Topic: Blocks are still taking way too long. - page 6. (Read 5929 times)
legendary
Activity: 1302
Merit: 1008
Core dev leaves me neg feedback #abuse #political
I hope bitcoin core dev could eliminate the risk of accepting zero confirmation( or greatly reduce ) which would solve most problem
but the risk is already very small
Actually, I'm just going to check blockchain.info. If I see it there, I look at the transaction and see if you included a fee. Then I also look at that part that says "Estimated Confirmation Time" and check if it says "Very Soon (High Priority)"
With bitcoin not even having its first confirmation within 30 minutes, do you think the guy will let me walk away even if i show him the transaction screen on my phone?
In a word, yes.
Longer answer: I would expect the merchant to wait for the 0 confirmation transaction to show up on their screen, hopefully with an independent network connection.
Notably for food establishments, "dine and dash" is a problem regardless of the payment method.
I hope bitcoin core dev could eliminate the risk of accepting zero confirmation( or greatly reduce ) which would solve most problem
There is not much the software can do to reduce the risk of zero confirmation transactions (other than wait as dabs mentioned). The point of contention is how long it takes to get similar risk mitigation with competing technologies.
Don't forget about "transaction confidence". 10 seconds is usually more than enough wait for low value purchases.
I'm selling my car for 10 BTC, and I'm willing to wait only 60 seconds before I hand you the keys.
I'm selling my car for 10 BTC, and I'm willing to wait only 60 seconds before I hand you the keys.
I hope bitcoin core dev could eliminate the risk of accepting zero confirmation( or greatly reduce ) which would solve most problem
Which part is wrong? When i make purchases at the retail stores, once i get confirmation which is probably less than 2 minutes, i can just walk away with the goods. Doesn't matter what the posting date is. If there is a reverse tx, the name is clearly printed.
With bitcoin not even having its first confirmation within 30 minutes, do you think the guy will let me walk away even if i show him the transaction screen on my phone? The sale is not going to move to next step if neither party receive some form of trust and assurance that 'hey we have an agreement'
Where you say "confirmation which is probably less than 2 minutes" with respect to credit cards. The "credit available" check is essentially equivalent to a 0 confirmation transaction. In the case of fraud, your name does not help the retailer. It is not like they check ID for most transactions.
If we can stick to the topic here on transaction time and bitcoin viability in a day-to-day application rather than deviating to credit card fraud. Also for your info, how credit card company handle transactions differ from country to country based on financial systems.
Edit: put in the second paragraph in case you miss out
Which part is wrong? When i make purchases at the retail stores, once i get confirmation which is probably less than 2 minutes, i can just walk away with the goods. Doesn't matter what the posting date is. If there is a reverse tx, the name is clearly printed.
Where you say "confirmation which is probably less than 2 minutes" with respect to credit cards. The "credit available" check is essentially equivalent to a 0 confirmation transaction. In the case of fraud, your name does not help the retailer. It is not like they check ID for most transactions.
Maybe i just rephrase it. Use ltc or doge if that buyer if willing to accept. The point i want to tell *very straight and simple* is that people would rather use alternative form of payment method which is faster. Even my credit card payment is faster. Nobody likes to wait unless you tell me bitcoin is the only payment mode accepted at the counter
As mentioned, Bitcoin is not ideal for in-person transactions: we have cash for that.
However, you are incorrect when you say your credit card is faster. The payment may be authorized within seconds: but all they are checking for is whether you have enough available credit to cover the purchase. Edit: (You can even exploit this to "double spend" more than your credit limit (there is a charge for doing that)) A careful reading of your credit-card bill should reveal that the "Posting date" is sometimes several days later than the "Transaction date". Unlike Bitcoin, such transactions can be reversed for up to 6 months in the case of fraud.
Bitcoin really competes with wire transfers: which can still take several days. Often the intermediate banks will take up to $50 in order to pass it on to the next bank in the chain. To get 6 confirmations within 2 hours is cheap and reliable in comparison.
