Topic: Why transactions takes so long? - page 4. (Read 1802 times)
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.
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?
PayPal and credit cards can be reversed for MONTHS afterward. Bitcoin gets into the mempool across the network in < 1 second and it is very difficult to double spend thereafter. Once bitcoin has several confirmations it is pretty much irreversible, certainly after 6.
So in a second, bitcoin is across the network. And in a few seconds on the paypal servers.
In an hour (if you paid reasonable fees), bitcoin is confirmed and can't be reversed. In a few months PayPal and credit cards are final and can't be reversed.
With segwit and lightning, Bitcoin is across the network in a second and micro transactions are easy. And it's confirmations will be as above.
All without relying one a third party who could block your account and remove your money - for any reason.
Tell me again which one takes a long time?
Transactions take "so long" for the simple reason that you probably paid too low of fees. In the early days of Bitcoin it was possible to pay low fees or even no fee and your transactions would clear near instantly. Now, however, unless you pay 500+ satoshis/byte chances are you are going to be waiting longer than an hour, but this will get fixed with the Lightning Network. (hopefully, that is) 
its because crowded transaction and some people spamming with low fees, lets say if your wallet make regular fees on 60 sat/b because that was regular transaction fee on that day, and then a lot people use it too. Better stay on medium fees like 150+ sat/b. If you want get confirm faster, you can use priority fees depend on https://bitcoinfees.21.co
yupzz ,, that's right .. because now transactions are piling up on the network, chances are there are unnatural transactions / spammers in it. To avoid slow transactions, big fees can be an option or choose transactions under 5k pending.
Well for me i think the transaction in blockchains is better than paypal. Even though it is fast. I have always come to notion to accept delays in btc depending on how much is the fee. And i too would agree that small payments are the reason why btc transaction takes so long during this time. Earlier this year, transacstion charge small fees and it has the same speed today. I think the members should just accept it rather than whinning about the changes in btc.
PayPal have warehouses full of servers to process transactions. We have to rely on a decentralized network to confirm these transactions, before the transactions can be validated. PayPal has been around much longer and they already worked out most of the problems in their systems, where we at Bitcoin are still busy improving it.
We also rely on decentralized decision making to make changes in the code, which will take a little bit longer than centralized networks.
We also rely on decentralized decision making to make changes in the code, which will take a little bit longer than centralized networks.
its because crowded transaction and some people spamming with low fees, lets say if your wallet make regular fees on 60 sat/b because that was regular transaction fee on that day, and then a lot people use it too. Better stay on medium fees like 150+ sat/b. If you want get confirm faster, you can use priority fees depend on https://bitcoinfees.21.co
yupzz ,, that's right .. because now transactions are piling up on the network, chances are there are unnatural transactions / spammers in it. To avoid slow transactions, big fees can be an option or choose transactions under 5k pending.
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 don't know much about how it works, yet you castigate the amount of time it takes to confirm. Its true that it might not be instant like PayPal but you see it immediately but not available to spend which is what sometimes PayPal use as an option for control purposes. The adabavtages of fees and the reasonable wait time in the case of bitcoin, is enough for me to choose above PayPal.
bitcoin network are currently full load. too many people using bitcoin nowaday. you should change it to other alts coin to make a fast transfer. i would not bother to use bitcoin for my buy and sell because of high fee from bitcoin to miner.
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 can't compare Paypal to cryptocurrencies, they are totally different systems, they have different purposes. Paypal is an online payment processor, which has been developed to manage online payments and give customer support to people using it, they have the authority to decide if a tranaction is OK or not, they can reverse transactions (paypal dispute, claim) if they think that something went wrong during the transaction. You don't store value gerenally on your paypal account, usually you do payment tranactions with your bank card connected to the Paypal account.Bitcoin is not only a payment processor system yet, it's about storing value, and keeping track of who has bitcoin and how many coins. It's like a ledger system, and it not controlled by any company or authority, this determines that it works different. You should take you time to study at least the basics and you will see the differences and the advantages of those systems.
i think many people are playing bitcoin now ! So there are a lot of withdraw , transactions ! So the market transaction will stuck and check all the withdraw ! So too many people withdraw ! It means have to take turn to get to your transaction !
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?
Propagation of your transaction is almost instant but proving that your transaction took place and its confirmation will take more time. But once your transaction is confirmed, you are assured that its valid and it cant be changed or erased from the blockchain.
In Paypal your account can be locked and your transactions can be changed using fiat. But its just really numbers in a screen, with BTC every transaction is made using the actual currency and it cant be changed and censored.
The time taken to make a transaction happen in BTC is worth the wait.
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?
I think because all cryptocurrencie has many transactions per second so it is not possible instantaneously
I just noticed that everytime Bitcoin is increasing in value, the transactions takes longer than the usual and the fees are increasing. I don't know why. I know that it usually takes a few confirmations on the block chain before the transactions to be successful but I don't know if the price increase is directly proportional to the transaction process.
Price increase generally means more activity on the blockchain as well, assuming the price is increasing due to demand (more people using it). Basically, more transactions for less BTC = more congestion.
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 works on the principle of miners getting your transaction confirmed. There follows a big tree of transaction and smaller transactions are included into the bigger blocks which are then split according to destination address. Thus process takes long time now a days because network difficulty is added as well. Too many miners but lots of "congestion" in the network. That's is what happening and making your transaction delayed.
I just noticed that everytime Bitcoin is increasing in value, the transactions takes longer than the usual and the fees are increasing. I don't know why. I know that it usually takes a few confirmations on the block chain before the transactions to be successful but I don't know if the price increase is directly proportional to the transaction process.
No this does not take long, Yesterday i did transaction with low fees and it had credited within 5 mins. Transaction from blockchain.info.
And fee was just 5400 satoshi.
And fee was just 5400 satoshi.
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?
Paypal is centralized, Bitcoin is de-centralized. There needs to be consensus that a Bitcoin transaction has taken place, and thus confirmations are needed.
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?
Paypal is centralized, Bitcoin is de-centralized. There needs to be consensus that a Bitcoin transaction has taken place, and thus confirmations are needed.
its because crowded transaction and some people spamming with low fees, lets say if your wallet make regular fees on 60 sat/b because that was regular transaction fee on that day, and then a lot people use it too. Better stay on medium fees like 150+ sat/b. If you want get confirm faster, you can use priority fees depend on https://bitcoinfees.21.co
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?
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.
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