median-confirmation-time - Blockchain Charts

Mining Bitcoin

Bitcoin mining is analogous to the mining of gold, but its digital form. The process involves specialized computers solving algorithmic equations or hash functions. These problems help miners to confirm blocks of transactions held within the network. Bitcoin mining provides a reward for miners by paying out in Bitcoin in turn the miners confirm transactions on the blockchain. Miners introduce new Bitcoin into the network and also secure the system with transaction confirmation.
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SwC Poker: #1 Bitcoin Poker Site

SwC Poker is the largest Bitcoin online poker site in the world.
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r/torrents - Torrenting Discussion and News

But you wouldn't download a new Director of Talent
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08-10 13:55 - 'Coming next week! The first phase of #Chrysalis (IOTA 1.5) on our #mainnet with significant performance, usability, and reliability upgrades. With over 1k TPS and 10 second confirmation times, this upgra...' (twitter.com) by /u/brian_jonestownNYC removed from /r/Bitcoin within 6-16min

Coming next week! The first phase of #Chrysalis (IOTA 1.5) on our #mainnet with significant performance, usability, and reliability upgrades. With over 1k TPS and 10 second confirmation times, this upgrade will bring an entirely new experience to using the current #IOTA network👏👏👏👏👏👏👏
Go1dfish undelete link
unreddit undelete link
Author: brian_jonestownNYC
submitted by removalbot to removalbot [link] [comments]

If you buy bitcoin from an ATM machine, and it gets stuck at less than 6 confirmations in your wallet, is there some timeframe where if it's stuck for longer than x amount of time, it'll just never go through and get returned to sender (the ATM machine) and you'll just lose your money?

I've spent hours trying to search about this, and every question I've found seems to be about people stuck at zero confirmations.
In my case, it did get 3 confirmations reasonably quickly, but then it just never got any more confirmations, it's just been stuck at 3 for like a day, and it needs to get to 6+ before I can actually use it in my wallet to spend it myself.
I am fairly new to this stuff, so I was pretty freaked out when I read some stuff about how if a long enough timespan goes by (several days?) then if it is still stuck at less than (6? not sure how many) confirmations by that point, it'll just be a failed transaction and get returned to the sender.
If that happens, I just lose all my money that I spent trying to buy the bitcoin from the bitcoin ATM machine, right? Because in this case it's not some human friend of mine I can go try again with, it's just some machine, so the machine/company gets its bitcoin back, and but I can't just go walk up to the machine and have it spit my cash back to me I assume.
So, now I'm trying to figure out how many more hours or days I have left before that is going to happen.
If it's been almost a day at this point, does that mean I have only a few hours left before I'm screwed? A few days? Weeks?
EDIT Checked it on an explorer and looks like it must have been a bug with my wallet. It had a ton of confirmations on the explorer, so it was just the wallet giving me an incorrect status of 3 confirmations. Seems to be working now. Well, that was annoying. Ah well, lesson learned I guess
submitted by rndm109073 to Bitcoin [link] [comments]

$6 fee for 10 minute confirmation time on bitcoin

$6 fee for 10 minute confirmation time on bitcoin submitted by nanoissuperior to nanotrade [link] [comments]

New site howmanyconfs.com shows the amount of time and confirmations of Proof of Work coins to match 6 confirmations on Bitcoin

https://howmanyconfs.com/
https://github.com/lukechilds/howmanyconfs.com
6 confirmations has always been the gold standard for secure finality of a transaction on Bitcoin. This site uses hashrate rental data from NiceHash to calculate the amount of energy behind each coin's hashrate, and the amount of block depth or time to match bitcoin's 6 confirmation security level. This gives an interesting look into the relative security levels of various Proof of Work chains
submitted by CryptoMaximalist to CryptoTechnology [link] [comments]

New site howmanyconfs.com shows the amount of time and confirmations of Proof of Work coins to match the security level of 6 confirmations on Bitcoin

submitted by CryptoMaximalist to CryptoCurrency [link] [comments]

Merchants & Consumers months from now: Which bitcoin do you want to use the one with $5 transaction fee's and 3 to 6 hour confirmations times or the one that works?

submitted by Bitcoin3000 to btc [link] [comments]

If Bitcoin forked like Ethereum it would take the minority chain +6 years for its confirmation time to adjust to normal speed

