Silk Road forums
Discussion => Silk Road discussion => Topic started by: deer1990 on August 05, 2013, 10:06 am
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Im sure it's been asked before but I couldn't find anything through the search.
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Has never taken me more than a few hours which is pretty standard for BTC transfers. Occasionally there are delays though, just the way it goes sometimes.
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Have you gotten your BTC yet?
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I've wondered about this too, actually. I send my btc from one wallet to another before sending off to SR. The non-SR transfers are always pretty much instant, while SR is generally hours. I'm certainly not complaining, but I was curious as to the reason behind it.
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I thought 1-2 hours was standard !! always comes through for me :) don't mind the wait especially when I know what its for 8)
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I've wondered about this too, actually. I send my btc from one wallet to another before sending off to SR. The non-SR transfers are always pretty much instant, while SR is generally hours. I'm certainly not complaining, but I was curious as to the reason behind it.
Never takes more than a few hours for me.
Do they go through a tumbler before hitting SR accounts?
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I've wondered about this too, actually. I send my btc from one wallet to another before sending off to SR. The non-SR transfers are always pretty much instant, while SR is generally hours. I'm certainly not complaining, but I was curious as to the reason behind it.
Sending from one wallet to another will rarely take more than 10 minutes, because after the first wallet broadcasts its transaction out to the network, the other will pick it up as soon as it's mined into a block. A new block is mined approximately every 10 minutes. This counts as one 'confirmation'.
However, SR waits for (I think) 5 more blocks, so that your transaction is confirmed 6 times over as valid before it allows your BTC to be seen in your SR wallet.
It's basically a way of protecting SR against the dreaded 'double spend' attack, which means you deliberately spend the same coins twice. I don't know how feasible it is to do a double-spend, but by the time the transaction has been confirmed several times, it becomes pretty much impossible to do.
I sound like a freakin expert! It's amazing what you can pick up around here!
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Mine has never taken more than one hour from Bitinstant OR local bitcoin, so I have always been pleased with the amount of time it takes for my bitcoin to show up.