Say that you want to give your friend Dave a generous birthday gift of five bitcoin (5 BTC). To do so, you need to use your private key to send a message to the public blockchain announcing this transaction. This transaction message contains three parts:
1. Input: the source transaction of the bitcoins you’re sending to Dave. This code explains the history of how the bitcoins came to your public key.
2. Amount: the number of bitcoins—in this case, five—that you intend to send to Dave.
3. Output: Dave’s public key, or the address to which you are sending the bitcoins.
Topic: Why transactions takes so long? - page 2. (Read 1777 times)
As mentioned earlier, a Bitcoin transaction generally needs 6 confirmations from miners before it’s processed. The average time it takes to mine a block is 10 minutes, so you would expect a transaction to take around an hour on average.
However, the recent popularity boom of Bitcoin has caused congestion on the network. The average time for one confirmation has recently ranged anywhere from 30 minutes to over 16 hours in extreme cases .
However, the recent popularity boom of Bitcoin has caused congestion on the network. The average time for one confirmation has recently ranged anywhere from 30 minutes to over 16 hours in extreme cases .
I think it depends on your transaction fee that you will pay if you want a faster transaction the you should pay a higher fee and i think it is because of the traffic in the blockchain and the increase in njmber of transactions there are many transactions that happens in a minute even in a second, i use the low transaction fee it may take about 3 minutes to verify and transfer it to the reciever and i think thats very fast, maybe you should choose some wallet that has some low transaction fee because i think it varies from the wallet that you will use.
This happens when the demand is long and the loan is long. But according to the situation it needs to be resolved. However, it is expected that it will be amended very quickly. I think the number of cryptocurrency is more due to the completion of their transaction.
Well, especially for Bitcoin, the blockchain network is becoming super congested and this, of course, is leading to lower confirmation times and also higher transaction fees.Will in bitcoin now is too crowded as you can see every transaction so many pending and waiting to aprove becauase of too many people are using bitcoin now i think 15 mins is a good time already you cant transact for an instant thats like imposible at the current setuation.
Actually, Bitcoin is quite a bit faster in verifying transfers than the credit card system. When paying with a CC, the transaction is not really completed for days and can even be reversed some months later. If you were to pay for something online using bitcoin, the transaction would be acknowledged by the merchant in seconds, similar to the time you might wait for a paypal or CC payment screen to acknowledge your payment.
I think because of the increasing number of transactions, where we know that currently bitcoin is getting popular. I think the queue is also getting better, so make the transaction process also longer.
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?
Congestion, that's why we are having a very long confirmation for our transactions. I'll give you a very easy example, if you are in the drive-thru of Mcdonalds and there are 5 people in-line, so you have to wait for a longer time right? And miners are giving those transactions priority that has higher fees. With PayPal, it's an instant, it also happens when you send bitcoin from the same web wallet bitcoin address.
I think one day the bitcoin transaction will be in seconds. Just we will have to wait for it to be accepted and legalized be all the people and the governments. Then we will eat the fruit of bitcoin.
Sending small amounts of bitcoin isn't viable anymore...
For bigger transactions it is ok if you pay the fee... but sending 20 dollar in btc and paying 5 dollar fee is crazy
For bigger transactions it is ok if you pay the fee... but sending 20 dollar in btc and paying 5 dollar fee is crazy
most of my transaction so fast. when i deposit do gambling site like primedice at stake. but sometimes also it takes so long. like sometimes if take up to 12hours.and when i withraw from that site sometimes also take so long. only recieveng in my wallet.
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?
It was delayed before SegWit, today it is already solved. Enjoy!
I guess segwit did something good. It seems all transactions are going in smoothly and fairly quickly. Though the problem now is solve, this might not be the case in the future. Maybe bitcoin unlimited would be the next solution, who knows. If bitcoins does get a lot more popular bitcoin code must really adopt, it should be scaleable.
It is maybe because of the high popularity more and more transactions are taking place daily because of this the network becomes slow and if you want your transaction to atleast get 1 confirmation it will cost you more because all transactions are done by miners and they won't mine transaction with less fees
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?
It was delayed before SegWit, today it is already solved. Enjoy!
I guess segwit did something good. It seems all transactions are going in smoothly and fairly quickly. Though the problem now is solve, this might not be the case in the future. Maybe bitcoin unlimited would be the next solution, who knows. If bitcoins does get a lot more popular bitcoin code must really adopt, it should be scaleable.
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?
It was delayed before SegWit, today it is already solved. Enjoy!
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?
Just learn more about how paypal transaction works, it is not instant because transaction can be reversed even after 180 days if buyer file a chargeback claims. On the other hand bitcoin and eth transactions are non-reversible so when they will get few confirmation there is no way to reverse it. Cryptocurrencies are way better than paypal like centralized payment gateway which can froze your millions of $ with very weak reason anytime.
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?
It was delayed before SegWit, today it is already solved. Enjoy!
It is still not fully solved yet because last week only there were so many unconfirmed transactions and my one of the withdrawal took more than 12 hours to confirm. These transactions are instant because within few seconds or minutes you can see your transaction enter into blockchain after you send or receive. But that transaction to confirm it takes time in the blockchain. Paypal works in different and it has its own drawbacks too.
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?
You are right, that time of transactions is to long. The transfer time, like preposters already stated depends on traffic in network and the fees that are paid. But to implement bitcoin to "real life" (offline shops, restaurants and so on) it is very imported to enable instant payments. Therefore a lightning network will be implemented.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?
It was delayed before SegWit, today it is already solved. Enjoy!
If you think 30 seconds is too low for you then I think cryptocurrencies are not really for you. Or you may take a look at Ripple xD
I am fine with waiting 1 hour to see a Bitcoin transaction fully completed, it's much better to what it was sometimes before. Of course, faster than 1 hour would be nice too
it depend on market because if you sell bitcoin into ethereum you cannot transact it easily because you need to wait until your item (coin) will buy.
I think you should read the OP more carefully to avoid to reply out of topic
I am fine with waiting 1 hour to see a Bitcoin transaction fully completed, it's much better to what it was sometimes before. Of course, faster than 1 hour would be nice too
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?
it depend on market because if you sell bitcoin into ethereum you cannot transact it easily because you need to wait until your item (coin) will buy.
I think you should read the OP more carefully to avoid to reply out of topic
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?
You are right, that time of transactions is to long. The transfer time, like preposters already stated depends on traffic in network and the fees that are paid. But to implement bitcoin to "real life" (offline shops, restaurants and so on) it is very imported to enable instant payments. Therefore a lightning network will be implemented. Jump to: