether it proves itself when the stakes are higher.
I agree that the wait seems a bit uncool. We want our money fast! 
BTC conformation time is horrible. Especially when you are transferring funds to an exchange or something and you have to wait for 6 confirmations before you can spend your coins. Takes an HOUR at least. Darkcoin and the new instant X is awesome. Takes about 30 SECONDS for 6 confirms. so cool.
Think of the confirmations as a clearing house. Everything you do before is like off-chain and trust based, after the clearinghouse was at it, you know that its safe.
If you have some trust 0conf is no problem.
If you have some trust 0conf is no problem.
LOL, but viacoin lacks of liquidity, marketing, seldom people use that, so there is no advantage on clearing house at all.
Quick confirmation time is important, but DRK and Doge is not slower than viacoin, and they two have much better liquidity and larger trading volume.
So viacoin doesn't have any advantages, clearing house is not a good choice, although I had tons of viacoins some months ago.
Good lord....
When I talk about clearing house I mean that: http://en.wikipedia.org/wiki/Clearing_house_%28finance%29
not a shitcoin
Think of the confirmations as a clearing house. Everything you do before is like off-chain and trust based, after the clearinghouse was at it, you know that its safe.
If you have some trust 0conf is no problem.
If you have some trust 0conf is no problem.
LOL, but viacoin lacks of liquidity, marketing, seldom people use that, so there is no advantage on clearing house at all.
Quick confirmation time is important, but DRK and Doge is not slower than viacoin, and they two have much better liquidity and larger trading volume.
So viacoin doesn't have any advantages, clearing house is not a good choice, although I had tons of viacoins some months ago.
It is up to the service provider like bitpay and coinbase to solve this problem, other than bitcoin network. The latter ought to be supreme stable and anti 51% attack. So 10 min average is ok for me.
They can't prevent double spend when there is a 51% attack. Any transactions at even 6 confirmations can be doublespent. They just take risk to confirm transactions with no network confirmation. By checking any competing transactions and made sure the transactions have propagated well.
I have never had over 20 minutes for a confirmation.
It is up to the service provider like bitpay and coinbase to solve this problem, other than bitcoin network. The latter ought to be supreme stable and anti 51% attack. So 10 min average is ok for me.
Think of the confirmations as a clearing house. Everything you do before is like off-chain and trust based, after the clearinghouse was at it, you know that its safe.
If you have some trust 0conf is no problem.
If you have some trust 0conf is no problem.
Yes, indeed, btc has slowest confirmation compared to other good altcoins, like top 10 coins DRK and Doge are much quicker than btc with less than 1 min confirmation time.
But btc is the prototype of crypto currency, that's why btc still has biggest market cap even with 30-60 minutes confirmation time.
In the future, if btc gets wider, Doge will surpass LTC, i guess, LTC is the other slow coin with 5 conf time.
But btc is the prototype of crypto currency, that's why btc still has biggest market cap even with 30-60 minutes confirmation time.
In the future, if btc gets wider, Doge will surpass LTC, i guess, LTC is the other slow coin with 5 conf time.
IT might be 1/4 as much security, but, at least for that first confirmation, you can at least see that it had valid inputs. That is worlds more security than accepting a zero confirmation transaction.
Are you implying that that there is a requirement for a miner's confirmation to verify valid inputs? Any node can (and does, all day, every day) verify inputs before relaying the transaction. There is absolutely no reason to wait for a block to be mined if all you're concerned about is verifying inputs.
And YES - I know that if we had an alternate crypto with 1 minute blocks, a transaction would be no more secure with 10 confirmations behind it, than 1 confirmation from the Bitcoin network and its 10 minute blocks. But to simply see it's been accepted into a block, for low value transactions, that should be acceptable to most. Many argue that for low value transactions, zero confirms are acceptable, but to me, that's unacceptable, and the only reason people put that forth is because of the 10 minute wait.
In practical terms, double-spends (even without block confirmations) require collusion with a miner (specifically, the miner who mines the next block). Good luck with that. It may sound scary to accept payment with 0 confirmations, but it is by no definition risky. If you are connected to the network and see the transaction broadcast, with no conflicting transaction immediately sent, then you can go ahead and make the guy's coffee.
Retailers know this, and they understand that the miniscule risk involved is absolutely nothing compared to the serious risk involved in accepting credit cards, checks, and cash. Chargebacks are a way of life, and an extremely costly one. Checks bounce. Cash is counterfeited, more often than many know. Who bears the brunt of these risks? The retailer.
I see plenty of people bemoaning the 10-minute confirmation time. What I don't see is complaints from the retailers.
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