Why do Bitcoin transactions take so long?

[bogdanoff 3173]

If the ligtning network is official then this will not be a problem again and transactions will be instant, it will be a Bitcoin we never seen then with everyone able to move fast the satoshi and will even be used for less than 1 satoshi transactions.

[Sykkuno 2887]

You explained very well the reason for bitcoin transactions to take so long. This could have been reduced but the plan was not about bitcoin used for commerce. So they kept the bitcoin transasctions to take too long and not be able to scale for this kind of thing but they wanted it to be digital gold. I don't know if the lightning network will be popular or not but for now this is what we have.

[Gluttony 1775]

I think the reason why the transaction in bitcoin takes so long is because there is something that the system is prioritizing before doing the finalization to the transaction that the users have made. I think it would be better to take account the priority of the system since there is a line where users are waiting for their orders which I think the system is trying to match the prices demanding by the seller to the buyer and see to whom which should be the first one to be given. This kind of thing is actually hard to process since there is a scenario that an order of a user is being cut to different parts sometimes it is made twice so that the order of the first user would be completed first before going to another order.

[Zeshan Khalid 2577]

As everyone knows bitcoin is not legal in every country. So, one have to pass through multiple exchanges to make it to the local fiat currency wallet that they have

[percare 3192]

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

This, when coupled with the high levels of demand means that it can take anywhere from 10 minutes to a day for transactions

Depending on the fees you use the transaction can take forever to be included in a block. In the past there used to be feeless exchanges and they were collected by miners and validated but average fees are rising. Using the fees of the median it means the transaction will be included in the next block 99% and it will take 10 minutes on average for the block to be validated. Then depending where you send the transactions it needs up to an hour or a little more to get up to six confirmation required by most exchanges.

[Fixfin 2569]

Bitcoin transactions are set like this to increase security of the blockchain and to allow the data to transmit and be validated, and also for more blocks to connect to the chain before being safe that a transaction can't be double spend.

[yonkii 3205]

Thanks a lot for explaining everything. I knew there were blocks and they contain transactions but I don't know a lot about the lightning network. This is semantic for the future of Bitcoin and it is something we need to learn a lot about it as perhaps the adoption of Bitcoin by everyone is dependent on it.

[kryptonick 2659]

This is Bitcoin working as it should be. It hasn't changed a lot since 11 years ago and there have been only improvements into a near perfect code and inception of an idea that appears once every century. I think that bitcoin will be around us forever, at least in the term of the blockchain if the coin does not make it.

[Teminali69 1081]

50 minutes ago, Raeess Sheharyar said:

Thank you very good information, 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...

So you mean to say that if miners stops mining there would be even more time taken for confirmation or even never confirmed situations?

[annayks 2314]

This is a good explanation and should be read by all beginners as it explains how exactly the transactions work and how much time they take. Although these are average times and it can get a lot higher if the blockchain is clogged and the mempool is full.

[Mosab73 333]

The introduction of Lightning Network with the help of the Blockchain application is a solution to provide immediate payment with lower fees, but it will not be as fast as Visa, the electronic payment platform, and the reason is the high demand for Bitcoin when transferring money and vice versa, and Bitcoin can contain the longest digital chain of the blockchain application. This is also a reason.

[Francisco87 651]

Esto se debe a que las transacciones se agregan constantemente a la cola completa de bitcoin. Algunas pueden haber sido enviadas con tarifas de minero más altas que las que se enviaron con su pago. Esto significa que con el tráfico de red actual, los mineros pueden despriorizar su transacción no confirmada incluso si se envió con una tarifa adecuada en ese momento.

[Braulio Eurea 720]

Transactions with bitcoin take so long because the blockchain is congested, due to the very high number of transactions that are carried out on the blockchain. The high number of transactions that are carried out is because bitcoin is highly demanded, because it is a currency of good reputation, great price, it is the founding cryptocurrency and is in my opinion the most solid cryptocurrency on the market, the large volume of operations is show.

[Cryptic 0]

I think transaction fee is the factor that affects the speed of the transaction, the higher the transaction fee, definitely the faster the transaction to be completed. So, when there are a lot of queue, it will prioritize the transaction that has higher fees more than the one that has less fee. That's the reason why some of transactions are took a lot of time to complete.

