What would speed up confirmation time?

dankkk

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Quote from: 9kv on September 11, 2014, 11:18:40 AM

Quote from: LetsMakeItBTC on September 11, 2014, 10:31:42 AM

Honestly I think people is way too concerned about this. As soon as you see the payment has been done, and it's being processed in the blockchain, then who cares if it takes one hour to confirm? nothing will go wrong, as soon as the money is sent on the correct address you are set.

"nothing will go wrong"
Except double spending?

Nodes are setup so to reject any transaction that contains an input that has already been spent, including inputs that are spent on an unconfirmed transaction. In other words if you try to double spend your bitcoin the 2nd transaction will get rejected by the network.

DannyHamilton

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Activity: 3472

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Code:

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|  PLEASE  |
|  DO NOT  |
| FEED THE |
|  TROLLS  |
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Quote from: 9kv on August 09, 2014, 12:47:47 PM

I will buy a member account (60 activity or higher).

Quote from: 9kv on August 09, 2014, 01:00:52 PM

I am buying $75 BTC (current preev rate as of August 9: 0.1272) for $77 PayPal.

Quote from: 9kv on August 25, 2014, 08:57:25 PM

I will exchange my 95 Paypal for bitcoin at preev rate.

Quote from: 9kv on August 25, 2014, 09:20:42 PM

Right now I wouldn't even dream of paying with Bitcoin for anything but large transactions online.

Quote from: 9kv on August 25, 2014, 09:34:05 PM

There is no simple way to pay with bitcoins for a $4 purchase at a convenience store.

Quote from: 9kv on August 25, 2014, 09:51:14 PM

Confirmations need to be quicker as well.

Quote from: 9kv on August 25, 2014, 10:15:02 PM

I've shoplifted smaller items in the past than $3...

Quote from: 9kv on August 26, 2014, 09:29:08 AM

When there are real uses for bitcoin I think it will finally stabilize.

Quote from: 9kv on August 27, 2014, 08:04:33 PM

Bitcoin needs to have an easier time in the real world or else it will remain confined to a small portion of the population.

Quote from: 9kv on September 08, 2014, 01:06:07 PM

My proposal for this is to have an option (default value: true) on each transaction to get the geolocation of each IP (Country only) and put that in the txn hash.

Quote from: 9kv on September 10, 2014, 08:38:28 PM

What is the factor that would speed up time for a single transaction to get a single confirmation

byt411

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Activity: 798

Merit: 1000

Quote from: 9kv on September 11, 2014, 11:18:40 AM

Quote from: LetsMakeItBTC on September 11, 2014, 10:31:42 AM

Honestly I think people is way too concerned about this. As soon as you see the payment has been done, and it's being processed in the blockchain, then who cares if it takes one hour to confirm? nothing will go wrong, as soon as the money is sent on the correct address you are set.

"nothing will go wrong"
Except double spending?

No, including double spending. Bitcoin was designed to prevent double spending, and I have no idea why you are even worrying about it because it won't happen.

Meuh6879

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Quote from: 9kv on September 10, 2014, 08:38:28 PM

What is the factor that would speed up time for a single transaction

https://bitcoinwisdom.com/bitcoin/difficulty

Velkro

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This is problem for programmers, common people can just only look and discuss, eventually give suggestions

9kv

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Learning

Quote from: LetsMakeItBTC on September 11, 2014, 10:31:42 AM

Honestly I think people is way too concerned about this. As soon as you see the payment has been done, and it's being processed in the blockchain, then who cares if it takes one hour to confirm? nothing will go wrong, as soon as the money is sent on the correct address you are set.

"nothing will go wrong"
Except double spending?

LetsMakeItBTC

newbie

Activity: 28

Merit: 0

Honestly I think people is way too concerned about this. As soon as you see the payment has been done, and it's being processed in the blockchain, then who cares if it takes one hour to confirm? nothing will go wrong, as soon as the money is sent on the correct address you are set.

9kv

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Learning

Quote from: Brangdon on September 11, 2014, 08:04:52 AM

Quote from: 9kv on September 10, 2014, 08:38:28 PM

What is the factor that would speed up time for a single transaction to get a single confirmation the most?

Wrong question. I think you really want to know how to make it safer to accept zero confirmations. Having nodes relay (as flagged) double-spend attempts would be one way.

Yeah, that's what I specifically mean.

Brangdon

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Quote from: 9kv on September 10, 2014, 08:38:28 PM

What is the factor that would speed up time for a single transaction to get a single confirmation the most?

Wrong question. I think you really want to know how to make it safer to accept zero confirmations. Having nodes relay (as flagged) double-spend attempts would be one way.

charlieSeen

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Quote from: 9kv on September 10, 2014, 08:38:28 PM

What is the factor that would speed up time for a single transaction to get a single confirmation the most? Difficulty? Number of miners? Gh/s? etc.

None of the above. You need to include a higher TX fee if you want the TX to confirm in a short amount of time (as measured by number of blocks until the TX is confirmed).

deepceleron

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Paying a higher fee.

Really, this question has been done to death. The block finding probability that gives us an average one block per 10 minutes is a good compromise between speed of payment processing and the risks of orphans and wasted mining security.

Credit card payments don't really end up in the seller's account until the end of the month, and aren't really secure for the 180 days that someone can make a chargeback. Bank wire transmissions cost a lot more, take days, and still can be revoked. Bitcoin transfers money permanently, and faster than you can drive to the 7-11 and buy milk for cash, for a fee less than a tenth of anything else. Only fiat cash is faster, and then you still have to go meet a person to give them the paper.

jaberwock

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Either bigger and bigger hashrate or less blockchain transactions.

No other option for Bitcoin

Cyrax89721

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Well I'm sure you can agree along with everyone else that the occasional 1+ hour blocks are mildly irritating when you're waiting for a few confirmations to process.

9kv

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Quote from: ?? on ??

We would need an ever increasing global hash rate (so it constantly outpaces the difficulty adjustment which aims for 10 minute blocks).

Why do confirmation times need sped up?

Ah, I see. That's what I was thinking - it would increase ahead of the difficulty every time.

The difficulty should be something a lot lower, imho - I know it would increase the size of the blockchain but other "minimal" wallets like Electrum would be fine.

The reason being so is that it's near-impossible to pay for anything with Bitcoin in the real world without a fear of doublespending.

Right now Bitcoin is happily confined to a digital prison.

9kv

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What is the factor that would speed up time for a single transaction to get a single confirmation the most? Difficulty? Number of miners? Gh/s? etc.

Topic: What would speed up confirmation time? (Read 1531 times)