Fully confirm or just get their first few confirmations?
I don't understand the question.
What does the phrase "fully confirm" mean?
Topic: bitcoin is failing in replacing fiat in physical shops - page 7. (Read 8586 times)
I don't understand the question.
What does the phrase "fully confirm" mean?
and as such because its deposited(preconfirmed) into a company that other businesses will trust. then INSTANT transactions can occur. either onchain or offchain.
offchain transactions are not bitcoin.
any business which will accept numbers stored in some companies database as bitcoin is basically using that company as a bank.
Some examples of this would be:
MtGox
BitStamp
BTC-E
CoinBase
history shows that eventually this bank company will start issuing more database bitcoins then there are actual bitcoins on the block chain (e.g fractional reserve).
So, if you had to venture a guess, which of the already existing "bitcoin banks" do you suppose are already engaged in fractional reserve?
There's already systems in place that allow day to day purchases to go through without 1 confirmation and the risk is low enough that companies like coinbase and bitpay are willing to take the risk.
the risk is low right now because bitcoin is still far from mainstream and fraudster bitcoin wallets that double spend every single transaction are not yet popular and available for download.
when such malicious wallets start gaining popularity the amount of double spending fraud will skyrocket and companies like bitpay will either not accept 0 conf transactions or they will charge higher fees to cover the risk of double spends
There's already systems in place that allow day to day purchases to go through without 1 confirmation and the risk is low enough that companies like coinbase and bitpay are willing to take the risk. As someone else said earlier, you don't have to wait for confirmation at your local coffee shop or restaurant but you will have to wait 10-20 minutes at your local car dealership. This seems more than reasonable.
As far as the issue that got a lot of attention this week, a fix has already started to roll out (exchanges are already allowing btc withdrawals again) and it's also worth noting that at no point did payment providers like coinbase or bitpay stop accepting 0 confirmation transactions from local merchants (as far as I know)
In summary , it's a non issue imo.
As far as the issue that got a lot of attention this week, a fix has already started to roll out (exchanges are already allowing btc withdrawals again) and it's also worth noting that at no point did payment providers like coinbase or bitpay stop accepting 0 confirmation transactions from local merchants (as far as I know)
In summary , it's a non issue imo.
and as such because its deposited(preconfirmed) into a company that other businesses will trust. then INSTANT transactions can occur. either onchain or offchain.
offchain transactions are not bitcoin.
any business which will accept numbers stored in some companies database as bitcoin is basically using that company as a bank.
history shows that eventually this bank company will start issuing more database bitcoins then there are actual bitcoins on the block chain (e.g fractional reserve).
Anything below 1 min for block confirmation will have like 10 to 30% stall rate.
10min is ok, once they deal with that problem instant payment for small amounts will be ok again
all those bumps are normal and happen with everything new
10min is ok, once they deal with that problem instant payment for small amounts will be ok again
all those bumps are normal and happen with everything new
A lot of altcoins can confirm in 30 seconds.
So why is bitcoins confirmation at 10 minutes?
Is a 10 minute confirmation a good thing or bad?
Is it possible for bitcoins confirmation time to be sped up?
So why is bitcoins confirmation at 10 minutes?
Is a 10 minute confirmation a good thing or bad?
Is it possible for bitcoins confirmation time to be sped up?
Which coins are fully confirmed in 30 seconds?
Supposedly quark.
But fastcoin and goldcoin seemed to confirm quickly for me.
Fully confirm or just get their first few confirmations?
