Actually, only physical cash is what you can spend immediately. If you pay by card, the card issuer promises to pay the company within 3 days of the transaction but the funds are just somewhere between your two accounts and are pending in both so that's not very instant (when compared with an average for bitcoin of 10-30 minutes).
As was mentioned above, there's the lightning network where transactions normally take less than 10 seconds to go through (they just use contracts in the wallets thst can be broadcast to the blockchain at any point to redeem the btc owned by that node).
Topic: BTC as "every day" spending currency vs. 10 min Block Confirmation/Mining time - page 4. (Read 717 times)
December 22, 2021, 08:12:43 AM
December 22, 2021, 08:08:41 AM
@OP
have you ever heard about charge-back?
when you know how it works I am pretty sure you will get comfortable only with btc payment.
because: even if a payment get an immediate confirmation in your bank account it can be retrieved by the bank that has issued that payment.
and you have nothing much to do since a scammer know very well how to handle these stuffs... e.g. high risk to get scammed when you trade btc for fiat money.
with bitcoin you can do it with a function called RBF and trying to do a double spend. but isn't easy. you have to do quickly and hope the second transaction get confirmed. however a seller will immediately notice it....
after some blocks (or minutes it depends the way you are measuring your time) double spend it is literally impossible.
now there are off chain transaction like LN (Lightning Network) that provides a new way for spending your btc daily.... as many of us will confirm.
replying to your question:
- yes
- send enough fees to allow confirmation in one block.
- LN or for small payment you can use alternative blockchain (altcoins) with quick confirmation/but isn't the best way I should admit....
- I don't know this is your first post
- A better world. this is why me and others users are here.
have you ever heard about charge-back?
when you know how it works I am pretty sure you will get comfortable only with btc payment. because: even if a payment get an immediate confirmation in your bank account it can be retrieved by the bank that has issued that payment.
and you have nothing much to do since a scammer know very well how to handle these stuffs... e.g. high risk to get scammed when you trade btc for fiat money.
with bitcoin you can do it with a function called RBF and trying to do a double spend. but isn't easy. you have to do quickly and hope the second transaction get confirmed. however a seller will immediately notice it....
after some blocks (or minutes it depends the way you are measuring your time) double spend it is literally impossible.
now there are off chain transaction like LN (Lightning Network) that provides a new way for spending your btc daily.... as many of us will confirm.
replying to your question:
- yes
- send enough fees to allow confirmation in one block.
- LN or for small payment you can use alternative blockchain (altcoins) with quick confirmation/but isn't the best way I should admit....
- I don't know this is your first post
- A better world. this is why me and others users are here.
December 22, 2021, 08:01:43 AM
If you're going to ask Bitcoiners in general, mostly the answer you're going to receive is the Lightning Network[1] which is slowly but surely being developed right now; which allows instant and near-zero transaction fees. Though usable, the UX is currently not the best.
Probably a controversial opinion, but if you're personally fine with submitting AML/KYC to centralized entities, the so called "Bitcoin debit cards" are the way to go; whereas you hold bitcoin on the Bitcoin debit card's wallet app, and the app automatically sells bitcoin for fiat everytime you make a purchase.
[1] https://lightning.network/
Probably a controversial opinion, but if you're personally fine with submitting AML/KYC to centralized entities, the so called "Bitcoin debit cards" are the way to go; whereas you hold bitcoin on the Bitcoin debit card's wallet app, and the app automatically sells bitcoin for fiat everytime you make a purchase.
[1] https://lightning.network/
December 22, 2021, 07:58:23 AM
Consider the following:
1) BTC was initially conceived as an "every-day spendable currency" (and not just a "store-of-value")
2) the BTC Blockchain is intentionally designed (for security reasons) so that a typical block will take about 10 mins to mine
If these 2 principles are accurate, how do we envision BTC being used as (1) while retaining the time limit of (2)? That is, "How can I spend BTC right this second without having to wait 10 mins for the Block to be confirmed (aka mined)?" It seems to me as though some other step/intermediary would be needed to make this happen - such as, a different kind of wallet/account (one where BTCs are "pre-confirmed as spendable") or an "immediate spend" alternative crypto with an intentionally faster Block confirmation time (making it less secure). Are there any other alternatives? Am I missing something here? What model do you envision for a world where BTC is the main/only "currency of the Earth"?
1) BTC was initially conceived as an "every-day spendable currency" (and not just a "store-of-value")
2) the BTC Blockchain is intentionally designed (for security reasons) so that a typical block will take about 10 mins to mine
If these 2 principles are accurate, how do we envision BTC being used as (1) while retaining the time limit of (2)? That is, "How can I spend BTC right this second without having to wait 10 mins for the Block to be confirmed (aka mined)?" It seems to me as though some other step/intermediary would be needed to make this happen - such as, a different kind of wallet/account (one where BTCs are "pre-confirmed as spendable") or an "immediate spend" alternative crypto with an intentionally faster Block confirmation time (making it less secure). Are there any other alternatives? Am I missing something here? What model do you envision for a world where BTC is the main/only "currency of the Earth"?
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