4 ms·
> nearly free nearly instant transfers Average confirmation times in the last 30 days have been between 8 - 19 minutes. Hardly instant. Also, what do you think
by sjtgraham 13y ago
> nearly free nearly instant transfers
Average confirmation times in the last 30 days have been between 8 - 19 minutes. Hardly instant. Also, what do you think will happen when all 21 MM BTC have been mined, fees will probably start to appear too.
- deleted 13y ago[deleted]
- sjtgraham 13y agoSigh - Confirmation times are not reduced by more miners, more miners = higher difficulty. - Coins can be double spent before confirmations, see https://en.bitcoin.it/wiki/Double-spending https://en.bitcoin.it/wiki/Double-spending. Also re security n.b. the 51% attack. - The reward for solving a block is the major incentive to mine: 25 BTC reward at ~$1000. Mining costs money, what is the incentive to mine without that $25k? Spoiler: more fees.
- TylerE 13y agoLol. You don't even understand that what you are foaming at the mouth about. Confirmation rounds are designed to take, on average, 10 minutes. That's the way the protocol is designed. Even I know that, but then, I'm not a blind rabid dog follower.