What is the Reason BTC must be so slow? - page 2.

KryptoKings

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Quote from: cryptoboss2020 on May 03, 2021, 06:06:28 AM

What is the Reason the BTC Transactions are Still slow. And Even that expensive also.
Bnb and xrp Nice cheap and smooth.

And ETH is Not cheap to send but at least its fast.
But erc 20 tokens... Like USDT its stupid and insane how high are fees!!

What is the Main Reason the BTC creators Can't fix that Old stupid problem?
I m Kind of person I Want quality of everything.
And no time for bs.

Maybe the buterin and binance owner Can teach satoshi and garlinghouse how to make Better coin in terms of speed!!

BTC transaction takes longer time if you sending with low fees. I have sent it from binance to exchange and it didn't take more than 5 mins.
Sometimes network congestion can also delay but it is still not more than 5-6 hours.
You can try Wbtc to send btc and again convert it to btc when you need.

o_e_l_e_o

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Quote from: pawanjain on May 06, 2021, 11:16:33 AM

But how will it be "less secure" if the block timing is less ? I am not sure how secure Solana is

I have never heard of this altcoin before so cannot comment on specifics, but it is simple math.

The difficulty of bitcoin is set so on average we find a block every 10 minutes. Let's say (for simplicity's sake) we have 100 exahashes per second (EH/s) in total hashrate, and that is what we need to find a block every 10 minutes. This works out to 100 exahashes per second * 60 seconds * 10 minutes = 60,000 exahashes per block.

You now drop the difficulty so we find a block every minute. We still have 100 EH/s, but this now works out to 100 * 60 * 1 = 6,000 exahashes per block.

If you want to reach the same level of security as one old confirmation (i.e. 60,000 EH), then you will need 10 confirmations on your new chain.

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pawanjain

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Quote from: o_e_l_e_o on May 03, 2021, 06:41:15 AM

Decreasing block time to get faster confirmations doesn't actually solve the problem. Drop the block time to 1 minute, and you now need 10 confirmations to be as secure as a transaction with 1 confirmation at the moment. That's why coins like Litecoin or Bcash might seem fast, but actually days to reach the same security that bitcoin does in 6 confirmations. Not to mention problems with higher rates of conflicting blocks, stale blocks, double spends, etc.

That seems weird because Solana has 0.4 seconds block time. Does it means it is less secure ?
I am not promoting any coin here but it's a genuine doubt.
I know that the number of confirmations needed would be more since the block timing would be less.
But how will it be "less secure" if the block timing is less ? I am not sure how secure Solana is Huh

wiss19

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Quote from: cryptoboss2020 on May 03, 2021, 06:06:28 AM

What is the Reason the BTC Transactions are Still slow. And Even that expensive also.
Bnb and xrp Nice cheap and smooth.

And ETH is Not cheap to send but at least its fast.
But erc 20 tokens... Like USDT its stupid and insane how high are fees!!

What is the Main Reason the BTC creators Can't fix that Old stupid problem?
I m Kind of person I Want quality of everything.
And no time for bs.

Maybe the buterin and binance owner Can teach satoshi and garlinghouse how to make Better coin in terms of speed!!

Even at that, I still think that a lot of people here will choose bitcoin over Binance. A high fees for transactions is something that we experience a lot of times in the cryptocurrency world, we have seen a lot of people try to come up with solutions as to how the problem solved, but nothing has really been done about it, except lightening network which nobody uses.

Compared to the coins that you have mentioned here, bitcoin has more usage when it comes to being used for transactions, that’s to show you how much that nobody cares about those coins.

Wind_FURY

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Quote from: jossiel on May 05, 2021, 08:14:07 AM

Quote from: Wind_FURY on May 05, 2021, 01:43:46 AM

Quote from: jossiel on May 04, 2021, 05:36:05 AM

Yeah, I would agree with that. There's really the side effect of taking that quite high cost that needs to be incentivized for the sake of miners but it's exciting once it's go on full pos.

There are some people in Twitter that are complaining that the Ethereum code fork, the more centralized, Binance Smart Chain is currently having high fees in moments of high transaction volume. Plus there has to be some value to incentivize the authors of the blocks to keep everything in a closed loop and sustainable. Nothing can run for free. Few try to understand why Bitcoin works.

