Topic: Why is BTC transaction so slow (Read 604 times)
Until a miner confirms the transaction, the transactions are considered unconfirmed or pending. Approximately one new block is created every ten minutes. In other words, bitcoin transactions cannot be completed quickly. In a busy network, transactions take longer to process.
Bitcoin have the issue of scalability. Once there are too many transactions at the same time, it becomes difficult for Bitcoin network to handle such large amounts of transaction data on its platform in a short span of time. For example, Bitcoin (BTC) can only handle 4.6 TPS while Binance Smart Chain can process around 160 TPS. Bitcoin’s low TPS results in the blockchain’s inability to handle large amounts of transactions, which leads to slow transactions.
Maybe when network transactions are congested, this has implications for transaction speed, but in my opinion Bitcoin transactions have been slow for a long time so it doesn't reflect speed anymore, but the solution is always trying to increase the transaction fee but be careful not to make the transaction fee more expensive than
So far I have not seen how fast transactions through the Bitcoin network are, but if you just wait for a few moments or hours and the transaction is successful at a very low cost, I think it is still a very normal thing to happen. Because dense transactions already have a slight delay when transacting, but they can still be used by those who are patient.Now bitcoin does not symbolize the speed of the transaction, instead the cost is more expensive so I think it is very inefficient especially if I only want to transact with a small nominal
Are you transact bitcoin from legacy to seg-wit ? As we know that SegWit wallet is known as more faster transaction and lower fees. If you use legacy then it may be cost little more time from SegWit. There may be another reason that the high volume. And also bitcoin provide the best security so I these are the cause for the latency.
You could use others alt-coin for faster transaction (ltc,eth,matic,bnb)
You could use others alt-coin for faster transaction (ltc,eth,matic,bnb)
When the user pays the optimal fee so that his transaction will go in the next block, what makes the next block confirmed more than 1 hour?
To mine a block, miners must solve a proof of work problem. As the proof of work problem is solved through brute-force method, there is no way to know when exactly it will be solved. Given the difficulty of the proof-work problem, we only know that blocks are mined (roughly) every 10 minutes on average.
If the fee you pay for your transaction is high enough, your transaction will be included in the next block. But the time it takes for the next block to be found does't depend on the fee you paid at all. In the case it takes 1 hour for miners to find the solution, you have to wait 1 hour even if you have paid a very high fee.
The block time isn't exactly 10 minutes. Blocks are mined (roughly) every 10 minutes on average.
A block may be confirmed a few seconds after the previous one. It's also possible that it takes more than an hour.
I want to get a little explanation about this case: A block may be confirmed a few seconds after the previous one. It's also possible that it takes more than an hour.
When the user pays the optimal fee so that his transaction will go in the next block, what makes the next block confirmed more than 1 hour?
My assumption: On average each block will be confirmed in 10 minutes, but when the transaction uses the optimal fee to be entered into the next block, then I think the transaction will not take much time to get confirmation. If my statement is wrong then I hope some one can correct it.
This is not exactly true, since the bitcoin block time is 10 minutes. Meaning if you pay the maximum fee, you will end up with a confirmation time from 10 minutes to 1 second.
You are wrong too. The block time isn't exactly 10 minutes. Blocks are mined (roughly) every 10 minutes on average.
A block may be confirmed a few seconds after the previous one. It's also possible that it takes more than an hour.
The reason why your transaction is slow because you're pay with small amount fee, if you increase it at the high priority, your transaction will got confirmed less than 5 minutes, see the mempool.space https://mempool.space/ if you want to set the fee.
However Trustwallet is suck closed source wallet and doesn't have feature to set your own fee based on sat/byte.
However Trustwallet is suck closed source wallet and doesn't have feature to set your own fee based on sat/byte.
This is not exactly true, since the bitcoin block time is 10 minutes. Meaning if you pay the maximum fee, you will end up with a confirmation time from 10 minutes to 1 second. So to get a faster transaction time a faster block time would be needed.
I am probably going to get nailed for this but its the truth, BTC transaction sucks🤦♀️ its slow as a snail, I am trying go send some bitcoin to exchange using my trust wallet and it's just there over 5 minutes, imagine been in haste in a store nearby trying to pay with BTC using your wallet and this happens, you are forced to wait around till the transaction go through, not a good feeling at all.
The average time of bitcoin transaction is 10 minutes. But you can use bitcoin's second layer ( lightning network) which is faster than even your visa master card1) Bitcoin lightning network simply explained
2) Bitcoin lightning network: How to send and receive payments
The transaction speed is slow because of both the amount of transactions taking place and by design. With each new block coming every 10 minutes, the minimum amount of time a transaction can take is 10 minutes. The block time can be reduced, but that doesn’t guarantee transactions will be faster, because that will depend also on the amount of transactions (in size) and the size of the blocks
This problem really exists, especially when there is congestion on the Bitcoin blockchain, so if you are in a hurry, you should use a wallet that gives you the advantage of controlling fees and then you can increase the fees to carry out your transaction quickly, but if you do not want to increase the fees, you have to wait a little. In addition, the use of SegWit addresses helps in speeding up the transaction and reducing fees. You should choose a good wallet such as Electrium or Wasabi that gives you SegWit addresses and also gives you the advantage of reducing or increasing fees as desired.
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Haven't you heard of the Lightning network? Moreover there are new solutions being built like scannable chips, paper-like "vouchers" from which those who scan them can claim a certain amount of Bitcoin instantly. We have great minds developing on the Bitcoin network so we should only expect incrementally better solutions for making day-to-day payments.
