Currently even the best cryptocurrencies require about 10 minutes to confirm transactions (60 second block time, 10 confirmations), but for Bitcoin that is just best case scenario... The time needs to go down to 5 minutes or less, but that opens risk for chain manipulation due to excess amount of hashing power required to maintain the primary chain.
It honestly needs to be way faster than even 5 minutes. It will never be widely used as a currency unless transfers/transactions are nearly instant, which they will never be outside of major changes to bitcoin or possibly lightning networks etc.
Credit card verification takes quite long time too, but crypto verification is till too much slower... I tried 10x3 seconds with one of my coins, but it was pushing the server to extremes...
Yup... fast dive and equally fast climb back up... that would require quite big news...
Yep. Need a country to adopt bitcoin instead of trying to create their own.
I don't see that happen... Bitcoin is too slow to be useful...
I agree. It's not really useful as a currency.
Currently even the best cryptocurrencies require about 10 minutes to confirm transactions (60 second block time, 10 confirmations), but for Bitcoin that is just best case scenario... The time needs to go down to 5 minutes or less, but that opens risk for chain manipulation due to excess amount of hashing power required to maintain the primary chain.
It honestly needs to be way faster than even 5 minutes. It will never be widely used as a currency unless transfers/transactions are nearly instant, which they will never be outside of major changes to bitcoin or possibly lightning networks etc.
Credit card verification takes quite long time too, but crypto verification is till too much slower... I tried 10x3 seconds with one of my coins, but it was pushing the server to extremes...
Yep.
BTW, thanks for always reading and commenting on my blogs. Here is a vote for the least of your troubles. :)