If he is talking about coinbase, then yes. The system there works like a bank and it would allow users to transfer coins instantly.
^^^That.
He is obviously trying to promote coinbase, therefor explaining how things work through their service.
Topic: Coinbase co-founder claimed it takes seconds for a transaction to confirm!!! - page 2. (Read 1791 times)
September 04, 2015, 04:04:56 AM
^^^That.
He is obviously trying to promote coinbase, therefor explaining how things work through their service.
September 04, 2015, 04:03:33 AM
Maybe by "confirm" he means "confirm that the transaction has reached several nodes on the Bitcoin network, and thus is in the pool of transactions to be included in a future block."
Yes that's it as long we are talking about a transaction on the blockchain.Propagation time is really fast. However the settlement of a transaction takes up to one hour, ie 6 confirmations at least.
September 04, 2015, 02:35:43 AM
If he is talking about coinbase, then yes. The system there works like a bank and it would allow users to transfer coins instantly. If he's talking about Bitcoin, the point could be valid.
Bitcoin transactions take seconds to propagate throughout the network and double spend is hard if the user pays a reasonable fee and the inputs are all confirmed unless a miner decides to accept another double spending transaction and mines a block.
Bitcoin transactions take seconds to propagate throughout the network and double spend is hard if the user pays a reasonable fee and the inputs are all confirmed unless a miner decides to accept another double spending transaction and mines a block.
September 03, 2015, 08:44:28 PM
You'll notice sites like bitpay will automatically mark something as paid as long as the payment contains the right fee and doesn't appear to be malicious.
September 03, 2015, 08:39:57 PM
For most purposes it only takes seconds to confirm as zero but broadcasted is enough.
September 03, 2015, 08:36:30 PM
When comparing us to other currencies/payment solutions, we should use the "send transaction in seconds" because 1. if we say 10 minutes people might think thats too long, and 2. what MOST people use it for (not bitcointalk ponzi schemes), is family or buying store, and they don't care about waiting for confirms if their primary use is spending.
legendary
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September 03, 2015, 08:32:52 PM
Zero confirm is a confirm
It meant that it was relayed and acknowledged as a transaction, it's kind of assumed after you have been in Bitcoin for a while the confirmations are in 10 minute blocks.
(Double spend and the rest aside)
That said a terminology change makes sense I prefer calling it validate.
It meant that it was relayed and acknowledged as a transaction, it's kind of assumed after you have been in Bitcoin for a while the confirmations are in 10 minute blocks.
(Double spend and the rest aside)
That said a terminology change makes sense I prefer calling it validate.
September 03, 2015, 07:40:01 PM
Not really. We need to change "couple seconds" to "10 minutes" to make it right.
Or change "confirm" to "validate".
September 03, 2015, 07:36:43 PM
We can change "seconds" to minutes and the sentence will be completely right 
Not really. We need to change "couple seconds" to "10 minutes" to make it right.
September 03, 2015, 07:28:13 PM
We can change "seconds" to minutes and the sentence will be completely right
September 03, 2015, 07:21:51 PM
Video seems interesting, gonna watch it when I get the time.
September 03, 2015, 06:10:07 PM
Yah, I think he simply misspoke, thats all. Good presentation overall.
legendary
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September 03, 2015, 06:06:34 PM
he misspoke, don't get your panties in a wad.
September 03, 2015, 05:16:59 PM
he just probably means zero confirms...and is talking to the masses.
I mean zero confirms....you kinda have to be in BTC for a while before that makes scene.
I mean zero confirms....you kinda have to be in BTC for a while before that makes scene.
September 03, 2015, 05:09:02 PM
Maybe by "confirm" he means "confirm that the transaction has reached several nodes on the Bitcoin network, and thus is in the pool of transactions to be included in a future block."
I wouldn't be surprised if that was the case. If it took only seconds to confirm transactions, that would mean that tons of blocks would be mined every second. September 03, 2015, 05:02:54 PM
Maybe by "confirm" he means "confirm that the transaction has reached several nodes on the Bitcoin network, and thus is in the pool of transactions to be included in a future block."
September 03, 2015, 04:57:38 PM
https://www.youtube.com/watch?v=6uvbAlCFMSk
Well... apart from this, it was a beautiful corporate presentation.
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