Why are transaction times so slow? | Bitcointalksearch.org

swscowods

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Quote from: Aventhe on August 22, 2017, 05:07:46 AM

Hello! I am not sure if this is the wrong board or not, but I would like to ask.

Why are the transaction times so slow? I have sold an item online around 5 hours ago and my transaction is still on 0 confirmations.
Transaction TX:ID

Is there a problem with my wallet or is it just the network that is currently slow.

The transaction times are slow because you used a low transaction fee probably, if you used a high transaction fee your transaction would get confirmed very fast and you would not even know that lots of transactions are still waiting to be confirmed.

dreamer81

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It's within the nature of bitcoin to have slow (10 minutes) transaction times. It's not going to be any other way than this.
You should check out litecoin. I just did a massive payment with 18 outputs, the transaction was verified within 1 minute and several confirmations after that.

I know why they call it the silver, it's really effective for paying. FOrget about bitcash, it will never be fast. Litecoin for payment, and bitcoin for value reserve.

Mister1k

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Quote from: Vishnu.Reang on August 28, 2017, 02:20:06 PM

Quote from: alyssa85 on August 28, 2017, 12:54:56 PM

Most exchanges will let you trade BCH directly for Fiat. Same goes for Litecoin and Ethereum - you can change it directly for fiat. So it makes sense to use those while bitcoin sorts itself out.

But have you checked the BCH vs fiat and ETH vs fiat volumes? They are very low when compared to BCH vs BTC and ETH vs BTC volumes. But the volumes for the former group is showing signs of increase, for the past few days.

ETH is nothing compare to the BCH or btc. When bitcoin is splited as BCH I noticed gradual growth in payment wise. Block separation and increase of block size will increase the cost of the btc even more than now.
You could have ignore the selling and hold it for long time.

Vishnu.Reang

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Quote from: alyssa85 on August 28, 2017, 12:54:56 PM

Most exchanges will let you trade BCH directly for Fiat. Same goes for Litecoin and Ethereum - you can change it directly for fiat. So it makes sense to use those while bitcoin sorts itself out.

But have you checked the BCH vs fiat and ETH vs fiat volumes? They are very low when compared to BCH vs BTC and ETH vs BTC volumes. But the volumes for the former group is showing signs of increase, for the past few days.

BureauChef

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I think blockchain network os bitcoin is still under attacks. That can be the reason why it's so busy and transactions get confirmed so slowly. Without paying extreme fees, it's almost impossible to get confirmed in very short time. I wish to see this was solved with segwit implementations.

eckmar

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Quote from: alyssa85 on August 28, 2017, 12:54:56 PM

Quote from: eckmar on August 28, 2017, 10:21:04 AM

Quote from: RawDog on August 23, 2017, 04:10:41 AM

Quote from: Aventhe on August 23, 2017, 03:45:38 AM

My transaction has been completed, looks like there was a lot of load on the block chain. Still waiting for Segwit to be able to give us 8Mbs/block. Anyone have an idea when that will be?

Yes. I have an idea when that will be: Never. SegWit doesn't do 8MB. SegWit will never do that. SegWit is being carefully restricted to 1MB by Core. Indeed, they are looking for ways to go to .5MB. I am not kidding about this.

Just use Bitcoin Cash. They already have 8MB running right now and they have very short confirmation times and very low fees. It is already running. You don't need to wait for anything.

Yeah they do got that. But that doesn't change the fact that BCC is not supported by anyone and you can't do shit with it. So no point in recommending someone to witch if it's not accepted. It's as if you would say "Well just use Litecoin" cool man but no one wants to get paid with it.

Most exchanges will let you trade BCH directly for Fiat. Same goes for Litecoin and Ethereum - you can change it directly for fiat. So it makes sense to use those while bitcoin sorts itself out.

Yeah if you want to pay huge fee for that service. What if you want to use LocalBitcoins for example ? We can't deny it, if you want to pay/get paid use Bitcoin, other coins are just investment opportunities. No real world use.

squatter

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STOP SNITCHIN'

Quote from: Pettuh4 on August 28, 2017, 01:59:35 PM

Quote from: qwerth on August 28, 2017, 12:03:38 PM

Miners are not able to make up their mind either to support btc or bch. Clogging the Bitcoin network. And growing backlog

For how long are they going to make up their mind so that we can have a quicker confirmation because it is terrible to be waiting for good 4-8 hours for confirmations. I thought they had resolved to support the original Bitcoin.

While hash rate did drop, block times are still under 11 minutes. It's more about the spam/congestion than the hash rate. People just need to chill out. It will take time for the ecosystem to upgrade. In the meantime, use a wallet with a good dynamic fee algorithm, like Electrum. If you are in a hurry, "within 2 blocks" always works for me. When I'm not in a hurry, I toggle to "within 50 blocks" and go afk. Works like a charm.

Gotottack

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Quote from: RawDog on August 28, 2017, 11:23:27 AM

Quote from: eckmar on August 28, 2017, 10:21:04 AM

But that doesn't change the fact that BCC is not supported by anyone and you can't do shit with it. So no point in recommending someone to witch if it's not accepted. It's as if you would say "Well just use Litecoin" cool man but no one wants to get paid with it.

What makes you think it is not supported by anyone? It is widely supported and even those reluctant at first are now fully supporting it - just look at Poloniex who quickly got behind it in only a few weeks. BCH is for real. It more closely follows Satoshi's original idea of on chain scaling. SegWit is a wild idea to create PRIVATE off chain service that make profit for AXA and Core. SegWit re-introduces the middle man and fees!!! Bitcoin Cash is true peer-to-peer.

It is still not Bitcoins. It is just an altcoin that is trying to be bitcoins. Poloniex only followed because there was pressure from its users, especially those people that want their share of the bitcoin cash (free money, right?) and because a lot of people left a lot of bitcoins in poloniex, they don't want poloniex to get rich from the bitcoin cash they just instantly got because they were holding a lot of bitcoins that wasn't theirs.

Jet Cash

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Quote from: RawDog on August 23, 2017, 04:10:41 AM

SegWit is being carefully restricted to 1MB by Core. Indeed, they are looking for ways to go to .5MB. I am not kidding about this.

Thast's great news, and just what Bitcoin needs. It will restore my faith in Bitcoin.

Pettuh4

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Quote from: qwerth on August 28, 2017, 12:03:38 PM

Miners are not able to make up their mind either to support btc or bch. Clogging the Bitcoin network. And growing backlog

For how long are they going to make up their mind so that we can have a quicker confirmation because it is terrible to be waiting for good 4-8 hours for confirmations. I thought they had resolved to support the original Bitcoin.

alyssa85

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Quote from: eckmar on August 28, 2017, 10:21:04 AM

Quote from: RawDog on August 23, 2017, 04:10:41 AM

Quote from: Aventhe on August 23, 2017, 03:45:38 AM

My transaction has been completed, looks like there was a lot of load on the block chain. Still waiting for Segwit to be able to give us 8Mbs/block. Anyone have an idea when that will be?

Yes. I have an idea when that will be: Never. SegWit doesn't do 8MB. SegWit will never do that. SegWit is being carefully restricted to 1MB by Core. Indeed, they are looking for ways to go to .5MB. I am not kidding about this.

Just use Bitcoin Cash. They already have 8MB running right now and they have very short confirmation times and very low fees. It is already running. You don't need to wait for anything.

Yeah they do got that. But that doesn't change the fact that BCC is not supported by anyone and you can't do shit with it. So no point in recommending someone to witch if it's not accepted. It's as if you would say "Well just use Litecoin" cool man but no one wants to get paid with it.

Most exchanges will let you trade BCH directly for Fiat. Same goes for Litecoin and Ethereum - you can change it directly for fiat. So it makes sense to use those while bitcoin sorts itself out.

qwerth

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Miners are not able to make up their mind either to support btc or bch. Clogging the Bitcoin network. And growing backlog

LeGaulois

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Quote from: RawDog on August 28, 2017, 11:23:27 AM

Quote from: eckmar on August 28, 2017, 10:21:04 AM

But that doesn't change the fact that BCC is not supported by anyone and you can't do shit with it. So no point in recommending someone to witch if it's not accepted. It's as if you would say "Well just use Litecoin" cool man but no one wants to get paid with it.

