Sick of the confirmation time... - page 3.

Hazir

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Quote from: R2D221 on March 19, 2015, 06:46:51 PM

Quote from: btcbobby on March 19, 2015, 06:24:53 PM

but for in-person/point of sale transacting, the waits for confirmations will really hold it back

Again, merchants can accept unconfirmed transactions in this case, and they do in real usage.

There is no need to cry over long confirmations times. As it is not that important in my opinion. You only need fast confirmation time in one scenario.
And it is when you have no coins at all and you are awaiting payment, and that not confirmed coins you want to use asap for other payment of yours.

btcbobby

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Quote from: Klestin on March 18, 2015, 07:34:48 PM

Quote from: leopard2 on March 18, 2015, 06:39:26 PM

LTC confirms much faster.

This is a disturbingly common misconception. The security afforded by a 2.5 minute average confirmation block is 1/4 that of a 10 minute average confirmation block.

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.

Q7

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Usually it's not an issue for me. I will find my own stuff to do and when I'm back it's done. But however, if you are in a hurry, that will really get on your nerves and I believe that's the main reason preventing mass retail adoption because there's a need to have it done quickly and move on and out of the store with the product. So that is something we have to live on with it for now. However having said that cross-border transaction would be fine and there is where bitcoin comes in useful.

yeponlyone

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Quote from: manselr on March 19, 2015, 06:15:35 PM

Quote from: Snipe85 on March 18, 2015, 05:27:05 PM

Quote from: R2D221 on March 18, 2015, 05:13:08 PM

People who are “sick of the confirmation time” don't understand that you can accept payments with 0 confirmations just fine.

Still it doesn't help when you want to move your funds to an exchange or some other place that doesn't allow you to use your money without multiple confirmations.
I had a number of transactions with a normal fee, that took more than an hour to confirm, which is quite annoying.

Yeah ,its a major pain in the ass moving coins to an exchange and withdrawing them. This is why day traders tend to leave their coins on the exchanges, which is a risk because of all the hacking incidents.

I don't think it is a hassle since it would take a lot more time to move money from bank to other places while Bitcoins only take an hour or two max to get 6 confirmations. The past hacking accidents shouldn't be a problem if they choose a reputable exchange with fairly clean history. If an exchange hack happens once, it doesn't mean other exchanges would also be hacked.

Window2Wall

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Quote from: leopard2 on March 18, 2015, 06:39:26 PM

LTC confirms much faster.

Each confirmation on the litecoin network is much less secure and less certain to actually be included in the litecoin blockchain. Additionally the litecoin network has a much lower hashrate, so it would take a lot less for someone to attack it.

For both of the above reasons even having one confirmation on the litecoin network is generally less secure then having a 0/unconfirmed transaction on the bitcoin network

generally speaking, a well propagated transaction, with a 'proper' tx fee that does not spend any unconfirmed inputs should be considered to be "safe" after only a few seconds on the bitcoin network

R2D221

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Quote from: btcbobby on March 19, 2015, 06:24:53 PM

but for in-person/point of sale transacting, the waits for confirmations will really hold it back

Again, merchants can accept unconfirmed transactions in this case, and they do in real usage.

Slaxt

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Gone......

What is holding 0 confirmations from happening? Because i feel what you are saying OP it can be super annoying waiting for a transaction to get a confirm and a little scary if you have a large amount try to confirm. Is there anyway to solve this? Because if there is not then we just need to accept it and move on, as long as you are not really in need like i have been in a poker tourny waiting for it to confirm so i could get a add on but is that confirmation times fault or should i have prepared and sent earlier, i go with the latter..

btcbobby

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To the sect that says "Satoshi got everything perfect", complaints like this fall on deaf ears.

To the rest of us... yes, it is an issue. It shouldn't cause any issues for online shopping and such, once more vendors accept it, but for in-person/point of sale transacting, the waits for confirmations will really hold it back.

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.

But yeah. 10 minute block times only mean that thats what the network is targeting. Occasionally, a new block is found immediately after the previous. Other times, the time between blocks can be multitudes longer than 10 minutes. Not much you can do bu sit and wait it out...

manselr

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Quote from: Snipe85 on March 18, 2015, 05:27:05 PM

Quote from: R2D221 on March 18, 2015, 05:13:08 PM

People who are “sick of the confirmation time” don't understand that you can accept payments with 0 confirmations just fine.

Still it doesn't help when you want to move your funds to an exchange or some other place that doesn't allow you to use your money without multiple confirmations.
I had a number of transactions with a normal fee, that took more than an hour to confirm, which is quite annoying.

Yeah ,its a major pain in the ass moving coins to an exchange and withdrawing them. This is why day traders tend to leave their coins on the exchanges, which is a risk because of all the hacking incidents.

leopard2

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Quote from: nsimmons on March 18, 2015, 06:48:58 PM

Quote from: leopard2 on March 18, 2015, 06:39:26 PM

LTC confirms much faster.

"Buy my LTC"

you're out of luck, I'm not selling LTC

but if I was a merchant selling a coffee, I would prefer 1 LTC, that gets a first confirmation while the coffee is being brewed, over .0082342 or whatever BTC that just propagated to the network

for larger transactions BTC confirmation time is not a problem at all and for small transactions, a good hardware wallet could just support an altcoin

BTC could remain the main store of value for a decade, while altcoins , used for small day to day payments, could rise and fall, without harm to anyone

Lethn

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Quote from: SirChiko on March 19, 2015, 04:30:54 AM

Quote from: Lethn on March 19, 2015, 04:01:25 AM

I understand the reasoning behind it because it's more secure but normal people aren't going to be very happy if they have to wait 10 minutes or more to place an order.

Wait 10 minutes to place an order? What reasoning is this? Once you have your coins in wallet you can use them. I mean online shops.

It's not reasoning, it's what I've observed and I don't know where you've been shopping but other shops tend to use Bitpay and the like where you just send them to an address, sometimes it's incredibly quick but the conifrmation times are pretty random even if they only ask for 1.

SirChiko

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Quote from: Lethn on March 19, 2015, 04:01:25 AM

I understand the reasoning behind it because it's more secure but normal people aren't going to be very happy if they have to wait 10 minutes or more to place an order.

Wait 10 minutes to place an order? What reasoning is this? Once you have your coins in wallet you can use them. I mean online shops.

Lethn

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That's because you're clearly not trying to use Bitcoin for actual commerce and trade, confirmation times are an issue, I understand the reasoning behind it because it's more secure but normal people aren't going to be very happy if they have to wait 10 minutes or more to place an order.

SirChiko

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Quote from: waaat? on March 18, 2015, 11:54:06 PM

Quote from: leopard2 on March 18, 2015, 06:39:26 PM

LTC confirms much faster.

not only that one, actually almost EVERY fuckin' coin out there confirms faster

It's cuz it was preset by developer to confirm faster so stop talking about it like it would be bitcoin's faulut and make it look like bitcoin is slowing.
It was like that since the start and it's short enought time so what?
I don't see any big deal here.

ABCbits

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Sometimes, miner need more than a hour to mine a block only
It happen sometimes Sad

And, i think waiting for a confirmation is unnecessary as long you put good tx fee

SirChiko

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Quote from: maxamity on March 18, 2015, 04:05:38 PM

Sick of how long it takes to confirm a transaction. I even put a $4.00 miner's fee, and it is still taking over 2 hours for the second time.

Wish it could just be a little faster.... Am I the only one? Lol

The average block time is set to be on 10 minutes but sadly, sometimes it takes a bit longer and may take up to 40 minutes.
But come on, you have to wait ATLEAST 24 hours in every bank for an bank transfer and you pay huge fees so wich one is better? Wink

Ask yourself.

safetybitcoin

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Quote from: maxamity on March 18, 2015, 04:05:38 PM

Sick of how long it takes to confirm a transaction. I even put a $4.00 miner's fee, and it is still taking over 2 hours for the second time.

Wish it could just be a little faster.... Am I the only one? Lol

Are you just trolling here?
A newbie with 2 posts decides he'll complain about the transaction confirmation time, while paying $4 for the transaction fee.
I would just like to remind you that banks' confirmation times are much greater than bitcoin's.

lyth0s

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Quote from: maxamity on March 18, 2015, 04:05:38 PM

Sick of how long it takes to confirm a transaction. I even put a $4.00 miner's fee, and it is still taking over 2 hours for the second time.

Wish it could just be a little faster.... Am I the only one? Lol

Guys I hate to say it, but this new user is just trolling you. Bumping a miners fee to $4 wouldn't increase the confirmation time nor would the OP likely do that in the first place. He is most likely another lambchop alt, just ignore him now and be over it Tongue