Cryptocurrency Q&A
Is a bitcoin transaction instantaneous?
Is a bitcoin transaction instantaneous?
GliderPulse
Sat Jul 13 2024
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7 answers
1327
Could you elaborate on the notion of a Bitcoin transaction being instantaneous? While the technology behind blockchain and cryptocurrencies promises swift and secure transactions, is it really the case that a bitcoin payment is processed without any delay? I'm curious to understand the nuances of the process, such as network congestion, miner fees, and the actual time it takes for the transaction to be verified and included in a block. Additionally, does the use of lightning network or other scaling solutions affect the perceived instantaneity of bitcoin transactions?
7 answers
FantasylitElation
Mon Jul 15 2024
The processing of bitcoin transactions is not a swift process.
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HanbokGlamour
Sun Jul 14 2024
The bitcoin blockchain, being a vast distributed ledger, encompasses numerous transactions.
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Federico
Sun Jul 14 2024
This competitive process, along with the network's security measures, contributes to the time it takes for a transaction to be processed.
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DigitalLegend
Sun Jul 14 2024
For users, this means that transactions may take several minutes to several hours to complete, depending on the current network conditions.
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emma_lewis_pilot
Sun Jul 14 2024
Each transaction within this blockchain must undergo rigorous verification and validation.
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