With a hashrate of 0.8% a block it would take 125x longer on average per block. Furthermore it would take 4 difficulty adjustments to get back to 10 minutes per block (difficulty can only adjust by a factor of 4 at most per adjustment).
Resulting in: (100 / 0.8) * 10 minutes * 2016 = 4.8 years before the first adjustment.
  1. 20.83 hours confirmation time per block for first 4.8 years
  2. 5.2 hours confirmation time per block for the next 1.2 years
  3. 80 minutes confirmation time per block for the next 15 weeks
  4. 20 minutes confirmation time per block for the next 27 days
  5. Then it would go back to normal
So in total 6.4 years.
The irony is small blockers rubbing their hands in delight that Ethereum Classic is still viable, maybe even pretending it is still a threat, or that this proofs a contentious Hardfork is still dangerous.
I posted a similar calculation a bit earlier, but that contained a small boo boo.
submitted by seweso to btc [link] [comments]

Bitcoin confirmation times don't matter: "Credit cards have a confirmation time of 6 months. That is about the time that a dispute can occur. So, there you have it, merchants don’t care about a 6 month confirmation time, so why do you think they’d give two hoots about a 10 minute one?"

Bitcoin confirmation times don't matter: submitted by mindtehgap to Buttcoin [link] [comments]

What is the current wait time for 6 confirmations on the Bitcoin blockchain?

submitted by FlippinFlags to Bitcoin [link] [comments]

ELI5 or 6: Why is the Bitcoin full block issue being addressed by increasing the block size rather than increasing the block frequency, which would increase transaction data throughput while simultaneously reducing confirmation time?

ELI5 or 6: Why is the Bitcoin full block issue being addressed by increasing the block size rather than increasing the block frequency, which would increase transaction data throughput while simultaneously reducing confirmation time? submitted by Barkey_McButtstain to btc [link] [comments]

Sent BTC of 0.04 for 6 usd value confirmation time /r/Bitcoin

Sent BTC of 0.04 for 6 usd value confirmation time /Bitcoin submitted by BitcoinAllBot to BitcoinAll [link] [comments]

What is the current wait time for 6 confirmations on the Bitcoin blockchain? /r/Bitcoin

What is the current wait time for 6 confirmations on the Bitcoin blockchain? /Bitcoin submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Bitcoin (BTC) in Space: How Cryptocurrency Solves Interplanetary Payments