What's happening to Ethereum might happen for those chains that have also been having network issues. At first, they're good as an alternative.

But as the same as Ethereum when they get crowded and clogged, they'll also be experiencing the issue that have experienced by Ethereum and as well as bitcoin.

BUT Bitcoin has none of the risks of scaling in as long as the block size are capped, and regulated. How much would it cost in bandwidth, hard drive space does a user need to sync an Ethereum full node from scratch? It will obviously be more expensive than a Bitcoin full node.

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Quote from: cryptoboss2020 on May 03, 2021, 06:06:28 AM

What is the Reason the BTC Transactions are Still slow. And Even that expensive also.
Bnb and xrp Nice cheap and smooth.

And ETH is Not cheap to send but at least its fast.
But erc 20 tokens... Like USDT its stupid and insane how high are fees!!

What is the Main Reason the BTC creators Can't fix that Old stupid problem?
I m Kind of person I Want quality of everything.
And no time for bs.

Maybe the buterin and binance owner Can teach satoshi and garlinghouse how to make Better coin in terms of speed!!

All those will be fixed with time,but also note that the awareness increases on the daily and a lot of people are using it now,since there are more patronizers or users now,one might be observing a little daily from time to time before it will be completely fixed

Ararbermas

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Btc and Eth is currently overloaded "i don't know if that's the correct term" but its the common reason why their transaction is very slow especially if you just put a small fees on it. If you want to avail smooth transaction mate such BNB and etc. Then set your fees in a high amount because that's the only way to have a smooth transaction.. I have tried actually and its so expensive. Lol so i decide to covert it first to other asset before sending to another wallet to lesser the fees. I use XRP to XRP actually..

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Quote from: Saltius on May 06, 2021, 02:45:37 AM

Being slow is a cost for one kind of permissionless assets.

The most important scarce resource is legitimacy? My ass!

When you say Bitcoin is so slow what does it mean? Does it mean that Bitcoin price is getting slow or the transaction fee is getting so low too, because this have to be categories for we to understand the main point, like now I'm totally confused about the low and high of crypto currency at all, normal novice always ask questions.

Saltius

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Being slow is a cost for one kind of permissionless assets.

The most important scarce resource is legitimacy? My ass!

lifeforcepools

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And what growth rate did you expect? No one asset has doubled in value as quickly as btc.

maxreish

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As bitcoin is the King the first crypturrency that was created. Of course there is always negative side of such coin like bitcoins slow movement of transactions and higher fees. That is why they created altcoins that can be alternative to solve those glitch from bitcoin like xrp, trx and ltc whose fees are lower than bitcoin.

But then again, most of the investors are choosing what is most promising coin which is bitcoin. Regardless of the negative side of it like transaction speed, we cant deny the fact that bitcoin gives massive profits than others.

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Quote from: molsewid on May 04, 2021, 12:30:01 PM

Quote from: ampu on May 04, 2021, 12:12:38 PM

Probably the decentralization from this cryptocurrency. There is no one complete owner of the project. Bitcoin is operated by miners, programmers, and users.
Bitcoin has gone through hard forks and only the original Bitcoin exists. Bitcoin is always 1MB per block. This makes Bitcoin slow and costly compared to hard fork counterparts.
Today's altcoins have better technology than Bitcoin, but they will not be able to achieve the same degree of decentralization as Bitcoin.

Since you said that bitcoin is operated by miners, programmers, and users. Maybe these are probably the reasons bitcoin will/must be so slow. But, I believed it's normal it became slow sometimes. Let's see it's the way we see the rate of bitcoin. Sometimes it's getting higher and sometimes it's getting slower. There is no perfect life and also there is no perfect business. The decentralization of bitcoin is superb so we don't need to worry a lot.

