What is unique about Bitcoin payments is its speed?

xanaxxx

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Quote from: Phebz on April 04, 2018, 08:37:46 PM

A payment can be confirmed in ten to sixty minutes wherever the recipient is. Making bank transfer will take more time. If the payment goes to another bank, perhaps in foreign countries, the transfer can take two to three days. Also, Bitcoin allows you to make payments for a fee. The higher the fee, the faster the transfer will be confirmed.

bitcoin is not so fast as it used to be due to scalability issues. That is supposed to be sorted either by lightning network or some other solution that is yet to come. Let's see how it goes

torrantz

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Quote from: auliahr on April 04, 2018, 09:42:54 PM

speed in transactions and low fees have been done by the lightning network. if it has been realized later I think all the problems in bitcoin have been resolved and there is no reason anymore that bitcoin will soon go to the moon.

The lightning network is no yet implemented to the bitcoin network. The bitcoin gets a lot of reduce in the fees caused by the majority of the network already supported full segwit protocol and that brings the bitcoin fees to the lower area.

Remember litecoin will be used to test how efficient lightning network to the litecoin network.

MilfordGannon

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Fiat is still mainstream currency. So, even if you are reach in Crypto, you need to use some exchange to buy something or do something. So, Bitcoin payment enables you to be fast and recurred while you are paying. Fees are very little in this case too.

BurhanPSG

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I agree, if we talk about the speed of transactions bitcoin surely people will be surprised. because transactions use bitcoin very quickly and for fee is also cheap. I hope there will be good news for bitcoin transactions in every country.

Coinster

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Quote from: LtMotioN on April 06, 2018, 04:56:25 PM

Quote from: Phebz on April 04, 2018, 08:37:46 PM

A payment can be confirmed in ten to sixty minutes wherever the recipient is. Making bank transfer will take more time. If the payment goes to another bank, perhaps in foreign countries, the transfer can take two to three days. Also, Bitcoin allows you to make payments for a fee. The higher the fee, the faster the transfer will be confirmed.

The value of bitcoin is not speed. No matter how much we scale a centralized system will always be way faster. The value and unique selling point of bitcoin is the fact that your wealth sits outside of any centralized entity. Therefore nobody can play dirty and lose your money as we have seen in past economic crashes. The other major USP is the fact that nobody can censor your transactions, you can send money to anyone anywhere in the world and no central bank or government has a say in that.
I think people are overlooking these values. To a lot of people in less developed countries with bad governments these attributes are very valuable.

But remember just trading bitcoin on an exchange is not using bitcoin. You are still keeping your money in a centralized service. You are better off using fiat then. Always store your profits and spending BTC yourself, and do it securely.

This is a very good post and I think you're right, but there is something else which is freedom and privacy. Some don't know but governments in the past have been known to forbid people leaving the country with their own money. As if taxing people isn't enough they have the gall to feel they have ownership over the person and/or their accumulated wealth.

Bitcoin gives people far more control over their own money. It allows much more freedom for what you do with your own money, and more privacy as well.

LtMotioN

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Quote from: Phebz on April 04, 2018, 08:37:46 PM

A payment can be confirmed in ten to sixty minutes wherever the recipient is. Making bank transfer will take more time. If the payment goes to another bank, perhaps in foreign countries, the transfer can take two to three days. Also, Bitcoin allows you to make payments for a fee. The higher the fee, the faster the transfer will be confirmed.

The value of bitcoin is not speed. No matter how much we scale a centralized system will always be way faster. The value and unique selling point of bitcoin is the fact that your wealth sits outside of any centralized entity. Therefore nobody can play dirty and lose your money as we have seen in past economic crashes. The other major USP is the fact that nobody can censor your transactions, you can send money to anyone anywhere in the world and no central bank or government has a say in that.
I think people are overlooking these values. To a lot of people in less developed countries with bad governments these attributes are very valuable.

But remember just trading bitcoin on an exchange is not using bitcoin. You are still keeping your money in a centralized service. You are better off using fiat then. Always store your profits and spending BTC yourself, and do it securely.

billyj111

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Quote from: Phebz on April 04, 2018, 08:37:46 PM

A payment can be confirmed in ten to sixty minutes wherever the recipient is. Making bank transfer will take more time. If the payment goes to another bank, perhaps in foreign countries, the transfer can take two to three days. Also, Bitcoin allows you to make payments for a fee. The higher the fee, the faster the transfer will be confirmed.

The bitcoin is now fast, because there is a small number of transactions, need to test it when there will be a boom again and there will be many transactions.

heritage35

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If Bitcoin and cryptocurrency in general can be fully adopted. The means of payments will be faster and preferred over payment through banks. Although, the only issue that we may have is in the transaction fee, which sometimes can bevery higher, but in terms of speed it is much better.

Neymar10

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Quote from: Phebz on April 04, 2018, 08:37:46 PM

A payment can be confirmed in ten to sixty minutes wherever the recipient is. Making bank transfer will take more time. If the payment goes to another bank, perhaps in foreign countries, the transfer can take two to three days. Also, Bitcoin allows you to make payments for a fee. The higher the fee, the faster the transfer will be confirmed.

At the moment, it is very profitable to use bitcoin as a way of getting funds. Quick and cheap.

Dreamchaser21

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Speed in transactions and low fees will be good for people. You know what i am done with general banks and all the slow process. I hope pray, people of our planet get enlightened become interested in it.

Lightning network make this thing possible and i know bitcoin will finally pump if people realized thist worth. Banking system is the old one we really need this blockchain technology so we can have brighter future. Bitcoin is unique in value, the only cryptocurrency with high in value.

bitcampaign

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Quote from: auliahr on April 04, 2018, 09:42:54 PM

speed in transactions and low fees have been done by the lightning network. if it has been realized later I think all the problems in bitcoin have been resolved and there is no reason anymore that bitcoin will soon go to the moon.

I agree with your thoughts with the lightning network on bitoin, but there is still little problem that is regulation and legal in every country, hope it can be overcome also get regulation in every country

CODE200

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Quote from: Radio-Active on April 05, 2018, 12:09:27 AM

Quote from: Phebz on April 04, 2018, 08:37:46 PM

A payment can be confirmed in ten to sixty minutes wherever the recipient is. Making bank transfer will take more time. If the payment goes to another bank, perhaps in foreign countries, the transfer can take two to three days. Also, Bitcoin allows you to make payments for a fee. The higher the fee, the faster the transfer will be confirmed.

It is not only bitcoin that fast in transaction speed. look ethereum, it has smart contract that speed up the transaction process.
on ICO, if you send eth to address, they will automatically send back you tokens using smart contract.

Both of that are really useful and helpful in regards on doing transaction specially when it's in long distance transactions. Not only the speed can benefited from here it make us also avoiding making full effort to do a transaction because we can do it even we are at home. Less time and less effort that we can consume. And because of the good and fastest transaction that they can offer, I think they have the right to put a fee in every transaction that they've made. But I'm hoping that sooner or later they make the transaction fees much affordable to everyone.

TorbjornE

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The uniqueness of bitcoin payments is only in the high prevalence of exchanges for fiat currencies.

Radio-Active

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Quote from: Phebz on April 04, 2018, 08:37:46 PM

A payment can be confirmed in ten to sixty minutes wherever the recipient is. Making bank transfer will take more time. If the payment goes to another bank, perhaps in foreign countries, the transfer can take two to three days. Also, Bitcoin allows you to make payments for a fee. The higher the fee, the faster the transfer will be confirmed.

It is not only bitcoin that fast in transaction speed. look ethereum, it has smart contract that speed up the transaction process.
on ICO, if you send eth to address, they will automatically send back you tokens using smart contract.

smhome354

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Sending payments through bitcoin here in our country is very fast. It only take seconds. So I prefer this mode of payment. Aside from this I'm also earning through bitcoin by holding it. Using altcoins is very similar to using bitcoin so there are no problems dealing with them.

bundo

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So far, some of the issues that are primarily related to bitcoin scalability become a point of weakness that spreads then to increased transaction costs, coupled with the transaction density that makes the confirmation time increase as well.

auliahr

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speed in transactions and low fees have been done by the lightning network. if it has been realized later I think all the problems in bitcoin have been resolved and there is no reason anymore that bitcoin will soon go to the moon.

Phebz

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A payment can be confirmed in ten to sixty minutes wherever the recipient is. Making bank transfer will take more time. If the payment goes to another bank, perhaps in foreign countries, the transfer can take two to three days. Also, Bitcoin allows you to make payments for a fee. The higher the fee, the faster the transfer will be confirmed.

Topic: What is unique about Bitcoin payments is its speed? (Read 148 times)