Topic: Why transactions takes so long? (Read 1802 times)
Please check back where you made the Bitcoin deposit because there are some wallets that require verification in the form of e-mail, sms, or other verification form to send your Bitcoin from one wallet to another wallet. You may have to click on a confirmation link in your e-mail, or enter a new sms or password pin to make sure that you really want to transfer your Bitcoin from that wallet to your VIP account wallet. If you have fulfilled these steps but your Bitcoin still has not received confirmation, try next time give a bigger miner fee for the transaction to be processed fast.
Probably one day somebody is going to create a fork of the bitcoin which can comfort the smaller btc transaction but for now you have to wait the confirmation or pay a fortune
if according to my knowledge the old btc delivery is due to the small free make a problem like experience my friend experience at the time of its free settlement small thing become old but big fee will be fast according to
I don't know much about how BTC or ETH works, but why all cryptocurrencies takes so long to confirm a transaction. I think even 30s is too long, why cant it be instant like PayPal?
Because sometimes it depends on the transaction fee that we are using in cryptocurrency on which is not fixed the higher the fee it makes the transaction fast and also sometimes the network of it was become congested that makes the transaction slow to confirm. I don't know much about how BTC or ETH works, but why all cryptocurrencies takes so long to confirm a transaction. I think even 30s is too long, why cant it be instant like PayPal?
sometimes cuz there are too many transaction, and other times because the transaction it's sended with a low rate fee
depends
It might be due to problems in blockchain system. I dont know specifically
Sometimes a great pressure is created on the transactions tunnel creating a single long queue that's why it takes time
It might be due to problems in blockchain system. I dont know specifically
no idea, about it. I am gonna enquire it too
due to many users.
I think, the blockchain network is becoming super congested and this, of course, is leading to lower confirmation times and also higher transaction fees. Time was chosen presumably because it is a good compromise of speed, security and bandwidth. The Lightning Network will allow for instantaneous, off-chain transactions that will not need to be confirmed. Right now, Bitcoin isn't effective for lower transactions.
Delay in transaction, it mostly happen as a natural things. And many are cost by network delivery, and the human error are involved by not using enough Gas, if it is Ethereum transaction, it need enough gas execute any transaction out.
Paypal has no blockchain and its movement is internal. Bitcoin is also fast, if you try using blockchain.info and send some bitcoins to another address in blokchain.info then you will notice that it will only take a blink of an eye and your bitcoin is already transferred since the transaction is done internally. But if you send out btc to an external wallet then that would take long since it needs some confirmation to avoid double spending.
The transaction time for bitcoin is actually longer if there are a lot of transaction, and a lot to be verify. Thus more to pay if you want to get the transaction done sooner.
it's true what you say, but I think it's very natural, because so many users or networks we're using, so this is what makes the transaction slower and on the other hand because of the very low cost that causes that factor, try to use it with a very expensive cost of course your transaction will be quickly resolved.
I don't think 30sec is too long even though the optimum time taken for transaction is around 20-25 sec and that's ok to ensure safe transactions
May be its the normal time for transactions of cryptoz as it needs to be checked several before transfeerring
It depends for crypto translations, there are crypto fast transactions, much depends on the network congestion that you use blockchain of crypto.
I do see that there is a fundamental difference between cryptocurrencies and traditional payment methods. In most of the cases of transferring funds in traditional payment methods Vostro method is used so it takes place immediately but in the case of cryptocurrencies, you actually send funds from one point to another and there is a miner between sender and receiver to your transaction.
Miner has the right to confirm the transaction but he cannot identify or interfere with the transaction whereas, in traditional payment methods, the Central authority has full control over the transaction. That's the fundamental difference making cryptocurrencies secure as compared to that of traditional payment methods. On the other hand, this technology is still in the development mode and I am expecting growth in the coming years and we will definitely have some concrete solutions for it.
Miner has the right to confirm the transaction but he cannot identify or interfere with the transaction whereas, in traditional payment methods, the Central authority has full control over the transaction. That's the fundamental difference making cryptocurrencies secure as compared to that of traditional payment methods. On the other hand, this technology is still in the development mode and I am expecting growth in the coming years and we will definitely have some concrete solutions for it.
Unfortunately for Dave, this process does not occur instantaneously. In fact, bitcoin transactions are subject to delays ranging from a few minutes to a few days. This is because bitcoin requires miners to verify transactions. Transactions are usually lumped into “blocks,” to be verified and added to the public blockchain; according to standard bitcoin protocol, it takes about ten minutes to mine one block.
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