Bitcoin (BTC) in Space: How Cryptocurrency Solves Interplanetary Payments

https://preview.redd.it/vgflkm9pq3521.png?width=512&format=png&auto=webp&s=a822255aa5d6156920ea33b0efc979b152fba236
https://cryptoiq.co/bitcoin-btc-in-space-how-cryptocurrency-solves-interplanetary-payments/
Space exploration and colonization is an inevitable reality in the future. NASA and private corporations like SpaceX and Blue Origin already have the technology to launch missions to other planets, but they are taking their time to raise funds and ensure 100 percent success.
SpaceX says it will land people on Mars by 2024.
The richest man in the world and Founder of Blue Origin, Jeff Bezos, says he will create a large moon colony with or without NASA’s help.
Bitcoin with its instant, decentralized, and secure transactions that travel at the speed of light is obviously the perfect currency for space, but there are some downsides.
Here, we’ll explore the benefits of using Bitcoin in space as well as the caveats.
The cost of “launching” Bitcoin into space is simply the transaction fee, usually less than $1, plus however much it costs for the high powered antennas to communicate with the internet across long distances in space.
Compare this to fiat cash money, which would be impractical to launch into space due to the costs of rocket fuel. Launching a $20 bill into space costs $22. Perhaps launching $100 bills into space will work, but the fee would still be hard to stomach, and residents of the moon or other planets will not have any small bills or coins.
Perhaps a fiat system could be set up with all the $100 bills stored in a central repository and then people use digital ledgers to keep track, but why go through all that trouble if Bitcoin already solves this problem.
Decentralized currency will be important in space. For example, if Jeff Bezos decides to leave the Earth and become the emperor of the moon, there could be backlash from Earth governments.
This may sound outlandish, but it is inevitable that once colonization of other planets begins new countries will eventually form that have no territory on Earth. In the moon colony example, if they have USD bank accounts, they could find that all their cash becomes instantly frozen at the first sign of political trouble.
It will be just about impossible for a country on the moon or another planet to get their money back in the event of an account seizure. Just like Donald Trump says make America great again, whoever is President in the future could say make Earth great again, and seize all of the bank accounts of interplanetary nations in order to subsidize Earth’s economy. Space nations will need Bitcoin in order to conduct interplanetary commerce without the threat of account seizures.
The problem with centralized currency becomes even more severe for the space cowboys, people who go off into space and decide to do whatever they want to do. If they break a law in any jurisdiction, which could be as simple as taking their ship off-planet without permission, they would have their bank accounts frozen.
The only option for rogue space adventurers is to carry currency with them onboard, since if their bank is frozen, and they are depending on the bank, they will either die in space or have to go back to their planet and get arrested.
Due to the scarcity of cash in space, the only good option for space cowboys would be gold or Bitcoin. Gold is heavy, and would cost tremendous fees in the form of rocket fuel everytime they liftoff from a planet. Also, holding a large amount of gold on a spaceship would make them easy targets for space pirates. Bitcoin would never cost anything during liftoff, since it is on the internet, and it cannot be stolen unless the private key is given over.
Further, imagine if someone gets a job from an employer on another planet, which will be quite common in the interplanetary economy. Workers would likely never even meet their bosses, and the workers perhaps would not want the native currency on their employer’s planet, since they would never be able to physically own it.
Bitcoin can be personally owned no matter where people are in space, since Bitcoin is cryptographically secure, and possession of the private key provides full ownership, in the same way, holding cash in your wallet is full ownership.
As is already being witnessed on Earth, Bitcoin is a universal currency. Instead of making a complicated FOREX system in space wrought with account seizures and third parties, it makes much more sense to just use Bitcoin. A space economy fueled by Bitcoin would be far more liquid and efficient than a fiat currency economy.
There are caveats to using Bitcoin in space due to the speed of light. Bitcoin transactions would only be able to travel across space at the speed of light. This means it takes 1.28 seconds for Bitcoin to reach the moon from the Earth, three minutes to reach Mars, 33 minutes to reach Jupiter, and 67 minutes to reach Saturn. Double these times and add 10 minutes for the average Bitcoin transaction confirmation time on other planets.
We mention Jupiter and Saturn because they have numerous moons that are ripe for colonization and could be a hotspot for human civilization in the future.
The transaction times to other planets, even for Saturn which is over an hour, is not a major issue. Even if transactions take a long time to propagate to Earth and confirm, they would still be confirmed. Perhaps people on other planets should put the maximum sensible transaction fees to ensure that transactions confirm as quickly as possible once received.
Clearly, Bitcoin will no longer be instantaneous in space, since transactions would not even show up on the block explorer until the transaction propagates to Earth and back, but it will work.
Mining Bitcoin on other planets is a major dilemma. On the moon, mining Bitcoin will still be quite doable, since the few seconds delay is not going to prevent miners from striking blocks on the moon, it will just put them at a slight disadvantage.
Mining on Mars is where problems will begin. If a miner on Mars strikes a block, and someone on Earth finds the block in the 3 minutes it takes the Martian block to reach Earth, the Martian miner will not get paid. Some truly stubborn miners may mine Bitcoin on Mars, but they will be at an extreme disadvantage, and they will not profit nearly as much as Earth miners.
On the moons of Jupiter and Saturn, mining Bitcoin becomes intractable. In the 33 minutes and 67 minutes respectively it takes Bitcoin transactions to reach Earth, the Jupiter and Saturn miners will be disenfranchised 100 percent of the time. This actually makes Bitcoin centralized, at least on a planetary scale since whichever planet has the most hash rate will get all the block rewards.
This is just an Earth-centric view, however. Since Bitcoin is decentralized, another planet could generate 50 percent or more of the hash rate and disenfranchise all of the miners on Earth. To prevent this sort of thing from happening, perhaps it would be best to have Bitcoin Jupiter, Bitcoin Saturn, Bitcoin Earth, and so forth.
Versions of Bitcoin for different planets is especially important, considering that a planet that achieves a significant hash rate, but not a majority hash rate, would be dealing with constant forks.
For example, miners on the moons of Saturn may verify transactions and put them into blocks, only to have their chain orphaned whenever a transmission is received from Earth. If every planet is using the same version of Bitcoin, it would be much less confusing and more secure to only have miners on one of the planets.
Since it will be many years before colonization of other moons and planets becomes a reality, perhaps the Bitcoin developers will have time to optimize Bitcoin for use in space, to remove these caveats and ensure Bitcoin functions perfectly in space.
submitted by turtlecane to Bitcoin [link] [comments]

