Why Do Bitcoin Transactions Take So Long?
— Financially, Wait, Therefore taking, 4mb, Considerable amount, Getting stuck, Size, Meaning, Accelerator, Get paid — 1 min read
Bitcoin's transaction times can be incredibly high, but why is this the case? What factors drive up Bitcoin transaction speeds, or lack thereof, are infamous. It takes a minimum of six confirmations for a single Bitcoin transaction to be processed fully. Bitcoin Cash, a hard fork of Bitcoin, has a block size of 32MB, meaning it can hold vastly more transactions than Bitcoin and therefore has a significantly lower transaction time and fee. Bitcoin has employed a layer two solution known as the Lightning Network to reduce transaction times and fees. This is not an all-encompassing solution to mitigating Bitcoin's long transaction times, but it's not looking like this will change any time soon. We'll discuss the network's scalability issues later on. Source