Bitcoin Transaction Speed & Fees
This cluster centers on debates about Bitcoin's slow transaction confirmation times, high fees, low throughput (around 7 TPS), and scalability limitations compared to traditional payment systems like credit cards, with mentions of solutions like Lightning Network.
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Look into Bitcoin's Lightning Network. It's much faster much less expensive than traditional Bitcoin transactions.
It’s like using a wire transfer (~$30 fee) for every transaction. Most people use credit cards or other “delayed settlement” payment methods even with existing fiat currency, so it’s not really fair to compare Bitcoin blockchains transactions to this. Sidechains and other enhancements can easily make low-risk Bitcoin transactions as fast as existing fiat payments.
Look up the current fees for bitcoin transactions; they're more expensive. Also much slower.
Bitcoins's high transaction costs and low transaction rate prevent that from working.
Unless you want a transaction in less than 5 minutes (on average). If you want less than that, like say a few seconds for a credit card, then you have to use something besides bitcoin.
Bitcoin transcations are 1/600th slow at best and super expensive compared to the system that banks offer where i live.
Not really because transactions in BitCoin take forever to clear.
This seems pretty stupid. Is my understanding that Bitcoin txns are no/low-cost and fast incorrect?
It's almost impossible given the Bitcoin network can only process 3 transactions per second.
Bitcoin does 7 transactions per second and has a latency of hours if you don't want to pay extremely high gas fees, so you can't use it as a currency.