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Topic: BTC confirmation times suitable for payments scenario? - page 2. (Read 1234 times)

hero member
Activity: 782
Merit: 1000
I do it all the time. The transaction takes seconds.
The transaction is broadcasted to the other nodes within seconds, but one confirmation time is minumum if  it inclues the required amount of fees. Probably you mean you use off chain wallet! 
legendary
Activity: 954
Merit: 1000

For a standard BTC transaction the fastest confirmation time is likely to be > 3 minutes, average 10 minutes.  I can't see how this can compete with a credit card payment that confirms in seconds.

How do people envisage the payment use case scenario working?  I can only imagine sitting in a shop for 30 minutes while the merchant waits for 3 confirmations before letting me walk out the door.  Am I missing something?

To me the confirmation time seems suitable for remittances, but not for shopping payments.

If the buyer is right next to you sending you coins for a product, then shouldn't be a problem as you cna find out if its a double spend there itself. However like Amph said for expensive products you can always wait for 2-3 confirmations which usually happens in half hour.
legendary
Activity: 3598
Merit: 2386
Viva Ut Vivas
I do it all the time. The transaction takes seconds.
legendary
Activity: 896
Merit: 1000
there are shops, bars and restaurants who accept your bitcoin payment without a single confirmation. but that's probably up to €50. not sure if they also accept it without confirmations above that amount.
legendary
Activity: 3248
Merit: 1070
credit cards do not confirm in second, they have a charge back up to 180 days for visa and 120 for mastercards, american express is 90, still none compare with bitcoin , where is zero

for small payments merchants should accept zero confirmations without problem, and usually none buy expensive stuff on phisical shop anymore, if you want to buy a vehicle, i'm sure you can wait one hour for six confirmations...
member
Activity: 78
Merit: 11

For a standard BTC transaction the fastest confirmation time is likely to be > 3 minutes, average 10 minutes.  I can't see how this can compete with a credit card payment that confirms in seconds.

How do people envisage the payment use case scenario working?  I can only imagine sitting in a shop for 30 minutes while the merchant waits for 3 confirmations before letting me walk out the door.  Am I missing something?

To me the confirmation time seems suitable for remittances, but not for shopping payments.
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