It seem like every time I try to make a bitcoin transfer the blockchain is at a halt. It has happened so often that I try to send some fund and then sit infront of my PC waitiong for the damn thing to go thru.
Recently this has happened by sending funds to exchanges and poker sites.
And just now I am sitting in front of my screen looking at the below waiting for the next block to come in.
uffff
What is your story where bitcoin has just been tooo slow for ya?
The first tim I bought Bitcoin on Coinbase I immediately sent it out to Bittrex to start trading with. It was only $200 worth, but I had never transferred anything on the blockchain before so I was super nervous. Did I get the address right? Did I send to the right address? How do I know if it goes through? I’m freaking out a little and it took 30 minutes for the transaction to go through! Being used to instant transactions I went through all the stages of grief and just as I had reconciled myself to the fact I had lost my money, it showed up on Bittrex! That was the most stressful 30 minutes of my life! Thanks for the post @knircky!
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Note that Coinbase doesn't necessarily create a transaction immediately with your withdrawal. So some of the delay could be waiting for the bank to actually broadcast the withdrawal.
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Yep, Bitcoin Core (Legacy BTC) has many user experience issues. I have used it since 2013 for online purchases and to buy other coins with. I probably have made over 2000 Bitcoin transactions since discovering it 5 years ago. There was no issues until late 2016, when block size started to cap out at 1 MB. Even with blocks not full currently I have seen it take almost 1 hr. to get 1st confirm.
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While new Bitcoin blocks are created on average every 10 minutes, the average time between blocks is actually 20 minutes. This is due to the hitchhiker's paradox and is quite fascinating:
Anyways, I am excited for the Lightning Network, which can enable low-fee, near-instantaneous transactions. While still not ready for general usage, there are starting to be real applications like https://satoshis.place/, which currently looks like:
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The bitcoin Segwit code is the most advanced that exists. The problem is the greedy short sighted miners won't add it (yet). Once that is in place further improvements can be made, and faster, without any risky hard forks. Bitcoin is by far the most advanced, and best dev team.
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??? Are you new to Bitcoin. Yeah sure amazing man. That kool aid taste great.
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Stopped using bitcoin over a year ago. It's not a digital cash.
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The site I was using to convert fiat to crypto stopped allowing instant transfers at a reasonable cost from both of my banks, so I had to find another way. I recently tried a new a
App where they allow for email money transfers (fast/secure). At first it was I could only buy Bitcoin which is hardly instant to move to a wallet or an exchange but now I can transfer Ether, which is somewhat reasonable. I'm a big fan of Stellar which is all but instant and has very low fees.
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Haha remember this like yesterday sitting in the living room at my friends place a few years back trying to order pizza by paying via Bitcoin a friend of ours gave us. After an hour and two transactions to the wrong wallet (we were quite drunk and never transfered any funds nor heard of cryptocurrencies) we payed nearly 2 BTC for two large pizzas, two sodas and two desserts.
Damn I still regret that action. Would be a nice sum even now during this month long correction.
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bitcoin is really slow.because this market prize stayed doing low position.this time very hard for me.because i am not invest my post.not benefit only loss.so, my power not improved.but i think that,this condition very early changed being and future bitcoin prize reach to top one..this time needs alots of self confidence and keep patient own work..thank you for your great post .. very well done.. @knircky
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With the increasing volume of transactions the competition between them has been increasing in time. While a miner fee was not always necessary, they are at the moment. As miners prioritize transactions based on their fee in comparison to the space they will take up, the transaction fee should be chosen according to the transactions size.
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Bitcoin Core should be given the opportunity to prove to us that Segwit and Lightning will help solve its transaction and scaling issues - However their are parties that for self interest reasons are preventing this from happening.
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Bitcoin network in the past days has been very slow due to massive transaction of some bitcoin whale transferring to some exchange a massive ammount of BTC which led to a huge delay for other transactions. The btc network is by itself slow for transaction plus there is what i mentioned before then you could immagine the result!
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Bitcoin transaction can really take ages. The fee required to pay with such slow transaction is really testing our patience. I have switched to litecoin for some time already. It only takes few minutes for the transaction to go through. It was much smoother even though it was said that Bitcoin is the gold while Litecoin is the silver but compare to transaction capability, I will go for Litecoin.
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I once tried using a Jaxx Bitcoin wallet. I had to try multiple times three days in a row just to get the Bitcoin out of there. In that case the problem was Jaxx' limited fee settings and not the slow blockchain (alhough, if blocks were generated faster, maybe the high transaction fee problem would be gone).
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Yeah its to slow
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An do not forget the vast amount of energy that is using to maintain such a slow transfers per second.
It has lost the battle to be a real time crypto for payments.
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Sure, steemit seems to be the fastest of them all, within few secs the whole process is complete.
Something need to be done to increase the processing duration on bitcoin
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@knircky has set 1.000 STEEM bounty on this post!
What is a bounty exactly?
A bounty is money sent to a post to be distributed to the users commenting on it. It provides a way to reward users directly and works in addition to the steem/sbd they receive from the blockchain. It works independently of SteemPower.
You create a bounty by sending any amount of sbd/steem to @steem-bounty together with a post-url in the memo.
How can I earn a bounty Users are then competing for the bounty by writing their answers to the post in comments that will achieve upvotes from the community and especially the bounty creator. The money of the bounty gets distributed to all top level comments of the post at the same time when the post is paid out (7 Days after it was written). How much everyone gets depends on the votes the comments received. The sender of the bounties votes are weighted higher so that she decideds where 80% of the bounty money goes and all other votes determine the rest.@steem-bounty does all of this for you automatically. You can use this service to automatically pay out a challenge, ask a hard question or simply to reward the people that interact with you.
Read more about how it works, even in different languages here.
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Congratulations to the following winner(s) of the bounty!
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Nice! I didn't even realize there was a bounty. This is my first bounty... exciting. I will have to make one soon.
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Wait for lightning network
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Nice picture I like it
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hello, good as I do not really drive much the bitcoin I think that where it has been slower is in my hope that it will rise ajajaj. Greetings @Knircky, hopefully that situation, has not been the best week in terms of crypto
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So slow i almost thought i sent the BTC to a wrong address...
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I still have to understand the technology behind coins like NEM and Dash, and the way they approach the scalability problem, but I believe they have good solutions. One of the main problems with Bitcoin is governance. Other coins have big and well funded teams of developers and, if I am not mistaken, they are always hard forking as they upgrade the technology; but everyone agrees on the direction and there is no problem. Bitcoin, on the other hand, has a small team which survives only with donations, and no one agrees with the direction to be taken, so the technology is stuck (please, someone correct me if I am wrong). However, as Bitcoin loses market share, maybe people will reach a consensus and the technology will progress. Nothing like hard times to force people to change.
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The main argument that bitcoin is outdated isn't that transactions are slow and expensive, but that there's a bunch of altcoins that are directly superior on a fundamental and technological level.
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There are too many people working on solutions to BTC for it to easily fail. There is a good chance, however, that another, more efficient altcoin may surpass BTC in terms of usefulness and popularity.
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How it Work You can Check Here
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After using many other alt-coins and Steem especially, I just try to avoid sending BTC transactions as much as possible and not deal with the slow speeds and pricey fees.
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Not only is it slow but the transfer fees are too high as well.
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the current bitcoin movement is like a very slow snail
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