ELI5 or 6: Why is the Bitcoin full block issue being addressed by increasing the block size rather than increasing the block frequency, which would increase transaction data throughput while simultaneously reducing confirmation time? /r/btc

ELI5 or 6: Why is the Bitcoin full block issue being addressed by increasing the block size rather than increasing the block frequency, which would increase transaction data throughput while simultaneously reducing confirmation time? /btc submitted by BitcoinAllBot to BitcoinAll [link] [comments]

The lightning network confirmation time debt

Hi,
as far as I understand, the lightning network makes it possible to circumvent the bitcoin networks confirmation time for transactions. So it generates sort of a debt within the two networks, where trust is needed that the bitcoin network will fulfill the transaction. This time delay debt, as I call it, rises every time a lightning network transaction is done. And it is refunded if a channel is closed. So it is the risk of the sender of a lightning network transaction to pay with lightning network, is it? I think it might be quite risky to put ones bitcoins in the hands of a suspicious network where the sender of a transaction has to pay for it, even if the transaction is not approved by the bitcoin network. Can someone prove me wrong?
submitted by Flusel to Bitcoin [link] [comments]

Estimated Confirmation Time: Within 6 Blocks (Medium Priority) /r/Bitcoin

Estimated Confirmation Time: Within 6 Blocks (Medium Priority) /Bitcoin submitted by BitcoinAllBot to BitcoinAll [link] [comments]

If Bitcoin forked like Ethereum it would take the minority chain +6 years for its confirmation time to adjust to normal speed /r/btc

If Bitcoin forked like Ethereum it would take the minority chain +6 years for its confirmation time to adjust to normal speed /btc submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Why do people prefer the upgraded Bitcoin Cash over Bitcoin Segwit? Here's the reasons.

Ever since Bitcoin had an upgrade into Bitcoin Cash on 1st August 2017, I have been bullish for Bitcoin Cash’s long term future. As follows are my personal opinions on why I feel Bitcoin Cash is the future of digital cash over the legacy Bitcoin.
Better Security – Bitcoin has a vulnerability called RBF which increases the risk of double spending. Bitcoin Cash developers aim to make 0-confirmation transactions safe again so that anyone accepting Bitcoin Cash is much safer accepting payments without having to wait for multiple confirmations.
Improved Scalability – Bitcoin is limited to 1MB block size and even with Segwit activated, the capacity increase is only around 1.7x whereas the upgraded Bitcoin Cash blocks capacity is currently at 8x with no limitations. This means Bitcoin Cash can handle Visa/Mastercard transactions volume in the future with another upgrade.
Supply Scarcity – During the fork from Bitcoin, some Bitcoin Cash supply were removed from active circulation due to users unable to claim their Bitcoin Cash from unsupported exchanges and wallets among other reasons. This means each Bitcoin Cash is actually more scarce than the legacy Bitcoin.
Improved Confirmation Times – Due to the limited block size of Bitcoin, some users were made to wait days for their transactions to be confirmed. Contrast this to Bitcoin Cash where transactions may be accepted immediately with less risk and you can see why it makes sense to use Bitcoin Cash. In other words, if you are a shop owner and you just sold a cup of coffee and some sandwiches, and you accept the old legacy Bitcoin, you may have to wait hours for the transaction to be confirmed because the customer may use RBF to void the original payment. With Bitcoin Cash, your risk is minimized.
Low Fees – One of the advantages of using cryptocurrencies over traditional payment methods is the low fees. Due to the limited block size of Bitcoin, fees have reached as much as $70/transaction during peak period. On the other hand, I have never paid more than 1 penny/transaction during my entire time in using Bitcoin Cash. This makes using Bitcoin Cash ideal for merchants, businesses, companies and everyday usage. The industries that may be disrupted such as Remittances, Payment Gateways, etc are worth trillions of dollars and Bitcoin Cash is well positioned for use cases in these industries.
At the moment, the old legacy Bitcoin has network effects advantages just like how Friendster used to dominate the social networking space. Since Bitcoin Cash was only out for 2 months, it would remain to be seen how much time would be needed to play catch up. It took Facebook years to catch up to Friendster’s dominance back then and it may take Bitcoin Cash just as long to achieve the same.
Source: https://localbitcoincash.org/news/2/Why_Are_People_Using_The_Upgraded_Bitcoin_Cash_Over_Bitcoin?
submitted by MobTwo to CryptoMarkets [link] [comments]

