Why transactions takes so long? - page 3.

Argon2

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Quote from: BallZy on August 30, 2017, 07:24:32 PM

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?

A Bitcoin transaction is instant as is a credit card but a credit card takes 72 hours to "confirm" in the system while Bitcoin takes on average 10 minutes. Try to rethink your definition of what slow is... Huh

Warry

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Quote from: Fujiati on September 02, 2017, 01:16:35 PM

yes it all needs process mr.karena bitcoin or eth different than on paypal and such, maybe one day can also like paypal.

Why Bitcoin transaction can like paypal in someday? The system and funsction of cryptocurrency is diferent to paypal, and also cryptocurrency as Ethereum, Bitcoin never hold our money like Paypal when we send a huge money Cool

Fujiati

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yes it all needs process mr.karena bitcoin or eth different than on paypal and such, maybe one day can also like paypal.

Akash1243

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As there are many transactions of bitcoins are going on in world and miners gives priority to higher fees so it is expected that if you have paid higher fees then it won't take time for confirmations.And by the way bitcoin transactions are fast like instantaneous like PayPal but it is confirmations from miners which take time.As bitcoins are becoming legalised and famous in many countries so there is traffic in network which cause delays in confirmations and have to pay more for fast but I think 10 or 30 mins isn't that long period of time if the transactions are not that important as you don't have to keep a check on transactions to confirm it.

kuyaJ

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Quote from: BallZy on August 30, 2017, 07:24:32 PM

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.

batang_bitcoin

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Quote from: BallZy on August 30, 2017, 07:24:32 PM

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.

nrvasquez

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because paypal transactions are not as much done bitcoin in a day (I mean the number of people who make transactions). the daily bitcoin transaction queue is overwhelming and booming. so if you want to speed up the transaction, you can choose a higher cost.

BillyBobZorton

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Quote from: Emoclaw on August 30, 2017, 08:49:48 PM

Quote from: BallZy on August 30, 2017, 07:24:32 PM

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?

BTC transactions are actually INSTANTANEOUS. It's confirmations that take a longer time (10 minutes) because that's how Bitcoin works.
Bitcoin has a block time of 10 minutes and that amount of 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.

Credit card transactions take 180 days to confirm, yet I see no one complaining about it. BTC transactions take only 10 minutes to confirm that your money is sent and will never be stolen. Most newbies are clueless and don't value what BTC does enough because they don't understand the concept of decentralization.

Once we get Lightning Network wallets and user friendly out, people will no longer complain because they will be able to make instant transactions for cheap which apparently it's all newbies care about.

alyssa85

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Quote from: Kmdr on August 31, 2017, 10:31:20 PM

If possible, use alternatives to Bitcoin. Ethereum, Litecoin or Ripple are all significantly faster and cheaper.

This. Because the cryptocurrency space is now so huge with more than 50% of total marketcap being alts, scaling will happen in the alt space. Have your saving money locked away in a bitcoin wallet and your spending money in an altcoin wallet.

seattletu

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As of now, bitcoin organize movement is curiously high because of expanding interest for transactions per block. block sizes are restricted, so this implies exchanges which surpass the limit with respect to a block stall out in a line for affirmation by bitcoin minners. This line of unsubstantiated exchanges is known as the bitcoin mempool.

The uplifting news? Many people are keen on utilizing bitcoin for exchanges. The terrible news is that this network movement may create postponements of a couple of hours to a couple of days for a few clients and a sit tight time of weeks for few clients.

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Quote from: BallZy on August 30, 2017, 07:24:32 PM

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?

not all cryptocurrencies takes too long to confirm a transaction, you can try with dgb and litecoin. it is less than 3 minutes i guess because i am trying to send m litecoin and dgb from one exchange into other, its directly in my wallet. maybe the network is heavy load or something happen but for bitcoin, we need to wait and its normal.

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Quote from: aTriz on August 30, 2017, 07:38:07 PM

If you use the highest transaction fee, it should mean your transaction is confirmed within 5 minutes and most websites only require 1-5 confirmations.

Bitcoin is not made to send money in 5 minutes. Don't you know about the 10 Minutes blocktime?

Kmdr

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If possible, use alternatives to Bitcoin. Ethereum, Litecoin or Ripple are all significantly faster and cheaper.

Youghoor

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Yes, right now the transaction are taking ridiculous amount of time... I dont know why this is happening, three days ago i sent a payment and with high fees, 0.0013 (almost $6) and it took FOUR HOURS to get the first confirmation, and 7 to get the six confirmations that the receiver needs to use that bitcoin.
That is taking so much time, i think it need to be fixed as soon as possible, also fees are a little bit high, but that is obviously that is because the demand of miners, and it is reasonable.

Hammonds

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As the transaction gets crowded and many people want to use a low cost, if the transaction you want to quickly confirm try using a higher cost. because the transaction is determined by the miner. then in my opinion the bigger the fee will be the faster our transaction.

lighpulsar07

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Quote from: BallZy on August 30, 2017, 07:24:32 PM

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 know if you want your transactions go confirm easily and instantly then go to paypal and stop using cryptocurrency. It takes computing power to mine a block that's why the blocktime takes minutes to arrive and it will take longer if you transaction fees is lower and may take hours to confirm

karasuri

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this for your safe for example. but most of altcoins is faster than btc

panganib999

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Quote from: BallZy on August 30, 2017, 07:24:32 PM

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?

Unlike other i guess sending money would not be easy unlike in bitcoin it is a new kind of technology that you can send money with bitcoin i guess it is really the most popular currency but we all know because of its popularity a lot of people use where the bitcoin cannot handle so the transaction become slower.

Gotomoon

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Quote from: craZyLovE0916 on August 31, 2017, 06:02:23 PM

As I am sure everyone else has already clarified by now, if you want your transaction to go through quickly then you need to pay a high fee. It sucks, but until further developments are made it is how it has to be.

Yes this is what I believe on you can choose for the transactions fees that will make fast the transactions. And ofcourse this happen because of the demand of bitcoin that it may take longer. But lets hope for the corrections of the fees.

jakezyrus

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Quote from: BallZy on August 30, 2017, 07:24:32 PM

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 takes so long may be because your transaction fees is to low because some miners preffered the ones that are much higher fees. so next time if you want your transaction to be fast as possible make sure to set the transaction priority to high or you can try some other wallets with the option to adjust your desired transaction fees like coinomi wallet so you can set the default fee to much higher fee for better and faster results.

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