Would slow transactions negatively affect Bitcoin?

[alexjobs 228]

Do you think that people start to use other cryptocurrencies, for example Dash, because in Bitcoin you have to wait about 10 minutes for transactions to complete?

 

Personally I think that the time it takes to confirm transactions is not an accident, that is, it is not a defect that takes 10 minutes, it is an attribute and it is by the design of bitcoin that it is intentionally done so that it has enough time to synchronize.

 

So it is a strength the fact that transactions are confirmed at regular intervals of 10 minutes, for transactions that require instant confirmations there is the second ledger and we will see other updates, we will see side chains, we will see second and third layer updates, we will see many solutions integrated in the bitcoin chain.

 

However, many say that due to the slowness of bitcoin, people will start to favor another solution that has faster confirmations or has cheaper commissions, or does not charge commissions. I don't think this is a differentiating factor in the market, at least so far it hasn't been, so I think Bitcoin will continue to be dominant and evolve, I don't see an instance where Dash or Litecoin have attributes superior to Bitcoin beyond the speed of the blocks.

[Alimhana930 1605]

In fact, the networks used to transfer currencies of varying speed and fees, of course, Bitcoin is known that confirming its transactions requires time and low fees, but let's take, for example, USDT, as it is transferred on three networks and at different speeds and with different fees And confirmations, in my opinion, these things create a kind of competition between networks and their development.

[Zeshan Khalid 2577]

Slow transactions are due to its demand in market which would increase it's value but reduce it's trade volume. They need to work on their block size of blockchain to improve transactions.

[percare 3192]

Bitcoin works like that since the beginning and there is no reason to change as long as the system doesn't have major problems. Sometimes it has as we have seen also in Ethereum too. When blockchains are used by many people then the fees get higher and transactions can get in waiting line for hours. If this becomes a big problem for scalability then there will be discussions in Bitcoin and proposals.

[Frodler 943]

Depending on the number of Bitcoin, some few satoshi will definitely process fast but if you start dealing with large numbers of btc then slow processes you would have to be patient 

[huesca123 946]

It also depends on the amount of traffic, that the network is experiencing at the time of the transaction. Other coins offer some advantages over BTC. Lower transaction fees & faster transaction times.

 

1 of the things, people dont still realize, is that this is new technology. Infrastructure is still being built, bugs sorted out, saturation of the bandwidth or connection, payment networks are still be rolled out, etc.

 

Its improving over all but we need to be patient. Sometimes we are too demanding of what we want.

[Ryken8 545]

I don’t think this is a big issue when it comes to bitcoin since bircoin is hardly used in peer to peer transaction nowadays. It is now more commonly used in trading platforms just like trading commodities like gold which you don’t really need to have a high speed transaction, you just need a fast platform to support fast trades.

[JanBomCrypto 494]

On 10/11/2020 at 2:27 AM, alexjobs said:

Do you think that people start to use other cryptocurrencies, for example Dash, because in Bitcoin you have to wait about 10 minutes for transactions to complete?

Some coins like dash transaction is instant but bitcoin has been the most used coins out of them all. Bitcoin has ala been the one that is mostly bought and trade daily. I do not think there can be anything like that, even ethereum 2.0 that will solve the scalability issue of ethereum and ethereum tokens will not let people still buy altcoins than bitcoin. 

[Hatred 1388]

I think it has a negative on bitcoin, the slow transaction. It can cause traffic on the blockchain so you need to wait more longer time. And also just like you have said, many will definitely uses other crypto coin for faster transactions.

[bogdanoff 3173]

I understand your point, Bitcoin as it is it can't be used from shops and merchants that offer fast moving goods. It needs to be a fast mechanism of transfering value. Dash is fast and other coins are also fast and most have very low fees but the networks can't be completely trusted they have low hash rates and many have been attacked in previous years. The most secure network is Bitcoin.

[cryptovlek 2597]

Transactions for Bitcoin require six confirmations, meaning six blocks to be validated in the network and each block time takes around 10 minutes. So six confirmations is one hour. This is a very long time for shops to wait but there are ways to avoid this and some can even accept with zero confirmations, since it will be extremely rare for the transactions to be double spend, it happens and most times it will be on purpose, but the person that does that will be found.

[Cleaner 2549]

On 11/22/2020 at 6:49 PM, Zeshan Khalid said:

Slow transactions are due to its demand in market which would increase it's value but reduce it's trade volume. They need to work on their block size of blockchain to improve transactions.

Nowadays everyone wants to trade fast now.  Now no one likes slow transactions.  However, Bitcoin's transactions are a little slow.  However, if I send BTC to someone, it takes time to confirm.  Which is annoying for users.  So blockchain should start transactions faster, so it will be better for the users.

[Zubiiíii 450]

Bitcoin is used for exchange of currencies.Defiantly there a complete procedure to exchange of currencies and time required for a long procedure.

