3 Things to Know about Bitcoin Confirmations (2020 Updated)

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anyone else seeing long confirmation times? (x-post from /r/Bitcoin)

submitted by ASICmachine to CryptoCurrencyClassic [link] [comments]

Did you ever wonder about annoyingly long time to confirmation on BCH? Are you a miner who's suffering from having to choose between switch mining or losing money? A hardcore discussion between experts on DAA problems on Bitcoin Cash, and how to fix it

Did you ever wonder about annoyingly long time to confirmation on BCH? Are you a miner who's suffering from having to choose between switch mining or losing money? A hardcore discussion between experts on DAA problems on Bitcoin Cash, and how to fix it submitted by imaginary_username to btc [link] [comments]

Haven't waited on a Bitcoin transaction to confirm in a long time...

Sending some of my Bitcoin to an exchange today from cold storage. I initiated the transaction over 2 hours ago, and it still has at least another hour before it is estimated to be confirmed! I had no idea it was really this bad. Wow, what a shame! BTC is what I remember being Bitcoin. Just wanted to say keep up the good work. As more and more people have this eye opening experience, more and more will leave to better cryptocurrencies.
Edit: Ended up taking just under 4 hours to confirm.
submitted by genericgeek to btc [link] [comments]

"I see a lot of #Bitcoin maximalist saying that $ETH is dying from a clogged network. What? I thought that high fees, long confirmation times, and full blocks are a good thing???"

submitted by MemoryDealers to btc [link] [comments]

PayFast Ending support for BTC: "there are a number of limitations and design flaws unique to Bitcoin [BTC] that make it an impractical substitute for cash, including high transaction fees and long confirmation times for buyers"

PayFast Ending support for BTC: submitted by unstoppable-cash to btc [link] [comments]

"I see a lot of #Bitcoin maximalist saying that $ETH is dying from a clogged network. What? I thought that high fees, long confirmation times, and full blocks are a good thing???"

submitted by unitedstatian to ethfinance [link] [comments]

Japanese government now accepted Bitcoin as a legal payment, Ruby just travel in Tokyo to try all the places which could accept bitcoin. It's still hard to using bitcoin as a daily payment because the miner fees is too high, and the confirmation time by blockchain is too long for daily payments.

Japanese government now accepted Bitcoin as a legal payment, Ruby just travel in Tokyo to try all the places which could accept bitcoin. It's still hard to using bitcoin as a daily payment because the miner fees is too high, and the confirmation time by blockchain is too long for daily payments. submitted by BitKan to Bitcoin [link] [comments]

"I see a lot of #Bitcoin maximalist saying that $ETH is dying from a clogged network. What? I thought that high fees, long confirmation times, and full blocks are a good thing???"

submitted by vegasbooty to Cryptoandme [link] [comments]

10-08 00:23 - 'That's why Satoshi created the 10 minute confirmation time. It allows for all the miners to agree on the next block. Block orphaning is a non-issue with long confirmation times. / There are also new block propagation pro...' by /u/juliushenkin removed from /r/Bitcoin within 127-137min

'''
That's why Satoshi created the 10 minute confirmation time. It allows for all the miners to agree on the next block. Block orphaning is a non-issue with long confirmation times.
There are also new block propagation protocols like Avalanche that help with that non-issue.
'''
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Author: juliushenkin
submitted by removalbot to removalbot [link] [comments]

Bitcoin Legacy mempool is flat. Perhaps evidence that high fees and unpredictable long confirmation times are making using stop transacting. We've got to get these transactions onto Bitcoin Cash or they will go to competitor coins.

Bitcoin Legacy mempool is flat. Perhaps evidence that high fees and unpredictable long confirmation times are making using stop transacting. We've got to get these transactions onto Bitcoin Cash or they will go to competitor coins. submitted by pamorris to btc [link] [comments]

I am working with a local restaurant to implement accepting Bitcoin Cash payments. Bitcoin is absolutely out of the question - because of RBF and having to wait a long time for confirmation and the high fees.

submitted by mrtest001 to btc [link] [comments]

PayFast Ending support for BTC: "there are a number of limitations and design flaws unique to Bitcoin [BTC] that make it an impractical substitute for cash, including high transaction fees and long confirmation times for buyers"

PayFast Ending support for BTC: submitted by vegasbooty to Cryptoandme [link] [comments]

The price fluctuations in bitcoin space is nothing new but most times during such fluctuations the mempool tends to gets logged making transactions stuck longer than expected. Found this great tool that gives an estimate of how long it will take for transactions to confirm!

