You can't just change that without the price taking a tank it will affect the price massively
I have no idea where this claim comes from. Its block speed has nothing to do with price (assuming creation occurs at the same rate).
Topic: Will Bitcoin get faster transactions like Litecoin? (Read 3381 times)
I have no idea where this claim comes from. Its block speed has nothing to do with price (assuming creation occurs at the same rate).
I would actually like to have faster Bitcoin confirmation. However, I am also used to this slow confirmation time.
I dont think that Bitcoin will implant a new Core that will have faster transaction. As the developers is really picky about new updates. One update could affect the whole network a lot.
I dont think that Bitcoin will implant a new Core that will have faster transaction. As the developers is really picky about new updates. One update could affect the whole network a lot.
You can't just change that without the price taking a tank it will affect the price massively
I know how disappointing it is for having to wait around 15 to 30 minutes for a Bitcoin transaction to get confirmed by the network. But I think faster transactions could be achieved if devs decide to improve the code. Just look at Litecoin, Dogecoin, and Ethereum. They have faster confirmation times and some good features. I have no doubt that Bitcoin will be improved in the near future and it will remain as the top crypto currency.
What do you think about it?
What do you think about it?
Bitcoin isn't meant to be an instant transfer. It's meant to be a SAFE one. Think of it as being like virtual gold.
So the slower confirmation time is the safer Bitcoins is? I guess that is better than having faster transactions at the cost of security. If I have to wait 15 minutes or even 30, then I would be patient. I could still pay a higher fee to speed up transactions, but I will stick to wait a little longer. At least it is faster than Banks.
The reason they take longer is because of how they work. Can't go into all the details without writing a multi-page report but the tl;dr is:
Bank 1 initiates transfer to central banking system
Central banking system initiates transfer to bank 2
Bank 2 accepts transfer
Throughout all of this, many other things are occurring, including verification, logging of all banking data, analyzing for various things (like laundering), and more. It's not as simple as just sending a transaction.
I rather choose a secure transaction rather than fast transaction, so I think there's no problem with the transaction speed.
I agree, but there are more problems to worry about too, like how much longer can bitcoin provide reliable and somewhat decent transaction speed when more people are getting introduced to bitcoin every day? If a major country like the US were to fully adopt bitcoin, there would be maxed out blocks all the time and it would take for ever for confirmations to happen. It's not necessarily a bad thing by any means, as bitcoin can still get the job done... but it just reminds me of dial up internet. That's the type of speeds we're at right now, and I believe sooner or later we will progress into faster and faster confirmation times that can process tons of transactions per second... technology is exponentially getting better every single day, there's just no denying that.
I know how disappointing it is for having to wait around 15 to 30 minutes for a Bitcoin transaction to get confirmed by the network. But I think faster transactions could be achieved if devs decide to improve the code. Just look at Litecoin, Dogecoin, and Ethereum. They have faster confirmation times and some good features. I have no doubt that Bitcoin will be improved in the near future and it will remain as the top crypto currency.
What do you think about it?
What do you think about it?
It's depending with the mining rewards and the miners work online in the near future , if we talk about the transaction's confirmations , because that's in fact the job of miners which they are rewarded about
I know how disappointing it is for having to wait around 15 to 30 minutes for a Bitcoin transaction to get confirmed by the network. But I think faster transactions could be achieved if devs decide to improve the code. Just look at Litecoin, Dogecoin, and Ethereum. They have faster confirmation times and some good features. I have no doubt that Bitcoin will be improved in the near future and it will remain as the top crypto currency.
What do you think about it?
What do you think about it?
Bitcoin isn't meant to be an instant transfer. It's meant to be a SAFE one. Think of it as being like virtual gold.
So the slower confirmation time is the safer Bitcoins is? I guess that is better than having faster transactions at the cost of security. If I have to wait 15 minutes or even 30, then I would be patient. I could still pay a higher fee to speed up transactions, but I will stick to wait a little longer. At least it is faster than Banks.
Litecoin solves nothing and will eventually meet the same fate as Bitcoin, but the good news is in Bitcoin we have the best developers in the game therefore the scaling issue is way safer in Bitcoin than in any other cryptocurrency, the rest will (as always) keep imitating Bitcoin if they want to remain relevant.
I know how disappointing it is for having to wait around 15 to 30 minutes for a Bitcoin transaction to get confirmed by the network. But I think faster transactions could be achieved if devs decide to improve the code. Just look at Litecoin, Dogecoin, and Ethereum. They have faster confirmation times and some good features. I have no doubt that Bitcoin will be improved in the near future and it will remain as the top crypto currency.
What do you think about it?
What do you think about it?
Bitcoin isn't meant to be an instant transfer. It's meant to be a SAFE one. Think of it as being like virtual gold.
So the slower confirmation time is the safer Bitcoins is? I guess that is better than having faster transactions at the cost of security. If I have to wait 15 minutes or even 30, then I would be patient. I could still pay a higher fee to speed up transactions, but I will stick to wait a little longer. At least it is faster than Banks.
just shows how bad we solid atms / atm cards and other ways to spend bitcoins.
Could you imagine grocery shopping with each person taking 10-15
minutes in line waiting for money to go through.
Could you imagine grocery shopping with each person taking 10-15
minutes in line waiting for money to go through.
So if we can't change Bitcoin to be faster then what's the chances of it being completely replaced with some alt coin that's 10x faster?
Zero chance. Like it was explained in the video I posted in this thread earlier about the opportunity cost of shorter block intervals.
The block time was carefully chosen for good reasons.
The confirmation times are not the fastest, I know. But it doesn't really bother me as it some times confirms my transactions within 5 minutes. And some times you have to wait around 30 minutes. Let it be. Nothing will change. Just make sure you add the right amount as fee to make sure your transaction gets confirmend within 2 blocks.
It doesn't really matter to me. I'm fine with the way it is right now.
It's faster than a regular bank transaction, I don't see why you guys are complaining about a 10 minute transaction.
It's faster than a regular bank transaction, I don't see why you guys are complaining about a 10 minute transaction.
I hope it could, because the transaction times are long 
So if we can't change Bitcoin to be faster then what's the chances of it being completely replaced with some alt coin that's 10x faster?
I rather choose a secure transaction rather than fast transaction, so I think there's no problem with the transaction speed.
While this is not the main problem. The community seems satisfied with the current speed of transactions and I do not think that on this issue, will be amended to the code in the near future.
No it's perfect as it is. Companies like lightning are creating systems to circumvent waiting for the next block.
I know how disappointing it is for having to wait around 15 to 30 minutes for a Bitcoin transaction to get confirmed by the network. But I think faster transactions could be achieved if devs decide to improve the code. Just look at Litecoin, Dogecoin, and Ethereum. They have faster confirmation times and some good features. I have no doubt that Bitcoin will be improved in the near future and it will remain as the top crypto currency.
What do you think about it?
yes it's bothering me too.What do you think about it?
but if i think logically, bitcoin users is more than litecoin. so it takes longer time for the transaction
Noway bitcoin confirmation time is always set at 10 minutes or around 10 minutes. If it can be set lower than block halving will occur to often and people specially miners don't get time to adjust them self with the price and mining reward. This may kill the entire bitcoin network.
Exactly. Some people jus don't understand basic things like this. Your transaction is always going to take this amount of time so get over it. Nothing is going to change.
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