Topic: Will Bitcoin get faster transactions like Litecoin? - page 2. (Read 3381 times)
They are two completely different cryptocurrencies. You can't just take one part from one of them and put into the other. That's not how it works.
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.
That would never happen as litecoin is less established and does not have as much as a client base as the number of bitcoin users and transactions have a wide gap between the two.
I had a litecoin client running last year and it was lightening quick to receive those confirmations. I can't imagine that speed would of changed as it would of progressed by now. But bitcoin on the other hand would now be slower than the same time last year due to the saturation of users and transactions going out in that time.
I had a litecoin client running last year and it was lightening quick to receive those confirmations. I can't imagine that speed would of changed as it would of progressed by now. But bitcoin on the other hand would now be slower than the same time last year due to the saturation of users and transactions going out in that time.
IT's possible to change mean block time from 10 minutes to be faster, but it needs hard fork & it can't happen easily.
Also, some problem could happen if mean block time is very fast.
But, zero confirmation will solve everything, if every merchant accept zero confirmation.
Every merchant without proper understanding of the nature of double spends and the malleable nature of bitcoin would surely get rekt by implementing this 0 confirmation thing on their platforms. Don't need to iterate this, but it's pretty obvious that any tx without confirmations from the network could probably be double-spent. Also, forking off bitcoin from its original code would surely destroy it, thus rendering it valueless. I wonder why it is an issue on confirmation? Pay a slightly higher fee on your tx then you're good to go.Also, some problem could happen if mean block time is very fast.
But, zero confirmation will solve everything, if every merchant accept zero confirmation.
The current block time works fine, so I don't thing the developers will change that.
Why risk downtime and confusing if it is working fine right.
Why risk downtime and confusing if it is working fine right.
IT's possible to change mean block time from 10 minutes to be faster, but it needs hard fork & it can't happen easily.
Also, some problem could happen if mean block time is very fast.
But, zero confirmation will solve everything, if every merchant accept zero confirmation.
Also, some problem could happen if mean block time is very fast.
But, zero confirmation will solve everything, if every merchant accept zero confirmation.
Every merchant without proper understanding of the nature of double spends and the malleable nature of bitcoin would surely get rekt by implementing this 0 confirmation thing on their platforms. Don't need to iterate this, but it's pretty obvious that any tx without confirmations from the network could probably be double-spent. Also, forking off bitcoin from its original code would surely destroy it, thus rendering it valueless. I wonder why it is an issue on confirmation? Pay a slightly higher fee on your tx then you're good to go.
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?
im not sure your understanding how crypto currencies work, to change the confirmation time of Bitcoin would be to change Bitcoin, which would probably destroy it at this stage. there are a set amount of Bitcoins to be created on a set time scale, with each confirmation. Every 10mins 25BTC and after (roughly) July 2016 every 10 mins 12.5BTC and so on halving every 4 years.
Can you see how lowering the confirmation time would be detrimental? it would need to either create more Bitcoin or some confirmations would not create any bitcoin which miners need at this stage to reward them...... litecoin, dogecoin and ethereum are all set up with vastly greater amounts to be created. For example litecoin confirms i think 4 times faster but also is set to produce 4 times more coins. dogecoin and ether dont have any limet on the coins created as far as i am aware, all tho i do stand to be corrected on this one.
21,000,000BTC is all that is ever going to be created, this is what makes each bitcoin valuable and scarce.
i find it really strange that someone who is a full member on bitcointalk dosnt understand this
confirmation times on bitcoin will never be changedI understand what you mean. Even though I am a full member, I still have a lot to learn about Bitcoin (technical stuff) before deciding to make something useful (like a Bitcoin application) It is still great to see members of the community helping each other in the time of need. I need to do a lot of research regarding technical stuff of crypto currencies.
right now every 2016 blocks the difficulty calculation is done
to get a m2:30s average block would instead of m10:00s require 3 things
1. 8064 requirement before calculation.
2. difficulty reduced to allow for faster mining.
3. reward reduction from 25 to 6.25btc..
basically right now to make it 4 times faster you need to let it solve 4 times as many blocks every 2 weeks its recalculated.. which is where the 8064 block calculation comes in. because eventually this will be 2weeks (once difficulty settles)
also to stay on track for the 21mill cap. the reward, now there are 4 times as many transactions happening.. will need to be decreased to 6.25
which next year at the natural reward halving will be 3.125btc per block
to get a m2:30s average block would instead of m10:00s require 3 things
1. 8064 requirement before calculation.
2. difficulty reduced to allow for faster mining.
3. reward reduction from 25 to 6.25btc..
basically right now to make it 4 times faster you need to let it solve 4 times as many blocks every 2 weeks its recalculated.. which is where the 8064 block calculation comes in. because eventually this will be 2weeks (once difficulty settles)
also to stay on track for the 21mill cap. the reward, now there are 4 times as many transactions happening.. will need to be decreased to 6.25
which next year at the natural reward halving will be 3.125btc per block
Then wich are the incenveniences of low the block time, which are the risk beyond the make of the hard fork?
Like was already said increased orphan rate. I actually prefer hard forks for political reasons, so I do not think that should be a good reason not to implement changes by itself at least. As far as I understand it however if all other conditions where the same 1hr of waiting with a 10min confirmation time would give the same or very similar amount of security compared to 1hr of waiting with a 2.5min confirmation time. I mean it could be argued that say a 5min confirmation time would be an improvement it is just not important enough, I do not expect this to be ever changed, I certainly would not support such a change considering there is still other very important work that still needs to be done. So i do agree with randy8777, forget about it. lol
Then wich are the incenveniences of low the block time, which are the risk beyond the make of the hard fork?
Bitcoin transaction are not fast right now if the transaction fees are low, if they are high like 0.0001-0.0002 then the transaction gets fast confirmed, but with the increase of number of miners the transaction will be faster maybe faster than litecoin.
That's for sure if the transaction fees are high then the Bitcoin transaction will be faster, let's hope for the increased number of miner so that BTC transaction should become faster. It will become faster after all Bitcoin is the future currency.
i understand that people would love to see bitcoin get faster confirmation times. i would love faster confirmations too. but we have to be realistic and know that this is not something that will be implemented within a few years, if ever. forget it.
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?
no i dont think bitcoin transaction will be like litecoin transaction,it because different node and amount of transaction,so many bitcoin and high amount of transaction,it sometime make bitcoin transaction longer than litecoin.What do you think about it?
If Litecoin was used as much as bitcoin is then there would be threads asking the same question about another alt that is supposedly faster. I guess that's the price of success.
Bitcoin transaction are not fast right now if the transaction fees are low, if they are high like 0.0001-0.0002 then the transaction gets fast confirmed, but with the increase of number of miners the transaction will be faster maybe faster than litecoin.
That's for sure if the transaction fees are high then the Bitcoin transaction will be faster, let's hope for the increased number of miner so that BTC transaction should become faster. It will become faster after all Bitcoin is the future currency.
I'm sure they can adjust this for bitcoin but why would they? Waiting 10 -15 min is not that bad at all.
You try finding a bank who can make transactions that fast.
You try finding a bank who can make transactions that fast.
IT's possible to change mean block time from 10 minutes to be faster, but it needs hard fork & it can't happen easily.
Also, some problem could happen if mean block time is very fast.
But, zero confirmation will solve everything, if every merchant accept zero confirmation.
Also, some problem could happen if mean block time is very fast.
But, zero confirmation will solve everything, if every merchant accept zero confirmation.
i think 100% of bitcoin user will not agree to bitcoin fork
and without satosi what can comunity do ? to forking bitcoin
i don't think the 10mins in between block will ever change.
but thats not a problem
tx are instant, and if you have some software doing a little work, you can make sure unconfirmed tx will confirm.
acutely you could...
if you:
goto blockchain.info get a payment and sit on that page for 30secs, if it dosnt say double spend after 30s its very likly this TX will confirm even if a double spend is started later, becase it was seen first by the hole network.
but thats not a problem
tx are instant, and if you have some software doing a little work, you can make sure unconfirmed tx will confirm.
acutely you could...
if you:
goto blockchain.info get a payment and sit on that page for 30secs, if it dosnt say double spend after 30s its very likly this TX will confirm even if a double spend is started later, becase it was seen first by the hole network.
of course, the current bitcoin users more than litecoin, the current natural that litecoin transactions faster than bitcoin but there comes a time bitcoin will be the only coins which transaction very quickly
IT's possible to change mean block time from 10 minutes to be faster, but it needs hard fork & it can't happen easily.
Also, some problem could happen if mean block time is very fast.
But, zero confirmation will solve everything, if every merchant accept zero confirmation.
Also, some problem could happen if mean block time is very fast.
But, zero confirmation will solve everything, if every merchant accept zero confirmation.
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