What is the Reason BTC must be so slow? - page 3.

molsewid

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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.

Hannahanto

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Bitcoin transactions are slow because of the design. Now you're sounding like you have an issue with bitcoin or satoshi himself. Don't forget the amount of coin you send goes to bitcoin miners and it's added to their unconfirmed transactions and later moved as blocks, 1 block is mined every ten minutes so if your transaction fee is high you may likely get faster transaction confirmation. It's just the way the coin was design so no need to compare with bnb and xrp, you know you can sell all your holdings and move to those other coin if you feel it's stressing you or you're tired of the slow transaction process. No need to panic

ampu

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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.

South Park

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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!!

The issue has always been security, there are many coins that give very fast confirmations and people are happy about it but what they do not understand is that it takes a lot of confirmations in order to get the same kind of security that you get with the bitcoin network, we most also understand that the space on each block is limited and when the network gets busy then it is going to be very costly to get a confirmation especially for those that do not really want to pay a lot of money for it.

ranochigo

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Quote from: aztecoin on May 03, 2021, 02:15:29 PM

1.- The type of consensus to decide which miner will win to carry out the transaction by its nature is slow depending on the potential that it needs at the computational level (solve the mathematical puzzle that is this).

2.- The verification to accept a transaction is another reason (merkle tree) how each transaction is classified to prevent double expenses.

You're just talking about the block intervals, no one decides which miners win. Very simply, whoever can extend the chain by providing a valid PoW can lengthen the chain.

Transaction validations are very fast, in the neighbourhood of milliseconds. You're just removing data from the UTXO set and adding new ones, validating the signature, etc. Any modern computer or devices can handle that quite quickly.

Quote from: ?? on ??

Bitcoin definitely needs to be repaired in the future and newer algorithms used for optimization. The reason why Bitcoin is slower and more expensive than in the last 5 years is also clear. Thousands of small and large transactions are encountered every day and they have to adapt the previous network with new algorithms.
Let's give Bitcoin a chance, we're still talking to the King of Currencies.

Bitcoin will always have a 10 minutes block interval. You can scale Bitcoin with certain optimization but changing the block interval can net a faster confirmation if that is all that you care about. Rather than it being slower, it is just more expensive. There are efforts made to optimize each transaction but there is a point the optimizations would hit a wall.

davis196

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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.
Coin is centralized If You pay honestly taxes do legit things nothing to hide what is the big deal?
Anyways the owners can only control the system
If the owner try to do something funny... Its a chaos.
And why kill the slave If you can keep your slave Happy and he Will Work for you anyways.
Also If you show to the People your true attitude that you are the big boss and Want to Control... Well People Will do revolution so the direct Control is Not a Control.
Btw... If I own money in bank and Some banker do the funny things my account I lose I make him to pay that I Go in Court and sue him.
Or If I Want I Tell him You own me that much money You pay this this date.
That's so Simple! So Simple.
If You Don't fck with Others no body dont fck with You If you mess around and get punishment.. then First ask... yourself.

So thts why i dont see this centralized thing as a big issue.
Nobody Don't Want conflicts and problems.

You seem like a person,who likes fiat money/centralized currencies.There's nothing wrong with that.
If you like fiat money and centralized currencies that much,then why are you whining about Bitcoin transactions?Just use centralized coins that have fast and cheap transactions and forget about BTC.
Your post is just a lame attempt to shit over Bitcoin for reasons that we already know and have been discussed years ago.You have the freedom to pick any altcoin you want and use it instead of Bitcoin.
If you have trust in the banking system and the courts,that's great.I don't trust the banking system and the courts,so I'm not gonna be risking all my money,by putting them in a bank.

jossiel

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

Quote from: jossiel on May 04, 2021, 02:15:28 AM

Gas fee had dropped a lot unlike a few weeks ago. The standard fee is around 25 gwei which will validate an ethereum transaction within 5 minutes or even earlier.

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 believe it’s a hard lesson that maintaining in blockchains, and for it to incentivize itself to work, there has to be “cost”.

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.

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

Quote

Whilst for a bitcoin transaction, a low priority transaction will cost you an estimation of 24 sat/vb as per https://mempool.space/

It’s actually lower. It will cost a user 5 sat to have your transaction in the next 2 or 3 blocks, but probably also the very next block, https://jochen-hoenicke.de/queue/#BTC%20(default%20mempool),24h,weight

Thanks, data for both sites differs.

Wind_FURY

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Quote from: jossiel on May 04, 2021, 02:15:28 AM

Gas fee had dropped a lot unlike a few weeks ago. The standard fee is around 25 gwei which will validate an ethereum transaction within 5 minutes or even earlier.

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 believe it’s a hard lesson that maintaining in blockchains, and for it to incentivize itself to work, there has to be “cost”.

