Topic: Why is BTC transaction so slow - page 2. (Read 604 times)

yep everything had already the answer why is getting slow because the mempool is very small, the transcation is a lot and the fee is normal if you are using high fee than you will get approved but there is solution like lightning network or using segwitbech32 address to gain less fee

and usually merchant that accept bitcoin is not directly send they using third part app or only need 1 confirmation. and accept other crypto like litecoin eth or token

This has something to do with the fees associated with your transaction. The more people that use the network, the more delay would be incurred. As you increased the fees, then the priority also increases as miners would be able to prefer your transaction. Like what some suggested, you may opt to convert your BTC to some certain altcoins and you may transfer such to your wallet (if they offer altcoins on your wallet).

Remember that all of the transactions are posted on a ledger, so that means that the confirmations would take at least some time before they all become valid and confirmed.

Being the first one to lead and create an environment for others is the reason why Bitcoin's payment transaction is slow.
However, it's still faster than asking your bank to send $2 million to your friend in another country by just 3 clicks and waiting 5 minutes.
Ofcourse other blockchains do have advantage but why aren't they priced much higher than BTC? That's what you should ask yourself.

People up to now are still complaining with btc transaction and it is very understandable. It is one of the reasons why the adoption in using it as payment method is not very fast. The use of LN would be a very good solution but not many crypto users are well aware how to use it and so with the merchants or shops. If the transaction is fast and cheap, I believe, many people will use it for payment purposes. But until then, most are storing it for potential investments.

blocks are maid on average every 10 minutes.. by him getting a confirm in less than that means he paid optimum fee to ensure he got in the very next block.. so its not a fee issue.

paying more would not result in any faster time then the next block

emphasis to all responses about fees.. ITS NOT A FEE ISSUE.



bitcoin confirmation is the equivalent to wire transfer settled on your/recipients account, not tap and pay debit card 'pending' on your statement.

what your not realising is when you use tap and pay debit card. if you look at your bank statement you usually see the amount in a "pending" column where it takes a day to be in the settled balance column.

bitcoin can be seen by merchants as pending(unconfirmed) and accept a transaction as unconfirmed in milliseconds. but like debit/wire transfer the actual settled account(confirmation) takes longer

for fiat its 24 hours in most cases. .. for bitcoin its about 10 minutes.

if you are buying something small. many merchants can take the risk of accepting tap/pay or bitcoin while pending/unconfirmed. but some that want larger amounts like rent/mortgage payments wont accept it as paid until the funds are settled.

EG places dont accept your rent/mortgage is paid if you hand hem a signed cheque unless that cheque has cleared 5 business days later.

It's true that trustwallet is closed source and it shouldn't be used. But it allows you to adjust the the transaction fee.
To do so, you should tap on "Setting" button at top right corner the screen before confirming transaction details. After that, you will see a new window in which you can enter the fee rate.

As if it was once a big secret Bitcoin has always been a very slow blockchain, and very expensive, at the peak of the hype transactions cost 300-500 satoshi per byte. This is especially striking when you compare transaction processing speed with altcoins. There is nothing we can do about it, it's all about block size, it's limited to 1 megabyte and blocks are created once in 10 minutes, although there were cases when block could not appear for an hour. Since the cryptocurrency is very popular, and one block can hold about 3,000 transactions, everything is very slow, and the introduction of LN is not as fast as we would like it to be.

He certainly can, but I have to suggest using an LN wallet. So far LN is very supportive of instant payments and there is not even a fee ^{[very inexpensive]} and he should give it a try before coming to a conclusion.

Another option if the OP wants to make a fast transaction with bitcoin is to use a much larger fee than recommended. I think he's just having problems because his wallet doesn't support RBF so he has to have pending transactions because maybe the mempool is congested or the fees are too low, so if the OP wants to use bitcoin as a means of payment then he should use the right wallet and make sure it supports RBF.

Suggestion: Move thread to bitcoin discussion.

Bitcoin transactions are slow because there are many transactions as well, such as the exit of many Bitcoins from an exchange,
or the entry of Bitcoins from a wallet to an exchange, yes,
and that makes Bitcoin transactions slow and requires expensive fees if you want to speed things up.

It's slow, yes but it gets the job done. There is a good reason why if you want fast, you wouldn't use Bitcoin but other coins instead. This suit well with Bitcoin too since it can opt to be more secure.

A new bitcoin block is generated approximately once every 10 minutes, but the interval can be 5 minutes and 20 minutes. Do not use bitcoin for fast payment. Better use Tron, Litecoin or other coins where transactions are much faster.

Security > Speed.

That's what bitcoin is about. Security.

You may want to use a faster coin but it comes with a price. They are not as secure as Bitcoin. The other coins are having chain reorg's from time to time and even though the chances are small, it is still there. Bitcoin on the other hand, is solid as a rock working like clockwork since 2008.

If you want a faster coin, use doge or ltc.

The reason why the transaction is slow is because your BTC fee is low.  Because if you send BTC then transfer is done with much less gas fee.  And the limit is 5 minutes.  And in 5 minutes BTC Transfer is done.  If you had sent with high priority with high fee here, it would have been sent immediately.  Thanks.

The answer to that is just simple. With the current crypto market situation, everyone is just taking a chill pill not to sell dip at a time of rise and also not to buy the dip at a very wrong time. With what we see and price of Bitcoin heading to $22,000, one might be excited to to hop and end up at losses.

Why Bitcoin Transaction is slow:
Every transaction is confirmed by the miners every ten minutes to add a new block by mining.
In Bitcoin Blockchain the current Block generation is ten minutes per Block.it means every 10 minutes, a new block is mined.
A New Block of the transaction is added to the blockchain and considered to be processed That's called Bitcoin transactions.
Bitcoin Transaction average on the previous assumption is 2,759.12 and the current Block is
10 minutes which is equal to 600 seconds. By the way, Bitcoin Blockchain can guarantee only 4.6 transactions per second.

Bitcoin transactions are getting slower because of the huge volume of transactions, this is what makes a lot of altcoins can be used as an alternative to send cryptocurrencies, even since the last 3 years I have never sent with bitcoin directly, I usually switch to altcoins that are faster and cheaper like Tron , BNB or matic.

Is this true? Can we confirm this with someone who uses it? I haven't tried this Trustwallet yet so I have no idea they don't have that type of feature.
If that is the case then it's not Bitcoin blockchain that you should blame but the wallet itself.
Perhaps it was set at the lowest rate while they are charging you with higher amounts. What you could do is change the type of software wallet that you are using with options to speed up the transaction. Like Electrum, Mycellium, and more.
Go here for more information: https://bitcointalk.org/index.php?board=37.0

Instead of blaming, blame yourself for what you did to make yourself receive such frustration in return. I think it's simple if you accept to increase transaction fees for fast speed, and let's understand the fact that people don't think of small use cases to say a big thing. It is similar to the way you take a gold nugget to the coffee shop to ask for payment.

It will get worse as time goes on because the more crowdy BTC holders become the lesser the transaction speed will be, its why some Youtubers are saying that some altcoins beats BTC out of the water, I wanted to buy a gift card online using crypto and the website accepts BTC and LTC, after two transactions with BTC I decided to use LTC and I saw a noticeable difference in speed.

Having limited blockchain was a problem for bitcoin since the mass adoption have been starting to happen. The thing is if bitcoin is still having limitation on its network capacity. i meant if you must also try to read why bitcoin is slow compared with the new tokens in the market with their own blockchain. The problem that appaered in the bitcoin has become a mass topic a few years ago but this time it's already solved but by the way do you watch all of story about bitcoin scalability debate?