Bit.ly/LightningNetwork101
Hope this helps!
Topic: Why is Blockchain so slow? (Read 238 times)
Luckily, Lightning Network is in beta testing to figure out how to help with some of these issues; It will allow more technological capability within the blockchain. We go into more detail about this on our blog post, so check it out
Bit.ly/LightningNetwork101
Hope this helps!
Bit.ly/LightningNetwork101
Hope this helps!
If it costs more then it will lose its competitive advantage with other forms of remittance such as bank, paypal, ...
The advantage is still there which there will be no 3rd parties involved for each individuals transaction.Every bitcoin deal we have to deal with the miners. Are the miners here considered 3rd parties?
Bitcoin is handling the problem by lightning network. Certainly the transaction level ttoocs will be significantly reduced
A lot of transaction needs to be confirm on the network.These confirmation is the the result of slowness of the blockchain.
For my knowledge, blockchain is slow because of the checking of it before it can be bitcoin, also the faster the graphics card is more algorithms are solve, if your miner is not the fast enough then it's expected to be slow. Bitcoin is like gold so how slow you mine on gold how much more in bitcoin, because how rare the item is the harder and longer we can have it.
Delivery of bitcoin is very slow compared to ethereum or other coin, I hope bitcoin transactions can be faster and I also use ethereum to speed up delivery.
there is a good idea there is an alternative like that you do with using eth, besides of course with bitcoin.
but it is usual if the transaction is very much will result in a long queue also resulted in time spent quite a while or it could be because the fees charged for the transaction is small and not appropriate anymore, tried to provide additional costs.
The blockchain works very slowly. Not only that, it is very expensive when dealing on this network. If I had to send you some Bitcoin, it would take a few hours to receive them, and I had to pay a large transaction fee. With how to do this, Blockchain alone can balance the world of cryptocurency here?
In every BTC transaction there are recommended fees. You might wanna check in here for faster transactions https://bitcoinfees.21.co/. Sometimes blockchain is so congested that even though you paid higher fees still it won't confirm that fast as what you expected. The devs behind bitcoin is really making more effort in improving and atleast minimizing the fee and transaction speed. This is one of the downside of BTC that needs to be improved and worked on for the betterment of the technology.
The blockchain works very slowly. Not only that, it is very expensive when dealing on this network. If I had to send you some Bitcoin, it would take a few hours to receive them, and I had to pay a large transaction fee. With how to do this, Blockchain alone can balance the world of cryptocurency here?
Bitcoin's network is congested due to its rising popularity and use. The key for bitcoin will be to upgrade for mass adoption. Right now the Lightning Network is being developed the fix the issues you brought up. The future is in off-chain scaling.
I agree with you on this. The lightning network is still very new development. Hoping that they'll gonna do some improvements with this for more faster transactions when it comes to transferring btc from one wallet to the other. When lightning network was implemented we can really feel the difference between the speed and the fees. Few years from now hope that the devs behind BTC will develop a more faster and lower fees.
The reason why transaction are getting slower because of the 1mb per block limitation that was designed by satoshi nakamoto himself. Now that btc has gain popularity it also increased in users which means more transfer of btc on a daily basis which led to the congestion of the network. That's why the dev has developed a solution to remove redundant data to an on-chain network for better and faster confirmation.
The blockchain works very slowly. Not only that, it is very expensive when dealing on this network. If I had to send you some Bitcoin, it would take a few hours to receive them, and I had to pay a large transaction fee. With how to do this, Blockchain alone can balance the world of cryptocurency here?
Bitcoin's network is congested due to its rising popularity and use. The key for bitcoin will be to upgrade for mass adoption. Right now the Lightning Network is being developed the fix the issues you brought up. The future is in off-chain scaling.
have you people been using bitcoin ever or are you just spamming here? about 5 months ago fees were high for a rather short period of time and they have been pretty low ever since. and bitcoin was never slow the fees were higher.
maybe next time at least check the mempool or something before making comments like these...
The blockchain works very slowly. Not only that, it is very expensive when dealing on this network. If I had to send you some Bitcoin, it would take a few hours to receive them, and I had to pay a large transaction fee. With how to do this, Blockchain alone can balance the world of cryptocurency here?
