Confirmation times are what makes sure that you don't get ripped off and that somebody has actually sent or received the funds, if you just reduced everything to 1 it would be a lot riskier though granted, I'm sure improvements will be made, you'll find that exchanges etc. do things instantly once they've confirmed the Bitcoin has entered their own networks.
The point is, this is a trustless system and confirmations are part of what makes that a reality and lets us send currency over the internet freely, if we didn't have that then you wouldn't be able to trust that someone on the other side of the world was actually sending you coins.
Topic: What a drag.. waiting for just one confirmation (Read 630 times)
It takes soooooooo long just to get one confirmation for a payment to post so I can move on with whatever I'm trying to do with my bitcoin. It's ridiculous.
With paypal and visa its 30 or 60 days.
Sure, you get an indication of payment much faster, but its worth not much more than a zero conf bitcoin transaction, which is as fast.
Initially I had the same exact frustration about the waiting time but overall when compared to other altcoins, it's just a few minutes of difference. Plus when I do large transactions, I'll just add another 0.1mbtc of fee in order to make things faster. So it's not really an issue.
I think eventually more vendors that use accept bitcoin will find a faster way to make the transactions work.
Off-chain transactions.
no wonder you got out of fiat, and when you finally finally find alts it will be your holy grail
I don't have anything against alts and I have plenty of alt coin. But... this is the bitcoin part of discussion... was just talking about bitcoin specifically.
don't lie to me
It takes soooooooo long just to get one confirmation for a payment to post so I can move on with whatever I'm trying to do with my bitcoin. It's ridiculous.
Well some payment receivers choose to implement at least 6 confs to lower risks. TBH, if you are buying something worth <10 bucks, waiting for confirmations is not realistic. On the other hand, bigger companies will gladly accept your bitcoin as long as its on the blockchain due to high sales, lower risks
no wonder you got out of fiat, and when you finally finally find alts it will be your holy grail
I don't have anything against alts and I have plenty of alt coin. But... this is the bitcoin part of discussion... was just talking about bitcoin specifically.
...okay? If it bothers you that much then move to an altcoin. I think 10 minutes is a pretty reasonable block time, the blockchain is huge as it is so it certainly won't be lowered.
If only it were that simple. I want to use bitcoin and this is the bitcoin portion of the forum so that's why I posted here. I think eventually more vendors that use accept bitcoin will find a faster way to make the transactions work. I don't have to wait this long when I purchase on newegg with bitcoin.
no wonder you got out of fiat, and when you finally finally find alts it will be your holy grail
...okay? If it bothers you that much then move to an altcoin. I think 10 minutes is a pretty reasonable block time, the blockchain is huge as it is so it certainly won't be lowered.
It takes soooooooo long just to get one confirmation for a payment to post so I can move on with whatever I'm trying to do with my bitcoin. It's ridiculous.
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