Hi gang,
I’ve attempted to transfer 0.7BTC from my blockchain wallet to counterparty. It’s been over an hour and 20 minutes (as I write this).
I thought BTC only took 10 minutes to be confirmed? I can see my transaction has propagated thru the network.
Any ideas?
https://blockchain.info/tx/affffb56ce719ee5f2970d1214efa52ae25a66e837626543300a658f40e328fc
It clearly says there’s been just 2 confirmations so far.
Yep. Just noticed that. Still took over an hour. That’s nuts. Never seen anything BTC take that long.
It is long, and it’s not like you paid a low tx fee either.
My record for this type of wait is 2 hours and 40 minutes.
Somehow i dont think bitcoin will take over the world if it takes 1-2 hours to pay for my lunch.
confirmations are not really that important for small transactions. Think about this, when you swip your credit card the merchant does not receive the funds until the next day. In between that time they trust the uncomfirmed credit card transaction even though many of them are fake. You will see the same thing with merchants accepting Bitcoin, the odds of an unconfirmed transaction being fake is much lower the the odds of a credit card transaction being fake.
Thats why i love servicees like bitpay and coinbase