Why do Bitcoin transactions take so long?

[Raven 7817]

On 2/14/2020 at 2:25 AM, Ajab said:

Unfortunately, the change bags edged out the be more or less Joe and bowed the manner into  the chief bidder takes it all.
 

Basically concern of the topic is why transaction is getting slower. I think you should read it first before commenting. If you're talking about errors of the site, it is already fixed by moderators so you don't need to worry about it. 

[nickoman987 1040]

In general, they do not take so much time, most often about 15 minutes, but it happens that it takes several days. It all depends on the load on the blockchain network and everything, if the network is lightly loaded, then the transactions will be very fast.

[Laboni 755]

It's not too late to confirm the transaction. It's good for us But if the network is good then it doesn't take too long. Their server is much faster. Many delays are usually due to network. Fast trading like Bitcoin does not happen on any site.

[Brushless4500KV 4214]

There are some solutions to accelerate transaction speed of bitcoin. If you don't want to send a large amount of BTC, you can use Lightning Network to make transactions faster but it is not as safe as the original blockchain network. Increasing fees is the second option to receive confirmations faster because you will be given higher priority by miners but this is not a convenient solution for those who prefer lower fees. However, if network is busy, none of the above solutions will work and you have to switch to other coins to complete your transaction. You can use special websites that help you to monitor blockchain network status to find the best time for your transactions.

[Shaza Ahmad 1682]

Well, everyone is excited about applying the lightning feature on the bitcoin network, remittances will become much faster, but when that happens, we have been hearing about the lightning network for several months and nothing new yet.

[btcjack1 643]

It is not that it takes long for the trasaction , its the block on the chain that needs to be mined .

There is also a miners fee that if you pay a higher fee you can get your trasaction quicker.

 

You can also use the following sites to accelerate your bitcoin transactions :

https://pushtx.btc.com/

https://freebtcaccelerator.com/

http://btcstrike.com/

https://www.viabtc.com/tools/txaccelerator

 

The only one that I used that helped me was VIABTC

Try it out I hope it helps

[johant123 1559]

11 minutes ago, deepown said:

Is there anyway to improve this because i'm afraid in the future it is gonna be a lot more slower when the demand has increased.

Since the block size is baked into the algorithm, that is an issue indeed, and one of the main obstacles for BTC to become a real currency (which is why the story shifted to "store of value", of course). It can only be changed if the code is changed, and if you allow code changes, where do you stop? Theoretically you could also increase the maximum number of coins then (if enough participants agree).

[pablomarwan 3082]

You are right in this bitcoin, it is the first currency that has appeared, and it is natural that you will face such minor problems, but they develop a transaction speed with regard to bitcoin. I defend them, but they must develop this process so that they do not have opportunities for scammers

[johant123 1559]

3 hours ago, deepown said:

lighting network would be best for those who wants to pay for goods, because it is meant for smaller transactions. And the fastest coin is XLM not XRP.

So you too agree that bitcoin is not working as a currrency but an asset? but I do believe that we do not need to change the code of the bitcoin but developments like the lighting network will change how we see bitcoin today.

Lightning network will certainly improve things (by making transactions much faster, and increasing the throughput) but I think it doesn't solve the two fundamental issues: the fixed block size (which I think will be an issue in the future), and the limitations of "proof of work". Therefore I think coins like XLM, XRP, XTZ and also ETH will be more useful in the future than BTC.

[ComeBackIsrael 185]

Bitcoin transactions are too long because it is the first cryptocurrency and due to the fact that it has a low transaction speed , the speed of their processing depends on how much you donate fees to the miners.

[malik6314193 5449]

Yes i also notice that bitcoin transactions take long time as compared to ETH transactions. Usually eth transactions take 30 seconds to complete while bitcoin transactions take 5 minutes to complete. 

[Dmasked 1840]

Bitcoin transactions need many confirmations before being executed. Six to be exact which may take upto an hour. Along with that it can only process a few transaction on its blockchain about seven per second so it may take a a lot of time if many transactions are queued in the server.

[jamesvince 2389]

Is only few minutes for confirmation of bitcoin network are so long as your thoughts i really surprised only less then ten minutes. And xrp and eth blockchain technology only very fast in term of transactions confirmations for less then two minutes. 

[P A Ashif 2409]

I was wondering for that answer and I googled it. And I get very interesting stories. Earlier when crypto was developed it requires graphics card which were very costly so to purchase that the cost effective of transaction increase 

[BrolySSJ 7899]

Bitcoin does take a long time to go through when it comes to transactions compared to other crypto coins and this is due to the number of confirmations that are required. Also the number of transactions that bitcoin can handle per second is much smaller than some of the other cryptocurrencies. Although this is the case, i think that the number of conformations could be good for security reasons.

[Pinkvilla 258]

Well bitcoin is a biggest chain so it will take some

Time for transition and sometimes also problems 

With network or any other confirmation. 

[Ch Ayyan 9781]

Don't  worry about  that if you have to wait for some time for  your transactions  because  usage of bicoin is very vast. It is important  to provide  security  to everyone  . I think that is reason  that bitcoin  transaction  take some time.

[Amir Vao 341]

On 11/28/2019 at 12:11 PM, 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.

At the first time many people got impressed because of bitcoin is online currency. And after that we didn't get any major upgrade on BTC transactions. And many people make transactions in a time that's why it's process too slow.

[imr 43]

 It is clear that in Bitcoin it is definitely a long time since the mining process withdrew funds from our digital resources. I think many sites offer quick and careful short-term pickups.They are waiting for the money to confirm transactions, but there are faster networks when it comes to transactions like ripple and ltc. 

[Zues 1069]

On 1/19/2020 at 8:59 AM, MCSGlegend said:

Because if you choose a small fee miners who process transactions process your transaction last, put a larger fee and the transaction will be processed faster

I think that bitcoin transactioms takes too long because there ae so manu people that is making transactions so you need to wait for your tome and it is like waiting in a line. I think that if you wait then your tine will come and then you can now make transactions. 

[Rezort 846]

I guess only bitcoin transactions low speed is one of the factors why there appear so many new crypto projects that are going to replace bitcoin or at least take a good part of crypto market.

[Jimmy26 987]

I have to agree with you you are right before successfuly done of any transaction currencies first have to face six stages then they are getting eligible and permission to transfer to another account that is the reason sometimes the transactions are taking too much time but you don't have to worry anything definitely you will be get your payment in some time.

[Rendra808 92]

Transactions do no longer all take lengthy. all of it depends on how a good deal of a charge you paid. in case you pay a huge price then your tx will undergo almost immediately however a small price should soak up extra.

[Raqeebzy 6456]

In addition. The most important thing that determines the transaction speed on bitcoin is the Network congestion(the more transactions the network has to process, the longer it takes) the transaction fee(miners tends to process transactions with higher fee) and the amount involved in transactions. For a transaction to be completed, there is a minimum of 6 confirmations which each takes roughly 10 minutes.

[Zues 1069]

On 4/30/2020 at 4:51 PM, Jump said:

I think that it depends on the mode of transaction that you are using. I think that if you use some old mode of exchange and transfer then I think that the process will be long but if it is new then the transaction speed will speed up more. 

Yes You are right and I think that cryptocurrency transactions are taking too long because they want to prioritize security than the speed of their transactions and I think that is alright than having a weaker security in cryptocurrencies