This whole malleability fiasco has shown once again that zero confirmation transactions can not be trusted.
since its not practical waiting for 10 minutes for a payment to clear when buying coffee it seems to me that bitcoin will never go mainstream in physical shops.
any solution involving a third party to clear payments defeats the whole purpose of bitcoin.
any third party will effectively turn into a bank along with all the classical fractional reserve practices we have today.
since its not practical waiting for 10 minutes for a payment to clear when buying coffee it seems to me that bitcoin will never go mainstream in physical shops.
any solution involving a third party to clear payments defeats the whole purpose of bitcoin.
any third party will effectively turn into a bank along with all the classical fractional reserve practices we have today.
bitcoin is already available in atleast 30k businesses so part of your statement is false.
but when it comes to fiat.. bank transfers take 3-5 days, bank notes have a daily withdrawal limit. and as such debit/credit cards were used to solve these issues.
at the moment a few companies are working on a payment method that you deposit into and use for your pocket money needs. and as such because its deposited(preconfirmed) into a company that other businesses will trust. then INSTANT transactions can occur. either onchain or offchain.
visa/mastercard is a layer ontop of bank fiat.
these pocketmoney services are a layer ontop of bitcoin.
and as for the title of your thread. bitcoin is not even trying to replace fiat. its succeeding in working alongside fiat.
A lot of altcoins can confirm in 30 seconds.
So why is bitcoins confirmation at 10 minutes?
So why is bitcoins confirmation at 10 minutes?
Because that is the way it was created. It is essentially an arbitrary attempt to balance fast confirmations against the costs of orphaned blocks due to network latency.
Is a 10 minute confirmation a good thing or bad?
Yes.
Is it possible for bitcoins confirmation time to be sped up?
Technically possible? Yes.
Practicially possible? No.
A lot of altcoins can confirm in 30 seconds.
So why is bitcoins confirmation at 10 minutes?
Is a 10 minute confirmation a good thing or bad?
Is it possible for bitcoins confirmation time to be sped up?
So why is bitcoins confirmation at 10 minutes?
Is a 10 minute confirmation a good thing or bad?
Is it possible for bitcoins confirmation time to be sped up?
Which coins are fully confirmed in 30 seconds?
Spending outputs from zero conf tx cause a problem.
Zero conf tx themselves do not.
Zero conf tx themselves do not.
This whole malleability fiasco has shown once again that zero confirmation transactions can not be trusted.
since its not practical waiting for 10 minutes for a payment to clear when buying coffee it seems to me that bitcoin will never go mainstream in physical shops.
any solution involving a third party to clear payments defeats the whole purpose of bitcoin.
any third party will effectively turn into a bank along with all the classical fractional reserve practices we have today.
What you are not taking account of is transaction size. Bitpay (for example) allows the vendor to choose the confirmation level (risk), and they usually do it based on the transaction size. So a Starbucks isn't going to wait for confirmation or 1 at most, but your local BMW dealer will probably say 'come back in an hour'.since its not practical waiting for 10 minutes for a payment to clear when buying coffee it seems to me that bitcoin will never go mainstream in physical shops.
any solution involving a third party to clear payments defeats the whole purpose of bitcoin.
any third party will effectively turn into a bank along with all the classical fractional reserve practices we have today.
The key here is that retailers have absolutely nothing to lose, and much to gain by accepting BTC, it's just going to take time for the Bitpays of this world to grow enough to make the difference we are all waiting for.
On a slightly more optimistic note, the delays and problems as your correctly point out are all caused by having to deal with third parties. Thats only going to happen whilst we still need to convert to pesky fiat. Consider what happens when we reach tipping point, and vendors start holding/using BTC rather than fiat!
true. what about Fastcoin
This whole malleability fiasco has shown once again that zero confirmation transactions can not be trusted.
since its not practical waiting for 10 minutes for a payment to clear when buying coffee it seems to me that bitcoin will never go mainstream in physical shops.
any solution involving a third party to clear payments defeats the whole purpose of bitcoin.
any third party will effectively turn into a bank along with all the classical fractional reserve practices we have today.
since its not practical waiting for 10 minutes for a payment to clear when buying coffee it seems to me that bitcoin will never go mainstream in physical shops.
any solution involving a third party to clear payments defeats the whole purpose of bitcoin.
any third party will effectively turn into a bank along with all the classical fractional reserve practices we have today.
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