There's only two things that can change the confirmation time:
1. The current fork uses a slightly modified code that has smaller target that gives faster confirmations.
2. The hash rate increased rapidly and it will take a little time for the difficulty to adjust to set the average block to 10 minutes.
In this case it's for sure (2) that is the answer.
Topic: Transaction confirmation time down - page 2. (Read 1936 times)
Average confirmation time of ~10 minutes is still quite significant. Won't cause any problem for the online shoppers. But people who want to use BTC for retail shopping won't be able to do it.
Retail transactions are routinely performed at 0 confirmations, because transaction propagation alone validates any given transaction better than any other payment method in existence already. 10 minute blocks being a hindrance to retail application is the biggest myth that absolutely refuses to die.
Except as a business owner I'm not giving you ANYTHING till I see 3 confirmations.
Could the fact that the number of transactions/day is decreasing play a role in this?
(There's about 10-20% less now than in March: https://blockchain.info/en/charts/n-transactions)
There's still quite more than there was in January and February though.
(There's about 10-20% less now than in March: https://blockchain.info/en/charts/n-transactions)
There's still quite more than there was in January and February though.
Average confirmation time of ~10 minutes is still quite significant. Won't cause any problem for the online shoppers. But people who want to use BTC for retail shopping won't be able to do it.
Retail transactions are routinely performed at 0 confirmations, because transaction propagation alone validates any given transaction better than any other payment method in existence already. 10 minute blocks being a hindrance to retail application is the biggest myth that absolutely refuses to die.
This is a good thing right?
See https://blockchain.info/charts/avg-confirmation-time.
Does anyone know why that is? Could this due to Bitcoin Core 0.9.0?
Does anyone know why that is? Could this due to Bitcoin Core 0.9.0?
Yes, due to 0.9.
Average confirmation time of ~10 minutes is still quite significant. Won't cause any problem for the online shoppers. But people who want to use BTC for retail shopping won't be able to do it.
It is indeed related to the increasing total network hashrate.
https://bitcoinwisdom.com/bitcoin/difficulty
Bitcoin Difficulty: 5,006,860,589
Estimated Next Difficulty: 6,135,992,123 (+22.55%)
Adjust time: After 158 Blocks, About 20.9 hours
Block Generation Time(?):
1 block: 7.9 minutes
3 blocks: 23.8 minutes
6 blocks: 47.6 minutes
With blocks being found at a faster rate (on average), transaction will get confirmed at a faster rate (on average).
https://bitcoinwisdom.com/bitcoin/difficulty
Bitcoin Difficulty: 5,006,860,589
Estimated Next Difficulty: 6,135,992,123 (+22.55%)
Adjust time: After 158 Blocks, About 20.9 hours
Block Generation Time(?):
1 block: 7.9 minutes
3 blocks: 23.8 minutes
6 blocks: 47.6 minutes
With blocks being found at a faster rate (on average), transaction will get confirmed at a faster rate (on average).
See https://blockchain.info/charts/avg-confirmation-time.
Does anyone know why that is? Could this due to Bitcoin Core 0.9.0?
Does anyone know why that is? Could this due to Bitcoin Core 0.9.0?
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