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submitted by ROTTnROLL to DoItForTheCoin [link] [comments]

how much time does it take to get 6 confirmations? /r/Bitcoin

how much time does it take to get 6 confirmations? /Bitcoin submitted by coincrazyy to BitcoinAll [link] [comments]

Why I am long on Litecoin (x-post from r/Litecoin)

(Disclaimer: this is not investing advice, do your own research and make your own investing decisions.)
Someone suggested I post this over here at CryptoCurrency. Just my opinions on Litecoin, I am not an expert by any means. I know there are far more knowledgeable people than me on this subject so I would love to hear from them and some opinions and other reasons you guys invest in the coins you choose to invest in. Sorry for the wall of text.
I often see posts asking why Litecoin is better than x cryptocurrency, or people asking what coins they should invest in, etc. I think that this question depends on a lot of variables and depending on your unique situation, Litecoin may or may not be for you.
In general, there are two type of cryptocurrency investors. Those who trade frequently to capitalize on the daily/weekly volatility (also known as day traders), and those who buy and hold cryptocurrency because they think it will be worth more in the future. I personally, subscribe to the second philosophy of investing. That's not to say that day traders can't make a lot of money, that's just not my style of investing. But hey, to each their own.
If you are a day trader then I have no advice for you. I know nothing about day trading and I don't think this post will be of any use to you. If you are a holder then I think there are reasons why to choose some coins over other coins. Below I will discuss a few of the reasons I am holding Litecoin for the long term. (disclaimer, I am by no means an expert on the subject, just sharing my opinions).
When I think about cryptocurrency as a whole I look ahead at how I see it functioning in the future. Cryptocurency serves to decentralize wealth. How does it do this? Well let's say that I work a 9-5 job five days a week. On Friday, I get my check and I take it to the bank where its deposited in my account. Now the bank turns around and loans my money out and makes interest off of it the whole time that it's in my account (bank makes money with my money). Also, there may or may not be fees that I am paying to bank with this institution (bank makes money). Let's say that I want to give my friend in Germany some money. Option #1 is to book a plane ticket over to Germany and hand him the money in person. This is generally not the method that is used for obvious reasons. My other option is to wire the money to my friend in Germany. This is going to cost me a fee for the service to send it (bank makes money here again), possibly gain or lose value depending on currency conversion rates, and take a couple days to get there.
This is where I see the value in cryptocurrency as a whole. Regardless of which one predominates in 5 years, they will solve all of these problems. A) I will not have to store my money in a bank. B) I will not have to go through any intermediary institution to send my friend in Germany money directly C) The fees are much lower to send cryptocurrency than fiat D) and it will happen relatively instantly vs. waiting a few days to be accessible by my friend. A real example of this is from a few days ago when I initiated a transfer of money from my bank account to my cryptocurrency exchange. Here I am 5 days later and I still don't have access to the funds yet. This is the idea of decentralization that cryptocurrency provides and this is one of the reasons I am long on cryptocurrency as a whole.
So now that we know why people invest in cryptocurrency, how to we decide which one to invest in? There are hundreds of coin options and there is so much information to wade through. I will admit that I take a superficial approach to investing and don't get bogged down in all the technical details of each coin. I prefer to stick with the top 5 or 10 coins because they are more "reputable" or recognized, if you will. If you want to invest in x coin that is $.0000005 and possibly make a million dollars off of a $100 initial investment then be my guest, but that's not the game I choose to play.