That is one of the drawbacks of blockchain technology and perhaps that is why the people have been apprehensive of adopting it. But the wait time has greatly improved now. Earlier it used to take hours for transfer to take place but now 95% of my transfers get done within 30 mins and I feel that is pretty good speed. With time we can expect more refinement of the technology and probably a better speed too. 
The blockchain works very slowly. Not only that, it is very expensive when dealing on this network. If I had to send you some Bitcoin, it would take a few hours to receive them, and I had to pay a large transaction fee. With how to do this, Blockchain alone can balance the world of cryptocurency here?
I can feel your complain during the times when bitcoin it's all time high. But I don't see this situation now. Blockchain works perfectly, quickly and with a cheaper fees. Due to the spam attack last time it caused the fee to increase and gave the network congestion that we are all annoyed with. We have to pay higher fee just to purchase a cup of coffee but this was before and it has been calm now and perfect today, so that correction also gave the network everyone to appreciate its change to the fees and transaction time.
Are you pertaining to the current state of the blockchain network? I don't think it's so slow nowadays.
Funny how people call this the currency of the future. It's more like a bottle from hell!
Bitcoin believer no more? If it costs more then it will lose its competitive advantage with other forms of remittance such as bank, paypal, ...
The advantage is still there which there will be no 3rd parties involved for each individuals transaction.
Without bothering you with the technical details, it's mostly because there is a scalability - decentralization trade off. Meaning bitcoin is decentralized because it isnt too scalable. You could imagine there are multiple "servers" maintaining a single copy of a public ledger. They have to communicate to get it right. As oppose to a single server where it assumes that its only ledger is the "right" one.
Delivery of bitcoin is very slow compared to ethereum or other coin, I hope bitcoin transactions can be faster and I also use ethereum to speed up delivery.
If it costs more then it will lose its competitive advantage with other forms of remittance such as bank, paypal, ...
The blockchain works very slowly. Not only that, it is very expensive when dealing on this network. If I had to send you some Bitcoin, it would take a few hours to receive them, and I had to pay a large transaction fee. With how to do this, Blockchain alone can balance the world of cryptocurency here?
From what I've research so far, the network is slow because there's a limit of only 1mb per block every 10 mins. In the earlier years it wasn't a problem due to the fact that Bitcoin isn't being widely use yet which make the transactions smooth. But now, Bitcoin has become quite famous which attracts more daily investors and such which results into more transaction being created and more data needed to process. Imagine having a super slow internet but you needed to download a lot of files, so that's where priority comes. The more value something has, the more priority it will get. That's the reason why fees are extremely expensive right now even though you only need to transfer a small fraction of Bitcoin. So the more fees you provide, the more priority it will get and in turn faster transaction for you.
It is true that bitcoin is very slow and cost is very expensive compared with other crypto, now I prefer to use delivery via ethereum.
Funny how people call this the currency of the future. It's more like a bottle from hell!
The blockchain works very slowly. Not only that, it is very expensive when dealing on this network. If I had to send you some Bitcoin, it would take a few hours to receive them, and I had to pay a large transaction fee. With how to do this, Blockchain alone can balance the world of cryptocurency here?
I can feel your complain during the times when bitcoin it's all time high. But I don't see this situation now. Blockchain works perfectly, quickly and with a cheaper fees. Due to the spam attack last time it caused the fee to increase and gave the network congestion that we are all annoyed with. We have to pay higher fee just to purchase a cup of coffee but this was before and it has been calm now and perfect today, so that correction also gave the network everyone to appreciate its change to the fees and transaction time.
Blockchain is a register book.
This book consists of several pages and each page records multiple transactions there. As soon as a page has been filled up, it takes time to enter the registry, and then you can write other transactions on the next page.
Before a block is entered into the chain, it must go through a verification process to ensure that everything written in it is correct and true. This process takes about 10 minutes (for Bitcoin Blockchain) per page.
This whole process makes bitcoin's transaction processing time longer.
This book consists of several pages and each page records multiple transactions there. As soon as a page has been filled up, it takes time to enter the registry, and then you can write other transactions on the next page.
Before a block is entered into the chain, it must go through a verification process to ensure that everything written in it is correct and true. This process takes about 10 minutes (for Bitcoin Blockchain) per page.
This whole process makes bitcoin's transaction processing time longer.
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