Decentralization is the most expensive Bitcoin we are aware of. Bitcoin operates completely by the community and has a long history of development. Bitcoin has been accepted and noticed by wealthy centralized institutions. Bitcoin is becoming the world's new store of value.
We do not need too modern technology, at present Bitcoin is acceptable to everyone's needs.

masterrex

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I'm not against the use of Bitcoin in fact it was my first known investment coin when I'm entered into the crypto space but if we compared in 2015 and today the Bitcoin has changed a lot not just in the price aspect but also in the two important functions the "transaction cost and the transaction speed" and I think it is not bad to ask the developers to fix or to enhance this primary functions of Bitcoin like it was before, the problem is It's getting worst the more Bitcoin price has skyrocketed the problems have also surface they say that LN was the solution but until now it is not widely used. Is there any hope to make Bitcoin better again just like before or we Bitcoin users are needed to endure this problem and wait until the solution will arrive. just asking Huh

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Quote from: Wind_FURY on May 05, 2021, 01:43:46 AM

Quote from: jossiel on May 04, 2021, 05:36:05 AM

Yeah, I would agree with that. There's really the side effect of taking that quite high cost that needs to be incentivized for the sake of miners but it's exciting once it's go on full pos.

There are some people in Twitter that are complaining that the Ethereum code fork, the more centralized, Binance Smart Chain is currently having high fees in moments of high transaction volume. Plus there has to be some value to incentivize the authors of the blocks to keep everything in a closed loop and sustainable. Nothing can run for free. Few try to understand why Bitcoin works.

What's happening to Ethereum might happen for those chains that have also been having network issues. At first, they're good as an alternative.

But as the same as Ethereum when they get crowded and clogged, they'll also be experiencing the issue that have experienced by Ethereum and as well as bitcoin.

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Quote from: cryptoboss2020 on May 03, 2021, 06:56:58 AM

And what is so big problem with that "centralized"?
As Long as the coin works and goes Good I Don't see the problem.

If that's what you believe, why use cryptocurrencies at all? Fiat works perfectly fine, the fees are miniscule and transactions are fast if only we're not talking about big sums or money or about international transfers. Why do you even need something like XRP when you can use your bank account to transfer money?
Being decentralized is a big part of what being a crypto means. The price and the market in general isn't controlled by any single entity, so there's a higher level of financial freedom that with ANY fiat currency. But that comes with its own issues, such as occasionally expensive fees.

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Bitcoin is still the king and will continue to be,I don't see a Bitcoin funeral anytime soon.You are comparing the king of decentralization with the kings of centralization,Xrp is the crypto of banks and Bnb the coin of the Binance exchange.Surely these two coins are the least threat to Bitcoin.For me it is not slow as long as you pay the recommended fee which many of us here do.

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Quote from: danherbias07 on May 05, 2021, 03:24:40 AM

Teach satoshi. ROFL. This dude. Reading all his comments makes me shiver a bit.
He says he doesn't know much but with his inputs is like he did his research but lacks reading comprehension and history.

You just hated the transaction fees and speed and you went deeper like a mad man.
There is a time Bitcoin was the number 1 there and this new cryptocurrencies just found that flaw and made their own with a lot cheaper price.
Who knows, maybe they are also the ones that clogged the network for their coins to be seen. It's a good strategy, risk some capital making Bitcoin look bad for billions of dollars in return.

Not accusing, just speculating.

Every old Will die one day.
Btc is old and btc funerals not far away.
Eth xrp Will replace btc I Think

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Teach satoshi. ROFL. This dude. Reading all his comments makes me shiver a bit.
He says he doesn't know much but with his inputs is like he did his research but lacks reading comprehension and history.

You just hated the transaction fees and speed and you went deeper like a mad man.
There is a time Bitcoin was the number 1 there and this new cryptocurrencies just found that flaw and made their own with a lot cheaper price.
Who knows, maybe they are also the ones that clogged the network for their coins to be seen. It's a good strategy, risk some capital making Bitcoin look bad for billions of dollars in return.

Not accusing, just speculating.

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Quote from: Wind_FURY on May 04, 2021, 04:25:48 AM

It’s laughable, because despite Ethereum’s fast confirmation between blocks, and its miners deciding how large the blocks should be as limited by Gas, it’s fees still have become very expensive.

I think every alt who ever said "we're cheaper and faster than BTC" should be very careful of what they claim. ETH has for sure learned this but many other alts still want to proclaim the same thing.

Forget security and forget that when people all come on board, you face new problems.

And no new solutions other than block size haha.

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