When I look at the top 5 coins I think each of them have value in their own way. Bitcoin is bitcoin and I think there is money to be made here. The problem is that there are many forks and disagreements between miners and it's getting to be a little bit messy. I am not saying there is a great solution to this, but it is a consideration.
Ethereum is its own niche and you will have to decide for yourself if you interested in a coin that serves those purposes. I personally also hold ethereum but thats not what this post is about. This leaves ripple, bitcoin cash, and Litecoin in the top 5. BCC is somewhat involved in the bitcoin drama as well since it is a fork off of the original bitcoin blockchain. I also would invest in Bitcoin over Bitcoin Cash in the current situation so I choose to stay away from Bitcoin Cash.
Ripple does have some promising features but it is off putting that there are so may coins in circulation. If Ripple replaced the entire US gross domestic product in 2016 it would be worth $521 a coin. Today I can buy about 434 Ripple for $100. This would be worth $226,521 if the above hypothetical situation became true. However, if Litecoin did the same thing, it would be worth $348,670 a coin. $100 would buy me about 1.9 litecoins today. This would be worth about $669,875 if the above hypothetical situation were true. This shows the potential upside there is to be gained by each coin. I am not at all suggesting that either coin, or cryptocurrency in general, will replace the GDP and fiat completely. But Litecoin has more potential upside than ripple does in my opinion. Certainly food for thought.
Here are a few more reasons that I like Litecoin out of these options. A big benefit of Litecoin is that it has lower transaction speeds and faster confirmation times than bitcoin. Faster confirmation times are not necessarily a big deal but are still a factor. If/when cryptocurrency is widely adopted, higher fees and longer transaction times will be cumbersome and unfavorable. This favors Litecoin currently. The second biggest benefit, in my humble opinion, is Charlie Lee the founder of Litecoin. I will be the first to admit the Charlie Lee has likely forgotten more than I will ever learn about cryptocurrency. If someone is developing a coin I am invested in I want to feel comfortable with knowing who that person is and what experience they have. With Charlie Lee's experience at Coinbase this is a benefit to Litecoin in my opinion. Put another way, if he decided to stop developing Litecoin I would reconsider my investment very seriously.
Now I am not say that there aren't other intelligent people who may be developing other coins, but I don't know their names or their expertise so I feel less comfortable giving them my money. If you research coin X and like the development team then great, but if you are invested in coins with a team you know nothing about that could be a red flag.
Lastly Litecoin has begun implementing atomic swaps. This is a very promising feature as it would allow Litecoin to serve as the "silver to bitcoin's gold." If in 4 years bitcoin's fees are even higher and slower than they are now, it won't make sense to pay for my meal with bitcoin. However, If I can instantly swap my bitcoin into Litecoin and pay lower fees and wait less time, then that would make sense to me. I think this would be a very powerful partnership and would be beneficial for both coins in the future. Litecoin solves some of bitcoin's drawbacks and vice versa.
I will admit, there are aspects of Litecoin that I have read about that may be implemented that I don't understand at all. I encourage you to research and read about them yourself.
Thats a few of my thoughts on Litecoin and why I am holding it for the next couple years. Like I said these are just opinions, its your money, invest it however you want! Also, I purposefully chose not mention any coins outside of the top 5 as this post would be a book if I did.
TL;DR Cryptocurrency market cap is going to grow in the future, Litecoin has a solid development team, atomic swaps, and is inexpensive to transact. Charlie Lee is a huge asset to Litecoin. Litecoin has more upside potential vs. some of the other coins around today with similar market caps.
Buy Litecoin
submitted by ponder_that to CryptoCurrency [link] [comments]

