Why do Bitcoin transactions take so long?

[leakydonney 1402]

Normally Bitcoin transactions takes long time to be confirmed because they are influenced by the amount of transaction fees and the activity on the network when transactions are executed, the funds are first sent to the Mempool where they wait to be processed by the miners which tooks almost from 10 minutes to 1 hour per 1 block of confirmation

[Reyna 576]

On 11/28/2019 at 2:11 PM, Digicoin said:

before a transaction to be finalized, it usually has to be confirmed six times before it is sent over to the recipient

Thanks for sharing this information mate, i never experience to transact using bitcoin because i have no bitcoins right now and as i reading some topics here in this forum, bitcoin has a huge amount of withdrawal fee so we need to exchanged it first to other coin before we withdraw it.

[Brushless4500KV 4214]

On 10/24/2020 at 8:26 AM, Tetrisreal said:

I hope with the introduction of the lightning network the transactions are streamlined and they do not charge so much fee. Many times I have noticed that the payment they charge me as a fee is 25% of the value of my transaction.

The slow transactions of bitcoin have two reasons: 1 - Block processing time, 2 - Busy traffic in the network. Despite all these shortcomings, I still prefer to use the original blockchain network to send or receive bitcoin because lightning network may be much faster than the old blockchain but it is not safe enough to be relied on for sending larger amounts. Waiting a little longer is better than your coins being stolen. Lightning is a layer above blockchain. It is not a stand-alone network.

[Mridul Rahman 1058]

I believe the reason is for bitcoins blockchain. As bitcoin has more demand than any other coin and for that the supplies are also more than any other coin. So it takes time to transact moneg between this network. But now different platforms require different number of confirmations. So it depends on the platforms strategy of transacting money too.

[Russel 017 506]

Bitcoin has a biggest blockchain for this reason a lots of time is needed for transaction. I think it is because o the blocks that are making it difficult. 

[VijithaVarghese 1994]

I think that's the basic thing about cryptocurrency. The bitcoin transactions are quite a matter of time consuming act. This might also be a reason people are not okay with it. I think future coming incidents would really develop the cryptocurrency instruments.

[Edwinvicky 819]

The transaction takes longer only fit the fee is lower. High or normal fee don't take that long. Sometimes it will be the cause of network issue. i.e too many transactions on the network.

[Simon London 1749]

Hello everyone, in my opinion, transactions are slow, because the volume of operations that reaches the miners is very high, there is congestion and we have to wait for the transactions to be processed, therefore, this translates into time additional waiting time that often bothers us.

[Tom Brandon 226]

We know bitcoin is most popular and most used cryptocurrency.Most of the people make transaction with bitcoin.Per second thousands of transaction made through bitcoin.For this reason bitcoin transaction take more time.

[Hussain musaddaq 348]

I think confirmation is necessary to prove your identity and for safe transaction. It not only secure our crruncy but also secure our account.that is why it take a long time for confirmation. Be patient and prove your identity for confirmation.

[cryptoman22 1026]

In my opinion bitcoin transactions actually take too long, I prefer to use other written coins for certain actions such as litecoin and stellar since their transactions are fast and low commissions
Good luck and big winnings for everyone

[Abdul1168782 572]

Yes you are right that this takes time for transection. Because of blockchain technology and for our security that no one can steal our money and information. It a good thing in my opinion.

[Roman Wickler 1021]

It take so long because it is a very secure site . They have to confirmed all the information before transfer. Usually the confirmed 6times before transfer. It usually take 10min to transaction. But sometimes it take more time to transaction. So not to worry . To be secure it takes time.

[Yoanny 232]

The speed of the transactions of the network of the bicoin is low, adds to that the quantity of users trying to make transactions concurrently and entederas because really they are so slow. Besides if the fee that you put for the transactions is low, more it will delay your transaction.

[Kafon 0]

Therefore, your transaction will remain waiting until your turn comes, and this is somewhat negative, as there are people whose times are set and any delay causes them a lot of problems, and solutions may be found in the future to speed transactions and reduce fees, as they are considered high in Bitcoin.

[KHALED ADWANI 1216]

This also explains the reason for the high cost of transferring Bitcoin compared to the rest of the other encrypted signs.

You can convert Bitcoin to another currency and convert it to a different place and then buy Bitcoin again.

This will be faster and cheaper despite the price differences between buying and selling.

[mzk7736 1592]

Bitcoin can only process 7 transactions per second that's why it takes it long to make transaction. It's demand is highest among all the cryptocurrencies that's also contributes to it's large transaction time.

[Mubiflow 1771]

Just now, KHALED ADWANI said:

This also explains the reason for the high cost of transferring Bitcoin compared to the rest of the other encrypted signs.

You can convert Bitcoin to another currency and convert it to a different place and then buy Bitcoin again.

This will be faster and cheaper despite the price differences between buying and selling.

@KHALED ADWANI you're right the main reason why its very slow is that they have the highest numbers of transactions daily and the speed of transactions through their network or block chain is very low compared to tron (trx) which Is the fastest @Kafon @Roman Wickler

[Zafar123 906]

Transactions are being added to the bitcoin mempool's full queue constantly. Some may have been sent with higher miner fees than the one sent with your payment. This means that with current network traffic, miners may deprioritize your unconfirmed transaction even if it was sent with an appropriate fee at the time.

[setifien 1016]

1 hour ago, saraanna396 said:

These are necessary and very important procedures to protect these transactions from hacking and theft, so that we can feel reassured when we conduct various transactions.

There are many other reasons (than what you stated), such as mining difficulties, the high number of transactions made at the same time (congestion in the network). there are many tools that allow you to accelerate your transaction (free and paid methods available)

[betelihem 4766]

On 2/29/2020 at 6:48 AM, Luismare135 said:

I assume the users of bitcoin increases day by day. And exactly to this reason, near is a incredibly fat transfer on the bitcoin blockchain. So, the transactions of the bitcoin takes particular time to process.

 

You are right that's the reason of bitcoin transaction taking some times is that so meany users make requests transactions at the same time, and confirmations will take some time to be preside, but if we pay some extra money the transaction will be fast.

[hasaan 289]

The security is the main concern here, may be you have check the stage of the confirmation. There required a lots of confirmation to complete a transaction, in order to make the transaction safe and secure. it might be annoying to wait but its make the us safe and secure. 

[Guru2050 8284]

That's is why I preferred making transactions using XRP coin due to its speed in confirmation block. Not only speed that is better than BTC and ETH, ripple coin also offers very low fees of withdrawal charges. In addition LTC is also a good option for transactions.

[abdullah553 1981]

On 11/28/2019 at 8:11 AM, Digicoin said:

The reason is because,  before a transaction to be finalized, it usually has to be confirmed six times before it is sent over to the recipient. This, when coupled with the high levels of demand means that it can take anywhere from 10 minutes to a day for transactions to clear or even longer in some circumstances. The network is only capable of processing approximately seven transactions per second, meaning it pales in comparison to payment platforms such as Visa. Lightning Network, which adds another layer to the blockchain to deliver instantaneous payments with lower fees, have been introduced.

Because there are hundreds of thousands of transactions, and the miners work on transactions with a higher commission and leave the smaller ones automatically, the fees may have to be increased in order to accelerate

[abd1992 960]

The reason is that there are many transactions on Bitcoin, and I think he does not have a fast blockchain. Also, there are large transactions that contain large transfer fees, so the small fees remain slow.