Quote

Whilst for a bitcoin transaction, a low priority transaction will cost you an estimation of 24 sat/vb as per https://mempool.space/

It’s actually lower. It will cost a user 5 sat to have your transaction in the next 2 or 3 blocks, but probably also the very next block, https://jochen-hoenicke.de/queue/#BTC%20(default%20mempool),24h,weight

bitterguy28

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Quote from: masphie on May 04, 2021, 02:15:41 AM

Transaction problems can be sooner or later, I don't think it's a problem with bitcoin.
The slow pace of cryptocurrency transactions can occur from the busy transaction route of the coin or there is a problem with the market itself

This is only an issue from People who keeps looking for faster transaction but now even using the Bitcoin for their Businesses .

They are just looking for asking things to make bitcoin looks bad but the truth is , this is very helpful and profitable.

masphie

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-= OI =-

Transaction problems can be sooner or later, I don't think it's a problem with bitcoin.
The slow pace of cryptocurrency transactions can occur from the busy transaction route of the coin or there is a problem with the market itself

jossiel

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Gas fee had dropped a lot unlike a few weeks ago. The standard fee is around 25 gwei which will validate an ethereum transaction within 5 minutes or even earlier.

Whilst for a bitcoin transaction, a low priority transaction will cost you an estimation of 24 sat/vb as per https://mempool.space/

btc78

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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.

i have just used Bitcoin transfer and it goes very fast and smooth , from gambling site to mg exchange wallet.

Quote

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!!

care why consider as altcoin ETH transaction fee needs to be low? it has been running for long now yet there are still many who uses this.

Quote

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.

You are a kind of person? Shut your f@cking mouth because you are not even contributing a single transaction in crypto and just lurking around to troll .

Quote

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

Maybe teach yourself to have value in this forum and not just crying and crying .

Wind_FURY

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Quote from: pooya87 on May 04, 2021, 12:27:30 AM

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

And what is so big problem with that "centralized"?

There is no problem with centralized payment systems. The problem is with your comparison of apples and oranges.

If you want to compare a centralized shitcoin then you have to compare it with other centralized payment systems and then you will see that they are performing terribly. In other words
- when the choice is between decentralized bitcoin and centralized shitcoin the choice is always bitcoin.
- When the choice is between centralized shitcoin and a centralized regulated and trustworthy payment system like VISA the choice is the centralized regulated payment system because it is working within the law and is not controlled by some shady company that could be shut down by the government.

OP might also be viewing it from the wrong perspective. Bitcoin currently stores billions in value. Would those billions be as safe if they were stored in BNB, or XRP, under the control of a centralized entity?

Plus OP, if you had $1,000,000, for security, do you want a long term HODL in Bitcoin or shitcoins?

I also believe there are trolls in the forum who spread FUD to discourage Bitcoin HODL, because valued money starts as a Store of Value.

dohh

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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!!

The main reason for this is: if the transactions are slow, then the platforms have enough time to make sure that when real money (also known as much hated "FIAT") in decent amount enters into the market, it finds the "right" owner.

That´s why.

pooya87

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

And what is so big problem with that "centralized"?

There is no problem with centralized payment systems. The problem is with your comparison of apples and oranges.

If you want to compare a centralized shitcoin then you have to compare it with other centralized payment systems and then you will see that they are performing terribly. In other words
- when the choice is between decentralized bitcoin and centralized shitcoin the choice is always bitcoin.
- When the choice is between centralized shitcoin and a centralized regulated and trustworthy payment system like VISA the choice is the centralized regulated payment system because it is working within the law and is not controlled by some shady company that could be shut down by the government.

robertjack

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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!!

Bitcoin, without a doubt, has a lot of work ahead of it in the future, but it is also the greatest investment, if you look at it as an investment rather than a currency; as a currency, it is bad. High fees, for example.

Gamerholic

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Too much commission and too many small transactions that overload the network and make it slower to build block chains. Further we will see two options in my opinion. Either the price of bitcoin will go down and then the situation will decline along with it and the problem will be solved by itself, or the community will be forced to follow the path of self-restraint. For example, no more than a certain number of transactions per unit of time.

aztecoin

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I think there are several points of why Bitcoin is still slow.

In principle, its architecture with which it was designed in its time was in accordance with the needs (performance) of those times, I think they did not anticipate the success it would have in the future and in our days.

Some parameters of its slowness could be:

1.- The type of consensus to decide which miner will win to carry out the transaction by its nature is slow depending on the potential that it needs at the computational level (solve the mathematical puzzle that is this).

2.- The verification to accept a transaction is another reason (merkle tree) how each transaction is classified to prevent double expenses.

Among others.

However, I believe that due to its nature of being the first digital currency that this financial system proposed, it will always be in demand.

Wind_FURY

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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.

Blocks are regulated to be smaller to protect, and secure Bitcoin’s main value proposition. Censorship-resistance.

Quote

Bnb and xrp Nice cheap and smooth.

Those networks are more centralized, and not as secure as Bitcoin.

Quote

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!!

You are a newbie, it’s understandable to think that way, but learn about the fundamentals, and why it’s very important for the Bitcoin blockchain to scale out, and be more redundant.

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