Which part is wrong? When i make purchases at the retail stores, once i get confirmation which is probably less than 2 minutes, i can just walk away with the goods. Doesn't matter what the posting date is. If there is a reverse tx, the name is clearly printed.
With bitcoin not even having its first confirmation within 30 minutes, do you think the guy will let me walk away even if i show him the transaction screen on my phone? The sale is not going to move to next step if neither party receive some form of trust and assurance that 'hey we have an agreement'
I'm comparing against all payment modes whether it is using cash, other altcoins, credit card, wire transfer and probably with that long confirmation, it only beats cross border transaction *thus far*
I would really like to know how can this be solved
It something that has always worried me, it is not good that a transaction take more than 10 minutes to get 1 confirmation
It something that has always worried me, it is not good that a transaction take more than 10 minutes to get 1 confirmation
When we have a offchain payment system for small amounts, block times wouldn't matter.
This. Soon enough confirmation times will be irrelevant for low cost day-to-day transactions.
Even if a transx was 1hour long each time it wouldn't be so bad as it seems.. Bank transfers can last up to 72 hours just to arrive in someone else's account.
Maybe i just rephrase it. Use ltc or doge if that buyer if willing to accept. The point i want to tell *very straight and simple* is that people would rather use alternative form of payment method which is faster. Even my credit card payment is faster. Nobody likes to wait unless you tell me bitcoin is the only payment mode accepted at the counter
As mentioned, Bitcoin is not ideal for in-person transactions: we have cash for that.
However, you are incorrect when you say your credit card is faster. The payment may be authorized within seconds: but all they are checking for is whether you have enough available credit to cover the purchase. Edit: (You can even exploit this to "double spend" more than your credit limit (there is a charge for doing that)) A careful reading of your credit-card bill should reveal that the "Posting date" is sometimes several days later than the "Transaction date". Unlike Bitcoin, such transactions can be reversed for up to 6 months in the case of fraud.
Bitcoin really competes with wire transfers: which can still take several days. Often the intermediate banks will take up to $50 in order to pass it on to the next bank in the chain. To get 6 confirmations within 2 hours is cheap and reliable in comparison.
Thirty minutes is a bit too longer,but there is no other good ways to Short the time spending on the confirmation of the BTC
Don't send no fee transactions if you're in a hurry.
For small payments by face to face, you don't need to get confirmation at all. It's foolish to wait for some dollars.
Just send the payment and succeed in the transaction, I think it's enough. You know it will get confirmed finally.
Just send the payment and succeed in the transaction, I think it's enough. You know it will get confirmed finally.
Common issue anyway. I'm not surprised if this the main barrier that prevents bitcoin adoption. I mean why should a person made to wait for long confirmation to complete the purchase. Just use cash.
If you are making a payment at a local shop, cash is good. What if the parties involved are not physically at the same place. For online orders, confirmation times becomes less relevant.
Maybe i just rephrase it. Use ltc or doge if that buyer if willing to accept. The point i want to tell *very straight and simple* is that people would rather use alternative form of payment method which is faster. Even my credit card payment is faster. Nobody likes to wait unless you tell me bitcoin is the only payment mode accepted at the counter
Common issue anyway. I'm not surprised if this the main barrier that prevents bitcoin adoption. I mean why should a person made to wait for long confirmation to complete the purchase. Just use cash.
If you are making a payment at a local shop, cash is good. What if the parties involved are not physically at the same place. For online orders, confirmation times becomes less relevant.
Common issue anyway. I'm not surprised if this the main barrier that prevents bitcoin adoption. I mean why should a person made to wait for long confirmation to complete the purchase. Just use cash.
This has been discussed before many times. Block times are variable and unpredictable. Sometimes it's a few seconds, sometimes it's an hour. When we have a offchain payment system for small amounts, block times wouldn't matter.
Jump to: