Bitcoin Slow Confirmation Time - How Long Should I Expect?
Obviously with the turmoil in the market over the last few days I expected my transaction to take longer than usual to confirm. However after 24 hours it starts to get worrying! Thw transfer was sent with a low fee so again, I know it will take a while to confirm, but how long should i expect to wait? The Electrum wallet I sent it from has an 'increase fee' option. Sbould i use it? What fee would be suggested to get the transaction cleared quickly? Thanks in advance for any help or suggestions!
04-06 13:25 - 'What you are experiencing is not how Bitcoin was supposed to work. High fees and slow confirmation times are the reason why Bitcoin forks (BSV and BCH) exist. I'd suggest you switch to Bitcoin Cash or even Litecoi...' by /u/layman_hodling_bros removed from /r/Bitcoin within 124-134min
Some of the KEY Features of COTI Trust Aside from featuring a currency token to facilitate transactions, COTI offers various features that enhance the payments experience. A key part of its proposition is how it has placed trust at its center. It features a trust scoring engine that evaluates users’ activities, assigning each one a trust score after every transaction. Those who consistently engage in smooth and issue-free transactions can gain an ideal trust score. Those who don’t are scored unfavorably. The protocol then uses this trust score to determine how much fees users need to pay for using the system. Those with impeccable records pay zero fees. In addition, COTI has mediation and arbitration mechanisms that help resolve issues among users. This is done in a decentralized manner, using a pool of peers to help decide on cases. This can provide an equitable way to settle disputes unlike with traditional payment methods that are typically decided upon by the payment company’s agent. Biases may come into pay too. Merchants, for instance, stand to lose much to card and chargeback fraud since most card companies decide in favor of card owners. Most cryptocurrencies also do not have such dispute resolution mechanisms in place. Speed The problem of scalability hampers even established cryptocurrencies like Bitcoin. Slow confirmation times and its network’s limited ability to process more transactions per second make Bitcoin highly inefficient for payments. Bitcoin only processes an average of slightly above 2 transactions per second (tps). In comparison, card network Visa easily handles 2,000 tps and can accommodate up to more than 50,000 tps at its peak. To solve this scalability issue, COTI uses a directed acyclic graph (DAG) architecture. DAG networks are essentially designed to be able to handle more transactions the more it is being used. COTI can handle 10,000 tps. This allows the network to provide quick confirmations. Transactions also don’t have to be routed to various intermediaries and be subject to clearing processes allowing for virtually real-time crediting of funds to the other party’s wallet. Costs Traditional payment methods typically involve middlemen such as the point-of-sale processor, the payment network, and the bank. The involvement of each of these intermediaries add to the time it takes for transactions to complete. Each of them can also charge fees which leads to higher prices just to use the service. Card networks, for instance, earn from both users and merchants through currency conversion fees (especially for cross-border transactions) and processing fees. Crypto payments are supposedly cheaper since all the processes take place on the blockchain. It takes away the need for intermediaries. However, some cryptocurrencies like Bitcoin require mining fees for transactions to be processed. Depending on the prevailing rate, these fees could be significant. At its peak, Bitcoin fees even reached over $30 to have a transaction processed. COTI’s use of DAG eliminates the need for miners which allow for cheaper usage. It’s then left to the Trustchain protocol to determine the fees to be levied upon users.
BitPay CEO hints at possible Bitcoin Cash acceptance: "We do listen to our customers and for quite some time their number 1 complaint has been the high fees and slow confirmation times. We really don't like to pre-announce things though. Things move fast and plans can change at the last minute. "
Why r/btc always blame bitcoin developer for the high fee and slow confirmation, although Segwit can solve this problem right now?
btc always blame bitcoin developer for the high fee and slow confirmation, although Segwit can solve this problem right now. They always block Bitcoin from solving this problem. I think they are a group of ASIC miner, that love high fee. They want to make a lot of money after they invest a ton of money in ASIC miner but securing Segwit network won't need to use ASIC anymore. Think difference, Segwit will make Bitcoin great again so they can mine standard Bitcoin network with the high price reward and more transaction (if change to 2-4 MB block size)
Its more than hours since I transferred my bitcoin cash to bittrex but its still 1/6 confirmations, also on bitgrail its still on pending. How much time does it usually takes to transfer? PS. I've posted this on Bitcoincash but no one would like to answer, and I'm getting worried because I need to convert it fast to other alt coins
Despite Bitcoin offering unprecedented decentralization and security, its network has one significant flow, namely, the transaction speed. A single transaction processing can take up to 10 minutes. But why is this happening? To understand why bitcoin transactions sometimes take so much time to confirm, it is essential to first understand how they are verified. Delving into the essence. Once a ... Bitcoin is a distributed, worldwide, decentralized digital money … Press J to jump to the feed. Press question mark to learn the rest of the keyboard shortcuts. r/Bitcoin. log in sign up. User account menu. 0. Slow confirmation times; weeks without confirmation. Close. 0. Posted by. u/billybong666. 2 years ago. Archived. Slow confirmation times; weeks without confirmation. I realize the ... Bitcoin is a distributed, worldwide, decentralized digital money. Bitcoins are issued and managed without any central authority whatsoever: there is no government, company, or bank in charge of Bitcoin. You might be interested in Bitcoin if you like cryptography, distributed peer-to-peer systems, or economics. A large percentage of Bitcoin enthusiasts are libertarians, though people of all ... Currently, bitcoin network traffic is unusually high due to increasing demand for transactions per block. Block sizes are limited, so this means that transactions which exceed the capacity for a block get stuck in a queue for confirmation by bitcoin miners. This queue of unconfirmed transactions is called the bitcoin mempool. One confirmation is enough for small Bitcoin payments less than $1,000. 3. Enough for payments $1,000 - $10,000. Most exchanges require 3 confirmations for deposits. 6. Enough for large payments between $10,000 - $1,000,000. Six is standard for most transactions to be considered secure. 60. Suggested for large payments greater than $1,000,000. Less is likely fine, but this is to be safe! How ...
confirm your bitcoin transaction in 1 minute (blockchain wallet)
How To Accelerate & Confirm A Slow / Stuck Bitcoin Transaction - Duration: 23:04. Caleb Wright 26,431 views. 23:04 . How To Get Your Bitcoin Transaction Confirmed with CPFP - Duration: 7:15 ... Get your blockchain pending transactions confirmed fast How To Accelerate & Confirm A Slow / Stuck Bitcoin Transaction - Duration: 23:04. Caleb Wright 26,593 views. 23:04 . How To Double Spend Your Stuck Bitcoin Transaction with FSS-RBF - Duration: 8 ... A lot of people think bitcoin is slow because of the often touted '6 confirmations'. In reality for most day to day use, its instant. Just take a look to see how fast the bitcoin went from one ... How To Accelerate & Confirm A Slow / Stuck Bitcoin Transaction - Duration: 23:04. Caleb Wright 26,075 views. 23:04. How To Fund Your Blockchain Wallet With Bitcoin - Duration: 7:38. Kurt Tasche ...