If you have small currency to exchange then it required short time and you want to exchange large currency you required large time.

[Mcd0d0 5882]

2 hours ago, Hatred said:

I think it has a negative on bitcoin, the slow transaction. It can cause traffic on the blockchain so you need to wait more longer time. And also just like you have said, many will definitely uses other crypto coin for faster transactions.

Well, that's true mate, i used altcoins to make some transactions, example of altcoin that i used is ethereum and ripple because this two has a fast transactions but i will prefer to used ripple by completing the transaction within a minute which is faster than ethereum and also ripple has a small amount of withdrawal fee.

[Fixfin 2569]

Bitcoin is moving to scaling solution with the lightning network but this is taking many years and perhaps it will be developed sometime soon or it will take another five years. Eventually it will be finished and we will have instant transactions with low fees for Bitcoin.

[yonkii 3205]

When I joined Bitcoin I didn't know exactly how slow it was, but it is actually slow. It takes one hour and this removes Bitcoin from payments in many systems. For online ecommerce it is fine as the electronic shops don't need to send the merchandize immediately but can wait for the confirmations. But most transactions have to be instant. For these it is not working and there is need for more to be done. I learn about the lightning network and I hope it will be soon when we see Bitcoin to be used for payments too.

[Projectcrypto 4382]

The waiting time for bitcoin transaction to accomplish is not the major problem people choose other currencies for withdrawal and other stuffs but the major reason is the higher transaction fees which is 0.0012 BTC which i believe is too much for average individual like me, if not bitcoin has secured network and for me there is no problem how much time it will take to complete because security matters a lot and bitcoin transaction is well secured.

[Sykkuno 2887]

The transactions haven't affected negatively Bitcoin for 12 years so it wouldn't be possible to affect Bitcoin in a negative way now or in the future, but it makes the adoption and use of Bitcoin less as some people want to use Bitcoin for the purchasing option and it would be better having low cost and faster speed.

[magd 5231]

The speed of the transactions depends on the platform and the currency used as well, but so far all Bitcoin and Ethereum transactions that I perform are very fast and do not need a long time to be completed so you can check the platform before everything.

[Projectcrypto 4382]

On 11/28/2020 at 1:49 PM, Mcd0d0 said:

also ripple has a small amount of withdrawal fee.

You are right on this mate and that is why i also prefer making use of it, the transaction fees is 0.5 xrp which i believe is good for everyone of us in this forum and since it is well known is every exchanger we visit then i am recommending anyone reading this should give xrp a trial whenever they want to make transactions in yobit exchanger.

[Khan 1414]

On 11/25/2020 at 7:45 PM, Shilii3 said:

Bitcoin transactions must be read negatively because when you buy a coin Bitcoin must have an impact on science, it must have a negative impact.

I don't think so because transaction did have any effect on the Bitcoin price negatively but the more transactions occur the higher the price of the Bitcoin will be.

[GanBin 705]

People have to understand that bitcoin is an asset, transaction will not affect it because it takes 10 minutes or more time. We can see over 7000 cryptocurrencies and yet bitcoin is great and all the cryptocurrencies can not be compared to bitcoin. Bitcoin has been like this since years ago and yet the most dominant. 

[Mcd0d0 5882]

4 hours ago, Projectcrypto said:

You are right on this mate and that is why i also prefer making use of it, the transaction fees is 0.5 xrp which i believe is good for everyone of us in this forum and since it is well known is every exchanger we visit then i am recommending anyone reading this should give xrp a trial whenever they want to make transactions in yobit exchanger.

Well, that's why i always recommending xrp to everyone to used in transactions, I'm benefited for using xrp because you can hold it and wait for good value, as of now i get a huge amount of money by selling it by $0.6.

[Projectcrypto 4382]

19 hours ago, Mcd0d0 said:

Well, that's why i always recommending xrp to everyone to used in transactions, I'm benefited for using xrp because you can hold it and wait for good value, as of now i get a huge amount of money by selling it by $0.6.

Sounds good and i believe with time the coins will keep rising in terms of value since bitcoin is also increasing in value, so for everyone reading this conversation kindly utilize this opportunity and make use of the likes of  xrp, litecoin and ethereum for arbitrage trading since they fluctuate a lot and that will give chance to earn some profit.

[GanBin 705]

2 hours ago, Projectcrypto said:

Sounds good and i believe with time the coins will keep rising in terms of value since bitcoin is also increasing in value, so for everyone reading this conversation kindly utilize this opportunity and make use of the likes of  xrp, litecoin and ethereum for arbitrage trading since they fluctuate a lot and that will give chance to earn some profit.

I hope you do not totally get it right, arbitrage trading is not about price fluctuations, even the price flunctations can result to loss possibly. It is good to know how to just trade arbitrage, by comparing different exchanges price of the cryptocurrencies you are trading. As the price fluctuates, day trading will be good, I have noticed ripple and litecoin to be good for day trading since five days ago.