Topic: So I deposited some of my BTC to Binance (Read 637 times)

I think that 30 blocks should be a nice sample size to say that the average block time in those blocks will be very close to 10 minutes. But still, that is a 5 hour wait for a damned bitcoin transaction. There is no point in using bitcoin at all, then.

No idea why Binance even does this... It makes sense for coins like Steem, ETH or doge which has lower block times, but definitely not for bitcoin.

Op should consult the customer service and tell them to change this. This is the highest amount of confs needed for a deposit by far in all the exchanges.

hello_good_sir is completely right:

on average, the time between blocks is 10 minutes. If your fee was to low, it can take a while before you get into a block, but once you're in, you should reach 30 confirmations in ~10 x 30 = 300 minutes (5 hours).

It's all odds and averages tough... It can take longer, but it can also be faster...

This is extremely strange. I have not seen any exchanges require more than 6 confirmations for bitcoin transactions.

If they require 30 then what's the point of using bitcoin at all? 30 confirmations will take 300 minutes or 5 hours on average to achieve, and that's a huge waste of time.

I would recommend switching to another exchange to be honest, because altcoins are so volatile and you don't want to miss your chance to buy in before the pump. Unfortunately, you missed out on profit this time already. Don't think there is much of a chance they will refund you, as they don't have that liability. This is why when doing small altcoin trades i use either changer or shapeshift.

Which mean it doesn't worth to trade in these Binance. I understand that some coins in Chinese exchanges may have lower price but you shouldn't be greedy by sending big amount of bitcoin or altcoins, give it a shot with small amount first.
I'm not sure how long it takes for 30 confirmation because it depend on blockchain network, how much unconfirmed transactions and how much fees to be paid. I recommend to check https://blockchain.info/unconfirmed-transactions before send bitcoin to an exchange, if unconfirmed transactions less than 5000 and total fees < BTC1, then it's a good time to transfer bitcoin.

Isn't bitcoin's fault. Usually, exchanges accept deposits with 1 confirmation, maximum 3-6.

I have no idea why Binance is being so anal about the amount of fees they charge. 30 confirmations is completely unnecessary and unwarranted. Even 0 confirmation deposits are accepted sometimes on certain sites(like shapeshift), if the fee level is high enough.

I would suggest you talk to Binance and see if they can change their rules. Otherwise, use bittrex(only 2 confirmations are needed).

I think the biggest problem is on the behalf of Binance and not you or the network. 30 confirmations is just plain stupid. I hope they will change this otherwise they won't be getting a lot of volume.

Even Bitpay which is one of the most serious if not the most serious payment system which many big websites like Steam use it to process bitcoin payments and maximum they want is 6 confirmations. How come this website needs 30 confirmation, that is way beyond a normal number. Anyway good luck with your trading.

Just found one reddit discussion on this issue here https://www.reddit.com/r/binance/comments/6uxlg0/why_does_binance_need_30_bitcoin_confirmations/

Despite they have written minimum required confirmation for bitcoin deposit 30 confirmation, it seems quite random.

However this sound quite crazy, What I have seen maximum is 6 in few trading platform....

Wow, didn't know Binance require 30 confirmations. Glad that I learn about this today and will not send my BTC to buy any coin on an urgent basis.

I see a lot of users that seem to be a bit confused about the relation between transaction fees and number of confirmations...

The transaction fee is the difference between the sum the inputs minus the sum of the outputs of a given transaction. The fee can be added to the coinbase reward by the miner that mines the block that includes the transaction. Since most miners mine for profit, it's important for them to add as much fees to their 12.5 BTC reward as they can to maximise their profit.

Since the blocksize used to be limited to 1 Mb, the number of transactions that could be included in a block is limited. This is why a miner would chose transactions with the highest fee/byte of transaction data to be included into the block he's currently trying to solve.

A low fee results in less chance of getting your transaction into the block that is currently being mined (every miner can chose whichever transaction he/she wants tough, so even with a low fee there is a small chance some miners added your tx to the block they're trying to solve)... However, once your transaction is included in a block, and the block is valid and added to the blockchain, the fee no longer matters.

As long as the chain including the block containing your transaction is not orphaned, new blocks will be added on top of the block including your transaction, even if you broadcasted a 0 fee transaction, and you were lucky enough to have your 0 fee transaction included into a block.

In this case, this service seems to require 30 confirmations... This is offcourse overkill. The fee, however, is only important to get to the first confirmation, all other confirmations happen automatically if you wait long enough...

No need to fix bitcoin. Just go to a different exchange next time you plan on trading your coins where the confirmation requirement is lower. Why did you even use binance in the first place? When there are a lot of trusted exchanges to choose from. If your tired of waiting use an accelerator to get faster confirmations.

Which fucking website asks for 30 confirmations to accept it as a legal transaction ? Worst case scenario,5 confirmations are enough ! You need to get your shit together son and use a service that understands how bitcoin works.Bitcoin it's right where it is,you guys are bubble headed idiots to use shady services.

What's the transaction fee you chose? and better yet, can you link us to the transaction? I wouldn't blame them on needing 30 confirmations though, for safety and security purposes. But yea, 30 confirmations is so overkill. 

Transaction fees are still a lot longer and expensive compared to what we had a year ago, but at least it looks like we're making progress. We currently have a total of 8440 Unconfirmed Transactions, compared to months ago whereas we had hundred thousand unconfirmed transactions.

seriously you need 30 confirmations to get your coin in their wallet ?
how much transaction fees that you used before sending the coins ?
look at here :
http://bitcoinfees.21.co/

usually i used 100.000 satoshis as transaction fees and only need 2 confirmation,
it takes a time around 1 hour or around that time.
and based on that tables we should get more faster than before

of course that is why we heard a lot so called 'Lightning Network' to speed up the transactionn and less fee.
but it's not implemented yet by them and still under review.

if you use a 'big fee',you should get it faster than before.


edit :
i just realize it that you need 30 conf for every coins that you want to store in there,
which mean not only Bitcoin but all of them.

0-25 minutes for 1 conf,
25x30 = 750 Minutes (More or less than 12 Hours) GL trading in there mate

Then I realized they require 30 block confirmations.   I've been waiting for 2 hours and have 5 confirmations.  We need to fix bitcoin fast..........  This is just plain fucking annoying. The coin I wanted to buy went up 20% in those 2 hours..