Post
Topic
Board Bitcoin Discussion
Re: Every 3 days a block will take more than 1 hour to solve. Can anything be done?
by
turvarya
on 20/07/2015, 13:08:29 UTC
Why is this a problem, exactly?

It's not a huge problem now but imagine (maybe somewhat in the future) you paid for something in a shop of a significant value (say $100) in bitcoin and the vendor required one confirmation for payment to be accepted. Waiting 10 minutes wouldn't be a problem  but 1 hour or more would start to be really inconvenient. You could also find that so many transactions had built up during that hour that your transaction would be delayed by a block or two (even with a miners fee).

If bitcoin wants to replace existing payment structures then we want to think of ways we can avoid these delays even if they are occasional.

3 days ago there were 2 long waits within a 2 hour period

364834   11/07/2015 09:14
364835   11/07/2015 10:03
364836   11/07/2015 10:06
364837   11/07/2015 10:09
364838   11/07/2015 10:16
364839   11/07/2015 11:08


I agree with you. When you pay with a bank card then the merchant instantly knows the payment is safe. It's not the same with bitcoins unfortunately.

Sure, merchants might sell on zero confirmations but it sounds like a risk when the network is spammed and someone sends a zero fee transaction.

And i was in the situation that i sold something and waited with the seller for a confirmation. It's no fun. Especially when the seller needs to get his train or something.

If possible, a solution here would be nice.
Don't send a zero fee transaction. I think, they will disappear anyways(I still send them sometimes).
There are some factors you have to look at, so you could also accept a 0-confirmation transaction without having to worry.
And all the people, who tell you how easy it is to double spend with a 0-confirmation transaction: They are full of shit. None of them ever showed any proof of that.