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Why the duration of the transaction confirmation is growing

Despite the attempts of the official provider of the Bitcoin network, the Bitcoin Foundation, to improve the cryptocurrency network, the question of why the transaction confirmation time is increasing remains unresolved and often discussed.
The system has set a transaction schedule of 10 minutes. But the problem is that the established standard is being violated. Recently, the duration of the money transfer within the network has increased, and users receive their crypto-units with an obvious delay that was not observed before. Todays acceptance rate, that is, approval of a transaction by miners, has grown to 40-50 minutes.


Reasons for the delay


At the moment, given the state of the Bitcoin network, there are several reasons for the delay in transactions:
• Obvious blockchain network congestion. Unfortunately, the genius creator of the digital currency, Satoshi Nakamoto, did not foresee such volumes of Bitcoins popularity, so numerous requests for transfers may be delayed. The trivial workload of the system based on the blockchain platform leads to the fact that users have to wait for their turn when sending a financial transaction.
• The primary and so far standard block size is 1 MB. Developers from the Bitcoin Foundation are trying to solve this problem, but it is too early to talk about the results. The network participants often talk about the need to increase the block size, but this goes against the ideology of the blockchain system, because the parameters are kept in the same positions.
• The complication of digital currency mining also plays an important role. Every four years, the issue of Bitcoins becomes more difficult, which leads to a halving of the block generation reward. Of course, this also affects the speed of transaction approval.
The backbone of the alternative digital currency Bitcoin is the universal blockchain technology launched by Nakamoto in 2009. This technology is also called a distributed ledger. According to the terms of the system, a new block in the blockchain system should be generated every 10 minutes, but the current situation suggests otherwise. We observe that the average block creation time is 20-25 minutes, which contradicts the established algorithms.
The duration of the confirmation of the transaction has increased, which, of course, led to discontent among the ranks of the network participants.
Be that as it may, the main reason for the delay is the banal congestion of the blockchain network, and the block size that the developers from the Bitcoin Foundation wanted to change. The essence is as follows:
1. Developers from Bitcoin Core (the official digital currency provider) want to change the way Bitcoin stores data, which, in turn, is based on the blockchain platform.
2. And the programmers from Bitcoin Classic strive to increase the block size, which, in their opinion, will help keep the network profitable.
The problem is decentralization. On the one hand, community members talk about the need to change the principles of blockchain, on the other hand, in accordance with the classical configuration model, this is unacceptable. Unfortunately, today we are seeing disunity in the cryptocurrency community, which creates additional problems.