Nevertheless, I think Bitcoin's main use case is being a store-of-value asset and not a currency to use for mundane expenses.
Personally I haven't heard about the Lightning network, if bitcoin did develop it, bitcoin would no longer be an absolute asset store, the strength that makes bitcoin so valuable today because of that, there weren't many methods used to develop bitcoin in the past, they only positioning bitcoin as a storage asset, then is it possible that the owner or development will make a new breakthrough, which actually makes them no longer a full asset repository Nevertheless, I think Bitcoin's main use case is being a store-of-value asset and not a currency to use for mundane expenses.
legendary
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I am probably going to get nailed for this but its the truth, BTC transaction sucks🤦♀️ its slow as a snail, I am trying go send some bitcoin to exchange using my trust wallet and it's just there over 5 minutes, imagine been in haste in a store nearby trying to pay with BTC using your wallet and this happens, you are forced to wait around till the transaction go through, not a good feeling at all.
Like some persons have said, the reason why your transaction is slow in getting a confirmation is because the blockchain fee you attached to your transaction is too low, maybe try to increase your transaction fee next time if you need a near instant transaction confirmation.The above being said, I personally would prefer to keep my Bitcoins as a store of value than spend them on paying for goods and services in a store, for making payments, I believe there are many altcoins out there with cheaper fees and faster transaction confirmation that can be used perfectly for payments of goods and services.
Haven't you heard of the Lightning network? Moreover there are new solutions being built like scannable chips, paper-like "vouchers" from which those who scan them can claim a certain amount of Bitcoin instantly. We have great minds developing on the Bitcoin network so we should only expect incrementally better solutions for making day-to-day payments.
Nevertheless, I think Bitcoin's main use case is being a store-of-value asset and not a currency to use for mundane expenses.
Lightning Network or LN might be a great and ideal use especially if you're dealing with a transaction in a real time matter as it provides a fast transaction. Unfortunately, not all wallet provides option to use LN on them which is one of the conflict that must be done. Also, just as the OP did not use or may not know LN, more people doesn't really understand how LN work. Nevertheless, I think Bitcoin's main use case is being a store-of-value asset and not a currency to use for mundane expenses.
Haven't you heard of the Lightning network? Moreover there are new solutions being built like scannable chips, paper-like "vouchers" from which those who scan them can claim a certain amount of Bitcoin instantly. We have great minds developing on the Bitcoin network so we should only expect incrementally better solutions for making day-to-day payments.
Nevertheless, I think Bitcoin's main use case is being a store-of-value asset and not a currency to use for mundane expenses.
Nevertheless, I think Bitcoin's main use case is being a store-of-value asset and not a currency to use for mundane expenses.
10 minutes is faster than the average. Even if you set up a high fee you can be waiting up to un hour or more until de next block gets confirmed. So if you get desperate after 5 minutes, I don't know what you'll do when you have to wait for an hour.
It has happened to me maybe 2-3 times that the time between blocks was about 60 minutes or a little less, but that rarely happens - it's much more common to wait about 20-25 minutes, and I've noticed that this happens very often at a certain time, although I don’t know what exactly the reasons are for it. What many people don’t know is how insecure transactions with many alts actually are given that some need hundreds or even thousands of confirmations to be considered secure.
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I am probably going to get nailed for this but its the truth, BTC transaction sucks🤦♀️ its slow as a snail, I am trying go send some bitcoin to exchange using my trust wallet and it's just there over 5 minutes, imagine been in haste in a store nearby trying to pay with BTC using your wallet and this happens, you are forced to wait around till the transaction go through, not a good feeling at all.
10 minutes is faster than the average. Even if you set up a high fee you can be waiting up to un hour or more until de next block gets confirmed. So if you get desperate after 5 minutes, I don't know what you'll do when you have to wait for an hour.
The reason why your transaction is slow because you're pay with small amount fee, if you increase it at the high priority, your transaction will got confirmed less than 5 minutes, see the mempool.space https://mempool.space/ if you want to set the fee.
Wrong. As I explained above, there are times when the next block doesn't get confirmed in an hour or more, and the high fee doesn't speed up the next block confirmation process. So when you say that you will get your transaction confirmed in less than 5 minutes by changing the fee, you need to brush up on the basics of transactions.
Due to rising demand for transactions per block, bitcoin network traffic is currently exceptionally high. Due to the restriction on block sizes, transactions that are larger than the block's capacity are placed in a queue for confirmation by bitcoin miners.
It can be frustrating most time especially when you need to do an urgent transaction
It can be frustrating most time especially when you need to do an urgent transaction
It will get worse as time goes on because the more crowdy BTC holders become the lesser the transaction speed will be,
I guess you have not been following the developments in Bitcoin and only relied on some random youtubers promoting their altcoins. Yes you still see the 10 minutes (on average) confirmation time but you seldom see the heavy congestions in the network these days. 20 sats per byte is already considered cheap before, use the same fee today and your transaction will most likely be on the highest priority. 
I am probably going to get nailed for this but its the truth, BTC transaction sucks🤦♀️ its slow as a snail, I am trying go send some bitcoin to exchange using my trust wallet and it's just there over 5 minutes, imagine been in haste in a store nearby trying to pay with BTC using your wallet and this happens, you are forced to wait around till the transaction go through, not a good feeling at all.
You shouldn't ask too much about bitcoin, is the first blockchain network and it is completely decentralized. It is true that bitcoin transactions are processed more slowly because bitcoin's block size is smaller than today's altcoins, and transactions on the blockchain become more sluggish when there are many transactions being made at the same time. If you are in a hurry to trade then increase the priority fee or you can use altcoin instead. Jump to: