Bitcoin transfer time, what the fuck

Forgot my picture

Yes, OP really needs to post the TXID, or this thread is useless.

I paid a fee, xapo asked for it.
0.00069679 fee

Thats a pretty high fee, if there was only 1 output that like

69679/226 = 308sat/byte

You should be in the next block which you can monitor in lots of different places.

twitter.com/blockchainbot

^theres a twitter for the blocks, last one was 5 minutes ago.

Newfags, use something else to transfer value

Eth takes a few minutes max

Bitcoin is store of value not medium of exchange

My idea is to buy other coins through poloniex, but first I need to transfer bitcoin.

Haha, pays 5$ fee. Still needs to wait for hours.

And bitcoin maximalists dont think the normies will switch to ether and litecoin.

Topkek.

Just transfer Ethereum instead. Everyone does that.

Bitcoin is only used to store memes.

>Walk into bank
>I need this money in that guys account in less than 10 minutes for $5
>Ok sir get in line, once we finalize the transfer that will be $35 and 2-5 business days...
I mean sure eth has marginally better txn times now, but it will be just as hard to scale as Bitcoin.

The future of money.

Well, it's better than a bank by a lot, so yes.

>open up Venmo
>send friend $2,500
>get text message from bank: this transaction looks fraudulent, would you like to reverse it?
>say "no"
>friend receives money in 10 seconds, plus fraud protection

try wiring money to make a big purchase. that'll be 3-5 days and cost 25 dollars.

venmo takes days to actually transfer to your bank account.

what does the 0/6 confirmation means?

> I mean sure eth has marginally better txn times now, but it will be just as hard to scale as Bitcoin.

Do you even know which of the two is processing the most transactions per day?

Hint: pic related

That a transaction needs to be verified 6 more times.

suprise every dog and cat has a token on eth
what did you expect?

6 confirmation means your transaction was confirmed 6 blocks ago, about an hour and is considered irrevocable.

0/6 means it has not been hashed into a block by a miner yet. Getting from 0 to 1 can take a while depends in the fee. 1 to 6 happens fast, because as soon as you are in the block chain (1/6) the other 5 are sure to happen, and build off the block you were confirmed in.

Man you need to confirm 6 times a 6$ + 10$ fee transaction. And it takes 2 hours. Can’t wait to use it as a currency.

That it needs to be verified 6 times adds to the security. As coins as Stellar Lumens have shown that doesn't even have to last long and it can be done in 2 seconds.

Bitcoins are first generation coins. Ethereum second generation. But there are already way superior coins out with more inbuild privacy and speed.

So, his argument was that every coin would get these problems once they hit bitcoin's scale.

That's not true. The fees are here because blockstream want them to be.

There could easily be 10 times as many on chain transactions on bitcoin but they dont want to.

They want a fee market.

>There could easily be 10 times as many on chain transactions on bitcoin but they dont want to.
Do you run a full node? I do. If they made the blocks 10mb people like me could not run full nodes and network decentralization would decrease.

Scaling is strictly a hard problem. Any system that tries for that volume on chain will become centralized.

Nope that's bitcoin for you. 10 minute block times + at least 3 confirmations = 30 minutes to transfer your cash.

You're better off using Eth; at least Eth reliably transfers. Would be even better if there were *ahem* an altcoin... with faster transaction speeds... side chains to allow for tokens to be added... and maybe built-in functionality to allow you to exchange your crypto by directly interacting with the blockchain, rather than using a middle man like exchanges...

hmmmmmmmmmmmmm

bitcoin is not a good cryptocurrency for global exchange, only 7 transactions is possible per second.

if your fiat exchanger doesn't allow you to exchange for anything other than BTC, you need to find a different fiat exchange.

Coinbase/GDAX is popular in the USA, I think most of Europe uses Kraken, not sure what preferred exchanges in Asia look like.

>30 minutes to transfer your cash.
It has been 2 hours actually, still not ready.

I'm from Chile, I can't use Coinbase. I haven't looked into GDAX though.

>wiring

>ACH is cheap, typically 3-4% transaction fees.
>Wires are expensive ($25+ many times), but they're instant.

I don't know what you're trying to describe, because the funds transfer method you're talking about and calling a "wire" does not exist. It sounds like you're describing the speed of an ACH with the cost of a wire, which is not how the majority of the first world operates.

If you live in bumfuck Africa, well, maybe you're right, I have no clue. But in the modern world, you can choose to send money fast (wired instantly, $$$ fee), or you can send it cheap (ACH it, 2-5 business days, $ fee). Fees for ACH tend to be flat rate under $10; fees for wires tend to scale with the size of the wire, as the funds are essentially being "guaranteed" by the originating bank until settlement, which means they're taking on the small risk that your funds evaporate between when the wire is approved and when the wire is sent.

>t. consumer bank employee

If you can't handle 10MB blocks you're a faggot pajeet. I run a full node on a Kmart netbook I got four years ago for $200. All I'd need is maybe $60 for a new HDD maybe every three years, which is a hell of a lot less than the savings I'd get from just a few transactions a month.

Post the fucking TXID if tou can, or I am disinclined to believe you.

Either that, or your exchange took some of the fee (and paid less on the transaction).

Just saying because the fee you mentioned should have been more than sufficient to pass in 1 block.

this?
aadd2887c67294cd62a4c1b72dc38cd4fef29ddfa8dfd272de26aa3f131a34f5

I have 33 connections... I upload the full block to each of them every 10 minutes.

If the blocks were 10mb I would be uploading 33mb/minute on top of my normal internet uses.

Validating the blocks is one thing, but if there are two blocks mined back to back that are full 10mb blocks, it would orphan a huge amount of the network.

You don't know shit.

>do you run a full node? I do.

Why? Do you have a business purpose for this? Because if you're just doing it to "confirm consensus", you're unnecessary, according to Satoshi's whitepaper.

Once BTC has sufficient adoption, full nodes are expected to be reserved only for those organizations that rely on BTC transactions to operate; it is expected that these organizations are still numerous enough to provide consensus, while acknowledging that it may not be possible for every wallet owner to run a full node, necessitating access to virtual nodes, which were planned for in the whitepaper.

>Why? Do you have a business purpose for this? Because if you're just doing it to "confirm consensus", you're unnecessary, according to Satoshi's whitepaper.

I relay my own transactions and don't have to trust anyone else's version of the blockchain on my SPV wallets.

Satoshi is not a fucking prophet you faggot.

according to the blockchain, you paid more in fees than the transaction was worth by about 6 times.

Also, the transaction was bigger than I thought, your fee was ~208 sat/byte which will only confirm when the demand drops off for the day, usually when America stops doing buisness.

It will still confirm, but this is truly a fucked up transaction that makes no sense. Why did you make this?

Check out Gemini as well. Lowest fees but slowest confirms for bank transfer for USD to BTC. Really fast for USD to Bank though.

coinbase and GDAX are owned by the same company I'm pretty sure, so you probably want to try googling.

Eth and LTC are popular alternatives to BTC specifically because of the problems you're describing, though; slow transaction speeds are super common.

As I said before, I was testing. Im new to this, I dont care much about the fee this time.

Thats why DigiByte is the future...

...for the BTC protocol he might as well be.

If you're going to try to claim BTC is the same chain as it was when it was released and Satoshi was still active, you're going to have to adhere to the vision laid out in the whitepaper. Otherwise, it's not the same coin, even if it shares the same name.

Faggot.

What determines the byte size of the transaction?

Number of inputs and outputs.

There is a fixed rate per input after the first, and same for outputs after the first.

Remember to pay your $4 fee and then wait 24-48 hours (if you're lucky) for a confirmation user.

what are the inputs and outputs of a transaction? brainlet here

Inputs are the unspent addresses used for the transaction, and outputs are the receiving addresses.

Oh god you are going to get so fucking rekt soon user.

Bitcoin is not a "store of value", it is a currency, if you cannot transact efficiently then it is not worth shit. Bitcoin is an enormous ponzi shitcoin and it will collapse soon.

Seriously for all you stupid arse Veeky Forums tarts, sell your bitcoin asap and buy bitcoin cash before you get fucking wiped out by the market.

So why was user's transaction so large?

I am not sure. But its only 30% larger than average, its not gargantuan or something.

Xapo gave me 2 options, a "normal fee" and a "faster fee", I used the normal one. Maybe the page I'm using is just bad in terms of fees.

Honestly you got the worst possible fee. If it was 1% higher it would have gone through by now, as it is it will take hours, and could have taken the same amount of time for a much lower fee.

I send 27 sat/byte txns and they clear fine because I'm usually not in a hurry.

okay, thanks , I'll probably use the higher one next time.