Why do people prefer the upgraded Bitcoin Cash over Bitcoin Segwit? Here's the reasons.

Ever since Bitcoin had an upgrade into Bitcoin Cash on 1st August 2017, I have been bullish for Bitcoin Cash’s long term future. As follows are my personal opinions on why I feel Bitcoin Cash is the future of digital cash over the legacy Bitcoin.
Better Security – Bitcoin has a vulnerability called RBF which increases the risk of double spending. Bitcoin Cash developers aim to make 0-confirmation transactions safe again so that anyone accepting Bitcoin Cash is much safer accepting payments without having to wait for multiple confirmations.
Improved Scalability – Bitcoin is limited to 1MB block size and even with Segwit activated, the capacity increase is only around 1.7x whereas the upgraded Bitcoin Cash blocks capacity is currently at 8x with no limitations. This means Bitcoin Cash can handle Visa/Mastercard transactions volume in the future with another upgrade.
Supply Scarcity – During the fork from Bitcoin, some Bitcoin Cash supply were removed from active circulation due to users unable to claim their Bitcoin Cash from unsupported exchanges and wallets among other reasons. This means each Bitcoin Cash is actually more scarce than the legacy Bitcoin.
Improved Confirmation Times – Due to the limited block size of Bitcoin, some users were made to wait days for their transactions to be confirmed. Contrast this to Bitcoin Cash where transactions may be accepted immediately with less risk and you can see why it makes sense to use Bitcoin Cash. In other words, if you are a shop owner and you just sold a cup of coffee and some sandwiches, and you accept the old legacy Bitcoin, you may have to wait hours for the transaction to be confirmed because the customer may use RBF to void the original payment. With Bitcoin Cash, your risk is minimized.
Low Fees – One of the advantages of using cryptocurrencies over traditional payment methods is the low fees. Due to the limited block size of Bitcoin, fees have reached as much as $70/transaction during peak period. On the other hand, I have never paid more than 1 penny/transaction during my entire time in using Bitcoin Cash. This makes using Bitcoin Cash ideal for merchants, businesses, companies and everyday usage. The industries that may be disrupted such as Remittances, Payment Gateways, etc are worth trillions of dollars and Bitcoin Cash is well positioned for use cases in these industries.
At the moment, the old legacy Bitcoin has network effects advantages just like how Friendster used to dominate the social networking space. Since Bitcoin Cash was only out for 2 months, it would remain to be seen how much time would be needed to play catch up. It took Facebook years to catch up to Friendster’s dominance back then and it may take Bitcoin Cash just as long to achieve the same.
Source: https://localbitcoincash.org/news/2/Why_Are_People_Using_The_Upgraded_Bitcoin_Cash_Over_Bitcoin?
submitted by MobTwo to bitcoin_uncensored [link] [comments]

4th TIME IN HISTORY!!! BITCOIN BULLMARKET CONFIRMATION ... What is a Bitcoin confirmation? BITCOIN ₿ DUMP!! Time to go SHORT if we get this Confirmation ¦ EXTRA 100$ BONUS BYBIT ¦ Bitcoin TA What Are Bitcoin Blocks and Bitcoin Confirmations ? - YouTube Slow Bitcoin Transaction Confirmation? - Do This! - YouTube

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 ... 99.16% transactions which have 0.00005 BTC/Kb fees and higher have the average confirmation time of 43 minutes! level 2. 1 point · 4 years ago. Nice work by /u /sweso. I always send with default fees and, I keep my wallet software up to date. And this is what I've seen personally. I do a lot of BTC transactions, and I've seen first-conf times go up to 20 minutes for some. It used to never ... Since the block time of Bitcoin is 10 minutes to get 3 confirmations it will take about 30 minutes and to get 6 confirmations it will take 60 minutes. Okay, now how to check the confirmation status for your transaction. How to check transaction confirmations? Whether you sent / receive money using Bitcoin core wallet or electrum wallet; both the wallet client gives you an option to view your ... Here is the overall average confirmation time on Bitcoin’s blockchain: Also, these confirmations are nothing but the number of blocks added after your transaction is included on the chain and first confirmation means your transaction is included in the most recent block mined. And as the blocks are found after the recently mined block, the confirmation count for your transaction will keep on ... Number of Confirmations. The classic bitcoin client will show a transaction as "n/unconfirmed" until the transaction is 6 blocks deep. Merchants and exchanges who accept bitcoins as payment can and should set their own threshold as to how many blocks are required until funds are considered confirmed. When potential loss due to double spending as nominal, as with very inexpensive or non ...

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4th TIME IN HISTORY!!! BITCOIN BULLMARKET CONFIRMATION ...

A short simplified tutorial about Bitcoin blocks and confirmations for newbies. For the complete text guide visit: http://bit.ly/2qDVVVW Join our 7-day Bitco... Bitcoin Overreach, Crypto Postponed, Confirmation Time, Bitcoin Breakout & BitPanda + XRP The Modern Investor. Loading... Unsubscribe from The Modern Investor? Cancel Unsubscribe. Working ... #bitcoin #btc #bitcointa #crypto #cryptocurrency BITCOIN ₿ DUMP!! Time to go SHORT if we get this Confirmation ¦ EXTRA 100$ BONUS BYBIT ¦ Bitcoin TA BYBIT Leverage Trading BONUS Claim Rewards ... Watch Bitcoin trade in real time as analysts discuss the key drivers behind the cryptocurrency's price and volatility. » Subscribe to CNBC TV: https://cnb.cx... What exactly is 'confirmed' by Bitcoin? Why do transaction confirmations matter, and how does that relate to block confirmations? In This video shot on West ...

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