45 minutes to process a transaction and requires the burning down of several rainforests per transaction.
Don’t listen to people who are critical of a thing if they clearly don’t even understand the basics of how it works. On main chain, a Bitcoin transaction can take up to ten minutes (the time between blocks). It can take longer if you set a super low fee, but you can guarantee your payment goes into the next block by paying an average fee, usually around $0.75. Your wallet does this all automatically. On lightning where most transactions occur these days (secured by main chain) transactions settle fully in under a second. Do your own research.
Besides, we all know Bitcoin only takes a single rainforest per transaction, it’s been that way since the great rainfork which is ancient history at this point.
I’ve had bitcoin transactions that literally took several days to process. This was also using an average fee. The more people using bitcoin, especially to handle common every-day transactions, the worse this problem would get.
I use Bitcoin regularly, this has literally never happened to me. The only way that happens is if you pay an average fee right before a massive fee spike, in which case, you can do a “replacement” transaction by upping the fee or just wait.
You can open a lightning channel with a single on-chain transaction. That lightning channel can stay open for years and process trillions of transactions, instantly, for pennies in fees. If you need a transaction done quickly, you shouldn’t be sending it on main chain to begin with.
Long-term the vision is for folks to be using lightning or other L2s for everyday transactions, not main chain. Most Bitcoin transactions by transaction count are already on lightning. Lightning has been out for 5+ years now. It works well and gets better every year.
Don’t listen to people who are critical of a thing if they clearly don’t even understand the basics of how it works. On main chain, a Bitcoin transaction can take up to ten minutes (the time between blocks). It can take longer if you set a super low fee, but you can guarantee your payment goes into the next block by paying an average fee, usually around $0.75. Your wallet does this all automatically. On lightning where most transactions occur these days (secured by main chain) transactions settle fully in under a second. Do your own research.
Besides, we all know Bitcoin only takes a single rainforest per transaction, it’s been that way since the great rainfork which is ancient history at this point.
I’ve had bitcoin transactions that literally took several days to process. This was also using an average fee. The more people using bitcoin, especially to handle common every-day transactions, the worse this problem would get.
I use Bitcoin regularly, this has literally never happened to me. The only way that happens is if you pay an average fee right before a massive fee spike, in which case, you can do a “replacement” transaction by upping the fee or just wait.
You can open a lightning channel with a single on-chain transaction. That lightning channel can stay open for years and process trillions of transactions, instantly, for pennies in fees. If you need a transaction done quickly, you shouldn’t be sending it on main chain to begin with.
Long-term the vision is for folks to be using lightning or other L2s for everyday transactions, not main chain. Most Bitcoin transactions by transaction count are already on lightning. Lightning has been out for 5+ years now. It works well and gets better every year.