The price fluctuations in bitcoin space is nothing new but most times during such fluctuations the mempool tends to gets logged making transactions stuck longer than expected. Found this great tool that gives an estimate of how long it will take for transactions to confirm! submitted by primalfabric to Bitcoin [link] [comments]

Japanese government now accepted Bitcoin as a legal payment, Ruby just travel in Tokyo to try all the places which could accept bitcoin. It's still hard to using bitcoin as a daily payment because the miner fees is too high, and the confirmation time by blockchain is too long for daily payments.

Japanese government now accepted Bitcoin as a legal payment, Ruby just travel in Tokyo to try all the places which could accept bitcoin. It's still hard to using bitcoin as a daily payment because the miner fees is too high, and the confirmation time by blockchain is too long for daily payments. submitted by BitKan to btc [link] [comments]

The average bitcoin buyer is not affected by fees or long confirmation times....right?

Joe Average sees Bitcoin on the news and wants in, not because he can buy things with it and send it to friends quickly, but because he wants to buy it as an investment and see his investment grow. So he logs on to Coinbase, buys $1000 worth, and watches it grow 20%, then cashes our some of his profits. He’s not ever being hit with the ridiculously slow transaction times or the high fees, and to him he’s just made money on a security. He doesn’t care that it’s unusable to buy a cup of coffee because he can just use the profits from it converted to cash to buy the cup of coffee. I’ve been thinking for a long while now that Bitcoin will collapse when people realize it’s useless for what it was intended for, but what if people don’t care? What if they just use it to trade like any other security, and actually don’t care that it doesn’t function like Satoshi intended it to? Maybe I’m missing something, but lately I’ve come to realize that we severely underestimate the ignorance and indifference of the average person, and what if the whole “store of value” thing just becomes the norm? Someone please explain where I’m going wrong...
submitted by btcjack to btc [link] [comments]

Japanese government now accepted Bitcoin as a legal payment, Ruby just travelled in Tokyo to experience the real bitcoin payment situation. It's still hard to use bitcoin as a daily payment because the miner fees is too high, and the confirmation time by blockchain is too long for daily payments.

Japanese government now accepted Bitcoin as a legal payment, Ruby just travelled in Tokyo to experience the real bitcoin payment situation. It's still hard to use bitcoin as a daily payment because the miner fees is too high, and the confirmation time by blockchain is too long for daily payments. submitted by BitKan to CryptoCurrency [link] [comments]

Bitcoin Slow Confirmation Time - How Long Should I Expect?

Obviously with the turmoil in the market over the last few days I expected my transaction to take longer than usual to confirm. However after 24 hours it starts to get worrying!
Thw transfer was sent with a low fee so again, I know it will take a while to confirm, but how long should i expect to wait?
The Electrum wallet I sent it from has an 'increase fee' option. Sbould i use it? What fee would be suggested to get the transaction cleared quickly?
Thanks in advance for any help or suggestions!
submitted by boopie83 to Bitcoin [link] [comments]

Using Bitcoin as payment in Japan for 72hours to experience the real bitcoin world in Tokyo! It's still hard to using bitcoin as a daily payment because the miner fees is too high, and the confirmation time by blockchain is too long for daily payments.

Using Bitcoin as payment in Japan for 72hours to experience the real bitcoin world in Tokyo! It's still hard to using bitcoin as a daily payment because the miner fees is too high, and the confirmation time by blockchain is too long for daily payments. submitted by BitKan to btc [link] [comments]

High tx fees and long confirmation times are killing my service. What can I do as a Bitcoin-related service owner?

Hi,
I don't know anyone (except miners) who is happy about high tx fees, full blocks and huge mempool. This hurts everyone.
Now, while this situation is painful for those who want to use Bitcoin as a currency and actually pay for services with bitcoins, I think it's even worse for those who run businesses that deal with bitcoins.
I am running a site that accept user deposits and let them withdraw bitcoins. Whenever mempool hits > 50,000 transactions (almost all the time now), a high percentage of deposit take more then 8 hours to confirm. We try to accept 0-confirmation deposits based on BlockCypher's "Confidence factor" and it helps, but does not solve the problem - a lot of people still wait hours.
Since tx fees started climbing like crazy, there's also a general decline in small deposits. I am not surprized - sending $1 if the suggested fee is > $1 is crazy. Since our service relies on small deposits - we are taking a huge hit.
We charge users flat fee for withdrawals, but we allow our wallet node to set a dynamic fee so that withdrawals can be confirmed within reasonable time. But since the fees are going "to the moon", we had to subsidize the cost of withdrawals.
I really want my service to remain Bitcoin-only. Some users encourage me to implement other coins as a workaround for (hopefully temporary) Bitcoin issues, but I'd rather stick to Bitcoin.
The worst part - I have a terrible feeling there's really nothing I can do than just wait. Sure, I contribute to the Bitcoin economy somehow, but I feel the power separation between developers and miners leave me with no voice at all.
I truly support Bitcoin and want it to suceed. It has a huge potential and I believe it could be a truly decentralized fiat-replacement once day.
So, am I right or wrong? Is there anything I can do regarding the current scaling stalemate?
submitted by ethan_nx to Bitcoin [link] [comments]

iPayYou now offers Starbucks purchases with Bitcoin. How do they avoid insanely long confirmation times? Simple: they sell the sluggish Butts and put good old Dollars in your Starbucks account! Dollars>Butts>Dollars = Coffee for Bitcoin!

