Doesn't trusting unconfirmed transactions open one up to doublespending attacks?
As far as I understand it, you can send out two transactions for the same bitcoin, it's just that only one of them will be confirmed by the network.
Topic: An idea to speed up bitcoin transactions - page 2. (Read 2494 times)
this already exists in the form of the 'satoshi client'.
party B can already see that the money is 'on it's way', just by seeing it as an unconfirmed transaction in their client. you can even see unconfirmed transactions on http://bitcoincharts.com/bitcoin/txlist unless that page is timing out too much these days.
party B can already see that the money is 'on it's way', just by seeing it as an unconfirmed transaction in their client. you can even see unconfirmed transactions on http://bitcoincharts.com/bitcoin/txlist unless that page is timing out too much these days.
Hello,
I have been following bitcoin for quite a while but haven't really expressed myself here, so I'm still a newbie... But I had an idea for a service to speed up bitcoin transactions, and wanted to see if this was something that already existed, and if not, what you guys would think about it.
For the sake of this discussion I'm using the name quickbit.com for this service. I'm deliberately choosing a name that is already registered but that has nothing on it. In the real world it would be called something else..
So it would work like this. Say that party A wants to pay some money to party B for the exchange of a good or service. Normally this takes 10 minutes or so to clear, or an hour if B wants to wait for 6 confirmations, so B will have to wait for that amount of time to deliver to A what A purchased. Imagine now the service quickbit.com, and party A could open an account with that service and deposit some money there. Now, if party A wants to pay party B some money, he/she would use an interface at quickbit.com to input party B's bitcoin address, and quickbit.com would start the transaction to party B. This transaction would take 10 minutes to confirm, just like any other transaction, but there would also be a receipt page generated for the transaction, say quickbit.com/receipt/123456 where the number is a reference number for the transaction. Party A can now give this URL to party B, and party B can visit the address to see that the transaction is on its way. On the receipt page it would show the amount being payed and to what bitcoin address, so party B would be able to see that it is the correct address. Party B can now immediately deliver the goods or service to party A, since the money is on it's way.
Of course, this assumes that party B would trust the service quickbit.com, but it would be easy to see if previous transactions from quickbit.com were legit by verifying them with the blockchain.
In the example above I'm describing party A and party B as two persons, and the receipt page as a webpage that someone actually looks at with their eyes. However, it would be easy to extend this to an automated service using an API.
What do you think about this idea? Does it already exist?
Btw... How many posts does it take to be "promoted" to the regular board?
I have been following bitcoin for quite a while but haven't really expressed myself here, so I'm still a newbie... But I had an idea for a service to speed up bitcoin transactions, and wanted to see if this was something that already existed, and if not, what you guys would think about it.
For the sake of this discussion I'm using the name quickbit.com for this service. I'm deliberately choosing a name that is already registered but that has nothing on it. In the real world it would be called something else..
So it would work like this. Say that party A wants to pay some money to party B for the exchange of a good or service. Normally this takes 10 minutes or so to clear, or an hour if B wants to wait for 6 confirmations, so B will have to wait for that amount of time to deliver to A what A purchased. Imagine now the service quickbit.com, and party A could open an account with that service and deposit some money there. Now, if party A wants to pay party B some money, he/she would use an interface at quickbit.com to input party B's bitcoin address, and quickbit.com would start the transaction to party B. This transaction would take 10 minutes to confirm, just like any other transaction, but there would also be a receipt page generated for the transaction, say quickbit.com/receipt/123456 where the number is a reference number for the transaction. Party A can now give this URL to party B, and party B can visit the address to see that the transaction is on its way. On the receipt page it would show the amount being payed and to what bitcoin address, so party B would be able to see that it is the correct address. Party B can now immediately deliver the goods or service to party A, since the money is on it's way.
Of course, this assumes that party B would trust the service quickbit.com, but it would be easy to see if previous transactions from quickbit.com were legit by verifying them with the blockchain.
In the example above I'm describing party A and party B as two persons, and the receipt page as a webpage that someone actually looks at with their eyes. However, it would be easy to extend this to an automated service using an API.
What do you think about this idea? Does it already exist?
Btw... How many posts does it take to be "promoted" to the regular board?
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