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Digicoin

Why do Bitcoin transactions take so long?

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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.

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A very interesting article, I recently entered the cryptocurrency movement, faced with the problem of entering bitcoin on the Binance exchange, I first sent money, and then look at them for about 10 minutes there, I was scared, and then the first confirmation passed and bitcoin came.

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32 minutes ago, Ardian1206 said:

Yes, it is clear that in bitcoin it is certainly a long time in withdrawing funds from our digital assets because of the mining process.  I think many sites provide fast and careful short-term withdrawals.

At first, I thought that in Bitcoin, it is faster when talking about transaction. It is, if we are to compare it to remittance company or something of the country. But now, I know that it also takes some time to send your cryptocurrency to other person.

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2 hours ago, Digicoin said:

it usually has to be confirmed six times before it is sent over to the recipient

Just to add up, it still depends on how large a transaction amount is. Larger transactions need higher number of validations.

2 hours ago, Digicoin said:

Lightning Network, which adds another layer to the blockchain to deliver instantaneous payments with lower fees, have been introduced

Which still has problems since it introduces some point of centralization because opening a channel to each one is not required and could be done passing through an already opened channel, in which a node could be considered somewhat centralized.

 

More info about Lightning Network here.

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You are right Bitcoin Transactions sometimes do take a while longer due to It has to be confirmed six times before it is sent over to the recipient and also it takes a long time for there are only a finite number of miners to process each block and there are a finite number of transactions that can be included in a block.

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Thank you, very good information, it will be very useful for beginners in this field! But after all, not only bitcoin is exchanged for so long, but in General the entire cryptocurrency, there is a long processing that hackers could not steal with the help of hacking the code, as well as remain anonymous

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Yes, I think blockchain is best for paying instant money   and if you want you can use Coinbase wallet it works well and pays and accepts your payments fast so I think if you want your money to be someone.  If you want to pay, you must look at it again and again and again and again the amount of money you give to people  to be aware of the time and , aware of his own, so be careful

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To reduce the time for the transaction will have to pay a little extra cents in the area of 40, and then the money will be transferred within 15 minutes to your desired account, but personally I always put a small Commission, because I'm never in a hurry.

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Indeed Bitcoin TPS is very small but it can be tricked with the segwit and lightning network and besides that I think there are many other alternative coins that provide greater TPS and faster confirmation times.

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Bitcoin is the highest fee in all Crypto currency and to slow because we have a lot of transaction in the the same time and need more time to confirm,other things because of this you need to exchange your Bitcoin to other coin and send it fastely and again Exchange again to Bitcoin. And at the final that's why Bitcoin have a majority of market and Domination

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Congestion on the network can cause a delay during Btc transactions I think from a few minutes to hours because once a transaction is in the blockchain it takes time to check and confirm.

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Transaction is done by using computer hash power to verify Bitcoin address and send Amount, so it takes longer, less work is being done in the future.

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This is the major weakness of bitcoin. Mining bitcoin takes more time than other coins because each bitcoin block takes ten minutes to mine. Another reason is that the number of bitcoin transactions is very high compared to other coins. The value of bitcoin that is being transferred is also have a direct influence on transaction times. For example, one confirmation is enough for payments under $1000 but larger amounts need 3 to 6 confirmations to complete. If every confirmation takes ten minutes, then 6 of them will take about an hour. But you have to wait for confirmations to be done because the more confirmations will make your transaction safer and less likely to be reversed.

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Transactions do not all take long. it depends on how much of a fee you paid. If you pay a large fee then your tx will go through almost instantly, but a small fee means it could take up to or even days in some cases.
 

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I don't think that the transaction of bitcoin is take so long it's a process of confirmation a little bit of minutes to transfer Bitcoins in your wallet and to other people.

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It's true that sometimes bitcoin take lonh time to process the transition because there have to confirmed six blocks to process it but if there is add the blockchain Lightning network then there will be the transition is so fasting.

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Bitcoin transaction take so long time but we can reduce the time if we use high fee or we can send also instantly in coinbase by using Emil address.

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12 hours ago, 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.

If you believe its about confirmation and confirmation take time then just know DGB takes 20 confirmation and still when you send it you will receive your DGB in less than 5 min. Waves go even faster.

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An extremely fascinating article, I as of late entered the cryptographic money development, looked with the issue of entering bitcoin on the Binance trade, I previously sent cash, and afterward take a gander at them for around 10 minutes there, I was frightened, and afterward the main affirmation passed and bitcoin came. Bitcoin is the most utilized digital money. Consistently bitcoin has finished a huge number of exchanges. There an excessive amount of traffic in bitcoin exchanges. I think this is one reason for taking quite a while.

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11 hours ago, Digicoin said:

Yes, there are many sites that offer fast transaction but this is in accordance with the transaction fee. The higher the fee the faster the transaction time. Just like yobit exchange, the clearance time is short, so, transactions are fast.

Bitcoin transactions need to be confirmed and added to the blockchain before they would hit the destination address and miners are the only ones saddled with carrying out the task. Unfortunately, the money bags edged out the average Joe and turned the process into  the highest bidder takes it all.

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If you see the blockchain transactions of deposits took too long.

That's means in that day there have many transactions made buy users but there has no enough miners.

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Yeah that's true, the bitcoin and any kind of coin transaction are taking so much time to be success because there are a lot of confirmation when you are withdrawing or depositing money on your accounts. But still it is very easy to used, just have some patience and it is very convenient to used because of the low transactions fees in some sites. 

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4 hours ago, Digicoin said:

You are right. The number of confirmation for Ethereum too 24 and with this the transaction usually take minutes. While other coins are faster too because the number of transactions is not many if compared to bitcoin.

It all depends on the network because I think if any crypro project wants to be considered as serious payment method one day then they should think now about transaction speed and fees which is tron excells at.

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Bitcoin is the only digital currency having a long transaction time before the transaction get confirmed. It is because of the blocks that are making it difficult

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Because it should be confirmed then they will finalize it before counting it as a coin. They make sure that it is correct so the transaction takes so long.

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