iPayYou now offers Starbucks purchases with Bitcoin. How do they avoid insanely long confirmation times? Simple: they sell the sluggish Butts and put good old Dollars in your Starbucks account! Dollars>Butts>Dollars = Coffee for Bitcoin! submitted by Barkey_McButtstain to Buttcoin [link] [comments]

Can we talk more about the serious benefits of Dogecoin?

I got introduced to Dogecoin because of the meme but I wanted to invest because I saw serious potential in the technology. There's way too little discussion of these serious benefits and I'd like to talk about them. The serious benefits are what will make this currency successful in the long run.
Bitcoin is the king of large value transactions because it is much older and has the first mover advantage. Its huge network power makes it very secure. Bitcoin's long confirmation times however mean that small transactions are not processed ideally. Litecoin has a 2.5 minute block time but this still seems far too long for buying things in person. Dogecoin's 1 minute block time really opens up the possibility of secure in person transactions. There is a far smaller window for trying to double spend before confirmations of the original transaction happen. That would make people taking 0 confirmation transactions seem far more secure when using Dogecoin than Bitcoin or Litecoin and thus more appealing to merchants.
Another unique aspect of Dogecoin is the way it is supplied. The very rapid drop off of coin production means the network will be very good at processing large numbers of transactions before other crypto-currencies. I've seen several posts saying that miners limit the number of Bitcoin transactions per block because it helps reduce the possibility of orphan blocks. The larger the block reward the higher the risk of losing money from these orphan blocks is. As the block reward drops it becomes less risky for miners to add more transactions to each block. This applies to any cryptocurrency that uses the same basic mining structure.
Dogecoin's rapidly dropping block reward means that its ability to process transactions will scale up very quickly making it very attractive for something like micro-transactions and small scale transactions (where there are very many transactions but worth relatively little).
TLDR: Dogecoin has everything it needs to be the best secondary crypto currency out there. Instead of being a direct competitor to Bitcoin it really complements it. It would be way easier than Bitcoin for day to day transactions in stores. It will be able to handle more transactions than the Bitcoin network. They can both be part of the crypto-economy of the future because they are each suited to unique applications.
submitted by Spiral_Mind to dogecoin [link] [comments]

Long time Bitcoin Core advocate "Cobra" confirms: ▪️Lightning is a threat to BTC's value ▪️Lightning is better used with other coins 0 use case left, no more reason to hold or buy BTCs. 📉🔥

Long time Bitcoin Core advocate submitted by Windowly to btc [link] [comments]

Slow Bitcoin Transaction Confirmation? - Do This! - YouTube BITCOIN longs at all time high! Dangerous for Bitcoin? Best stock of 2019 How To Accelerate & Confirm A Slow / Stuck Bitcoin ... BITCOIN ₿ BREAKOUT!!!! WAIT FOR CONFIRMATION BEFORE GO ... Bitcoin Long Trade Setup with Confirmation! 12/05/20

Bitcoin confirmation times. The average block time of Bitcoin is 10 minutes. But not all transactions are confirmed in 10 minutes. It could take hours or it could even take a day to get 1 confirmation and it depends on few factors. In Bitcoin all transactions are processed only through miners and due to this transactions are subject to delays ... In any case, the average time a Bitcoin transaction takes for confirmation is 10 minutes, and that’s because the Bitcoin’s block timing is 10 minutes. But this isn’t true every time because your Bitcoin transaction confirmation can take up to several hours and sometimes even days after you have made a transaction. While some services are instant or only require one confirmation, many Bitcoin companies will require more as each confirmation greatly decreases the likelihood of a payment being reversed. It is common for six confirmations to be required which takes about an hour. How many Bitcoin Confirmations are Enough? 0. Payments with 0 confirmations can still be reversed! Wait for at least one. 1. One ... The following will help you understand what to expect from transactions in terms of processing time. How Long Do BTC Transactions Take? If several hours have passed without your Bitcoin transaction being confirmed, just wait. If more than 72 hours have gone by without confirmation, resend your transaction. In general, Bitcoin transactions will be confirmed between 10 minutes and over a day ... The average confirmation time for a Bitcoin transaction was 9.2 minutes in September 2020. This is much lower than the May 2019 peak of over 12 minutes. The effect of the longer transaction time ...

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