[LUISAHG. 49]

Why do Bitcoin transactions take so long?
When it comes to the question of mainstream or enterprise adoption of blockchain and Bitcoin technology, much of the discussion tends to focus on barriers like scalability. However, a valid concern for any organization considering the use of blockchain in transaction processing is finality.
You could think of a Bitcoin transaction as the process in which a fly gets trapped in resin. When the transaction is processed, the fly is embedded in the resin. However, the overall process is only considered final once the resin has hardened and the fly is trapped forever. This takes a certain amount of time, in the case of Bitcoin, around an hour.
The scope of the finality problem in terms of enterprise blockchain adoption cannot be underestimated. In a 2017 paper looking at the use of distributed ledgers in the payments, clearing and settlement infrastructure, the Bank for International Settlements cites "ambiguity related to the firmness of settlement" as one of the key risks to adopting blockchain. .
The slow pace of enterprise blockchain adoption since the document was published in 2017 indicates that the risk is valid.
So what are the risks posed by the purpose of blockchain in its current state and how can they be resolved? ...

[Viscount 1357]

It is hard to do bitcoin transaction because it has something to do with those who mine Bitcoin. Actually, those who mine Bitcoin are the ones the are processing the transactions of Bitcoin holders. So it depends on the performance and volume of Miners.

[Tetrisreal 219]

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.

[gourav789 2834]

2 hours ago, Cryptic said:

I think transaction fee is the factor that affects the speed of the transaction, the higher the transaction fee, definitely the faster the transaction to be completed. So, when there are a lot of queue, it will prioritize the transaction that has higher fees more than the one that has less fee. That's the reason why some of transactions are took a lot of time to complete.

@Cryptic yes transaction fees ( gewai ) that's affect transcation speed. 

whenever price of Etherium as well Bitcoin volatile market too much  , then it's transition fees always increased.  we must set transcation speed before we are going to make any transaction .

I always used metamask because its easier to set transcation speed according to our desire .

[ShiNorton 906]

It is an effect of scability problem in the Bitcoin block chain that can confirm max 7 transactions  per second. Lighting  network is alternative way to solve this problem. 

[Dorjoy12 8962]

On 10/24/2020 at 11:26 AM, gourav789 said:

@Cryptic yes transaction fees ( gewai ) that's affect transcation speed. 

whenever price of Etherium as well Bitcoin volatile market too much  , then it's transition fees always increased.  we must set transcation speed before we are going to make any transaction .

I always used metamask because its easier to set transcation speed according to our desire .

@gourav789 transaction problem is a big matter in crypto world Which makes us feel worst.. Yah you are right about eth volatile market because yesterday   i sent some usdt with low gas fee but the transaction show still pending while failed sometimes.. Its really make me feel worst that the minors only look to high gas fee transaction not low fee..  So its better to give high fee for safe transaction..         

[Onden 2098]

Not only Bitcoin has old transactions, Ethereum also requires 30 confirmations to complete transactions. Litecoin also takes 30 minutes to complete. I think the weakness of decentralized coins is in transactions or when withdrawing from one exchange to another. I don't really understand why the transaction takes a long time, maybe because it has complex blockchain technology that makes transactions take longer.

[Sanjana321 6]

On 11/28/2019 at 4:09 PM, scorpiali said:

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

Thanks brother for giving your experience and providing a great knowledge to those people who are not aware about the reason, many new members would be benifited and also old members who are not aware about the reason.

[scorpiali 5626]

1 hour ago, Sanjana321 said:

Thanks brother for giving your experience and providing a great knowledge to those people who are not aware about the reason, many new members would be benifited and also old members who are not aware about the reason.

We should share our experiences in this forum and all what we know to help each other that's why we are here in this forum,knowledge is for all and it's free to make the crypto currency world growing correctly 

[decemberends 1881]

Basically its full with layers of conformation so your money surely comes with you and only so it wouldn't get stolen by other hackers that you would atleast expect so dont be suprised when its taking long its also for your safety of your work anyway.

[Rosarvx 965]

develop a transaction speed with regard to bitcoin, because transactions need many confirmations before being executed