Topic: Will Bitcoin get faster transactions like Litecoin? - page 3. (Read 3381 times)

i think if you give "higher fee" your transaction will be faster than litecoin
but normally bitcoin and litecoin is diffirent cryptocoin, bitcoin use SHA-256 algorithm and litecoin use Scrypt algorithm

read at here http://www.coindesk.com/information/comparing-litecoin-bitcoin/

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.

6-15 minutes are for one block, but usually you'll need at least 3 confirmations to trust a payment which increment the waiting time to 18-45 minutes (average is 30).
Still better than banks

For now, focus on major scaling problems of the bitcoin that require more attention

I rather wait 10 minutes than 3 days when using bank.

10 minute blocks are there for a reason

https://www.youtube.com/watch?v=n0fHpQV9wHo

Nope. users need fast transactions. now sending bitcoin to get 1 confirmation takes a few minutes. maybe 10 minutes
If this continues to happen. customers will go out
not everyone can wait

BTC transactions takes longer time to complete the transaction especially in confirmation part, I think this problems will fix soon and more faster transaction We can see and confirmation also will be very fast as soon as possible.

The above things are developers stuffs. So I cannot tell nothing because I don't understand nothing about the probable possibilities or the ways that must be followed to have confirmations. Have no meaning to tell that is very boring to wait for the confirmation in order that your bitcoin have the right to be used or treated as given definitely to its destination. It is a little improvement compared with the beginning (two-three years ago) regarding the confirmations (before needed at least 6 confirmations that the transaction be considered as good from the other part which received the bitcoins while today it is enough even if have only one or two or max three) but not enough to not consider again boring the wait.

Anyhow the main reason of this my post is not much the normal wait for the first, second or third confirmation for the normal transactions (which normally last 10-30 min) but for the "lack and the missing first one confirmation" for that kind of transaction treated by the blockchain and the miners as unworthy and leaved without confirmation for hours and hours. Its turn to be confirmed bypassed continuously from more "important" ones and the sender must wait since some miner or the God itself see that exist and must be treated as the others. This is the must tormentress wait. Especially if you need that this transaction goes as soon as it would possible in destination (because of various reasons or needs). There are such kind of things that must be fixed before all. Every transaction must have the undeniable right to be confirmed when it is its turn. Period. After the solution of this situation can come the solution of all the other ones.

Faster block time (first confirmation) will create more orphan blocks. It is not good for the security of the coin. If really fast confirmation is needed, you can use Ethereum. The block time is about 18 seconds. But you need hundreds of confirmation to say you securely receive the funds.

I think how long the bitcoin transactions not serious problem. We just be patient. But if the developer wants to improve this feature it would be better

i dont think that this is necessary for bitcoin. you can get fast transactions without changing that (SC). but in any case: it is wise to hold some Litecoin too  

only with sidechain maybe, so if you're worried about this to happen or not, wait for that because it the most near thing to altcoin, you cna get for bitcoin

no hard forking for change this stuff will ever be made in bitcoin

I think it will not be possible. I do aggree however that this is a major downfall for bitcoin; 10 minutes for a single confirmation.

Being in the 1% club doesn't mean that you own 1% of all the bitcoins that are out there. It's about being in the 1% people in the world who own the most bitcoins.
In the most extreme case it can even be done by just having 1 satoshi if the rest of the bitcoins belong to only one person. In that case you would even be in a much more restricted club since only two people own bitcoins: you and an extremely wealthy guy. You'd be in the 2/7000000000 club (7000000000 being an estimation of the world's population as of now). That's the 2.857142857142857*10e-8% club. Very restricted indeed.

I don't know what sources calkob used to claim that having 21BTC would make you a member of the 1% club, though. As far as I know it could be less, or it could be more. But it definitely doesn't share that close a connection with what share you actually own.

As for the subject of the topic, calkob already answered the question: bitcoin confirmation time will never get faster.

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.

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.

Actually, you would need 210,000 btc to be in the 1% club.  

This is not some matter that can be fixed with "improved code". The confirmations times are with block generation times and network consensus. To change this would require a hard fork, and there is no reason to change it.

It is technically possible to change this within Bitcoin, the emission schedule could even be adjusted to allow for quicker confirmation times without changing the total supply of Bitcoin. However I doubt that this is practically possible, such a change would require the economic majority to believe very strongly that such a change is important, I do not think that such a change would be implemented in Bitcoin because it is simply not important enough unlike present issue with the blocksize.

You can't just change a major part of Bitcoin, the transaction code, without completely changing Bitcoin. I don't think you understand how cryptocurrencies work. All those other cryptocurrencies that you listed are different to Bitcoin. Bitcoin will never become like them.