Why transactions takes so long? - page 5.

Emoclaw

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Quote from: BallZy on August 30, 2017, 08:24:32 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.

skyline247

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Transactions do not all take long. IT all depends on how much of a fee you paid. If you pay a large fee then your tx will go through almost instantly, but a small fee means it could take up to or even over 24 hours in some cases. Tongue

Ultegra134

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Cryptocurrencies, even if it's Bitcoin or some other Altcoin need time to confirm. Don't compare a cryptocurrency with a Payment Processor. There is a whole network behind it, there are blocks, miners, miner earnings and much more.

Every block mined contains a number of transactions, if you've put a low fee (AKA Miner's payment) you will be left behind in the blocks, your transaction will not be contained in the first blocks, in the end, you might wait for a few days for your transaction to confirm. You could start paying high fees for quick transactions, but no one likes paying a fortune for that.

aTriz

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Quote from: BallZy on August 30, 2017, 08:24:32 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?

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.

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.

Right now, Bitcoin isn't effective for lower transactions.

Lazada

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Quote from: BallZy on August 30, 2017, 08:24:32 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?

especially bitcoin now has a very full network, difficulty block greatly increased with high. so when we only provide a low fee then the transaction will be very slow, even can happen for several days. usually to overcome this the bitcoin users use a high nominal fee to speed up transactions made. this has proved successful and our transactions will be delivered quickly.

BallZy

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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?

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