What makes you think it is not supported by anyone? It is widely supported and even those reluctant at first are now fully supporting it - just look at Poloniex who quickly got behind it in only a few weeks. BCH is for real. It more closely follows Satoshi's original idea of on chain scaling. SegWit is a wild idea to create PRIVATE off chain service that make profit for AXA and Core. SegWit re-introduces the middle man and fees!!! Bitcoin Cash is true peer-to-peer.

If your argument to use Bitcoin cash is the 8Mb, low fees and the short confirmation times. Then why not switching to another altcoin as well... such as Doge and others Cheesy

RawDog

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Quote from: eckmar on August 28, 2017, 10:21:04 AM

But that doesn't change the fact that BCC is not supported by anyone and you can't do shit with it. So no point in recommending someone to witch if it's not accepted. It's as if you would say "Well just use Litecoin" cool man but no one wants to get paid with it.

What makes you think it is not supported by anyone? It is widely supported and even those reluctant at first are now fully supporting it - just look at Poloniex who quickly got behind it in only a few weeks. BCH is for real. It more closely follows Satoshi's original idea of on chain scaling. SegWit is a wild idea to create PRIVATE off chain service that make profit for AXA and Core. SegWit re-introduces the middle man and fees!!! Bitcoin Cash is true peer-to-peer.

Reid

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And someone replied again using the BCC. Oh God, when will this ever end.
That shit should be taken down. No jokes.
Just answer the question then use the damn period (.)
Use this use that. The hell! It's getting to my nerves.
Man, just be practical. Of course that is fast now because not much users are using it unlike bitcoin which have like every second of transaction. Can that really be handled by a number of miners? (That is the answer to the question of the starter).
As of BCC, when that shit gets a load of transaction do you think they can handle ot too? Considering they have not much of miners. Pfft.

BitHodler

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Quote from: eckmar on August 28, 2017, 10:21:04 AM

Yeah they do got that. But that doesn't change the fact that BCC is not supported by anyone and you can't do shit with it. So no point in recommending someone to witch if it's not accepted. It's as if you would say "Well just use Litecoin" cool man but no one wants to get paid with it.

RawDog is a proven troll. The only reason people are interested in Bitcoin Cash is that they are looking to convert their coins directly into Bitcoin, and that's really it.

Just look at how many transactions Bitcoin Cash are sitting in their blocks, it's pathetic how they ever think to make people switch from Bitcoin to Cash.

Only a complete idiot will ever make use of something that is nothing more than a heavily centralized plaything of with greed filled individuals ~ Bitcoin is far superior in every aspect.

Answerme2

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transaction times are slow because there is increase in number of transaction and block size is fixed at 1mb.Wait till segwit is adopted more widely and then wait for LN to activate.

mk4

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A combination of a lot of things. But it's most because of the influx of new bitcoin users/wallets and spammers that are transacting, and effectively flooding the network, causing the transaction fees and time to increase significantly. Another reason would be because miners are jumping back and forth from mining BTC and BCC/BCH, since as we know, most if not all miners mine for profit. The profitability of BTC and BCC/BCH are pretty much switching every few days.

iqlimasyadiqa

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Yes I am also experiencing the same obstacle, I experienced a very long delay in doing the transaction. But I've paid a very large fee, but it's only a few transactions. While other transactions are running pretty normal. I still have not found the problem, hopefully some friends here can provide input.

eckmar

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Quote from: RawDog on August 23, 2017, 04:10:41 AM

Quote from: Aventhe on August 23, 2017, 03:45:38 AM

My transaction has been completed, looks like there was a lot of load on the block chain. Still waiting for Segwit to be able to give us 8Mbs/block. Anyone have an idea when that will be?

Yes. I have an idea when that will be: Never. SegWit doesn't do 8MB. SegWit will never do that. SegWit is being carefully restricted to 1MB by Core. Indeed, they are looking for ways to go to .5MB. I am not kidding about this.

Just use Bitcoin Cash. They already have 8MB running right now and they have very short confirmation times and very low fees. It is already running. You don't need to wait for anything.

Yeah they do got that. But that doesn't change the fact that BCC is not supported by anyone and you can't do shit with it. So no point in recommending someone to witch if it's not accepted. It's as if you would say "Well just use Litecoin" cool man but no one wants to get paid with it.

Topic: Why are transaction times so slow? (Read 605 times)