Topic: Confirmation Time - page 3. (Read 3746 times)

Fuck, no! If only that were true.. No, credit cards are a frigging disaster for merchants and shops. Even up to 6 months after a transaction, it can be charged back and the merchant or shop owner always loses the money.


Nope. When paying with credit card, the only thing "immediate" is the CC company saying "we just processed a payment, you'll probably end up receiving the money within a few days, but we can't tell for sure it won't be reversed until 6 months from now".

Nope. This cost is effectively ZERO. Seriously, try it. Try and pay for a cup of coffee with Bitcoin, and then make the transaction "go bad".

If this was even remotely feasible to pull off (and I'm not talking some crazy theoretical scenario, but an actual real life situation, e.g. involving cups of coffee) nobody would be accepting Bitcoin, especially not in shops or other zero-confirmation situations. But guess what - they all are. And since the beginning of Bitcoin, this has resulted in exactly zero problems.

Maybe this clarifies things:

Transaction time (the time it takes to process a payment)
Bitcoin: 1-2 sec
Credit card: 3-5 sec

Money arrival time (the time at which the merchant actually receives the money and can spend it)
Bitcoin: 1-2 sec
Credit card: several business days

Confirmation time (the time at which the merchant can be sure the payment won't be reversed)
Bitcoin: 10 minutes
Credit card: 6+ months

So, what was the problem with Bitcoin, again?

You are mistaken, sir. I paid for my dinner last evening with bitcoins. I paid for my groceries this morning with bitcoins. And I just had lunch with friends, paid for - you guessed it, with bitcoins. I spend bitcoins on a daily basis in random shops and other brick-and-mortar businesses. Now how many of those do you think have EVER kept me waiting for even a single confirmation?

Nope. The gap between two blocks is indeed 10 minutes in average. But the confirmation time for any random transaction is also 10 min in average. May seem non-intuitive, but hey, maths (and more specifically: exponential probability distribution).

I still don't see how this is a problem. People pay with credit cards all the time, credit card operations aren't confirmed automatically but people don't seem bothered by it. I would trust a pending BTC transaction 1000 times more than a credit card one.

Haha, yeah! I got the legendary status for that!

Paraphrase? Sure. You're a provocative cunt. 

Confirmation time is 5 min in average. 10 minutes is the gap between blocks.

Could you paraphrase, please? I don't know half of the words that you used and urban dictionary doesn't give meaningful translation.

PS: If English is not your mother tongue then feel free to use any other language.

When will people ever learn before asking stupid questions... YOU CAN pay for things immediately in shops etc. Nobody EVER makes you wait for a confirmation when paying in a store.

The entire point of the difficulty is actually to keep the confirmation time at 10 minutes.

Nope.

Objection - relevancy. More of the same regurgitated verbal defecation that's blinding my ability to see through your fuzzy logic, if deduction can reason it as such.


I've been running v. 0.5.13 and its predecessors for quite some time ... and now I get to meet the mind behind Qubic, THE driving force, the creative voice of reason in the sea of madness...NXTNEMUtopia...wait..

So you casted your voice not for Obama? Ok, sorry then, you are excluded from that group.

So, basically, you say that you can't play fair game. Of course you can't, in this case Bitcoin loses on all points.

yeah, unfortunately this is one of the biggest concerns or problems about payments being done in bitcoin, i think the only major things bitcoin is good right now is for a few people who are trading it to make money and the other thing is for sending large sums of money especially oversees.

I don't particularly appreciate the blanket statement in regards to Americans and how we 'always' think the law and rules stateside resonate throughout Mother Earth. Perhaps the aforementioned overgeneralization and similar lines of thought work harder to perpetuate what, unfortunately, ends with contagious stereotypes. I would venture to guess that you nor I are that uncultured.

Now you're just making stuff up.  I think this conversation has reached a logical conclusion.  Thank you for your input, I'll be moving on.

It's you guys spreading FUD about bank cards. You compare Bitcoin (with 5 min confirmation time) against a crap from 19th century that can't be validated during week-ends and requires a phone call to the bank. Play fair and compare Bitcoin payments to conventional (and modern) products of bank industry.

PS: Btw, my own card is a "credit" one (within a reasonable limit). It has PIN, special chip and VISA engraved on it. And it requires 5 seconds for validation of a payment.

Then please say so, and stop spreading misinformation and FUD.  There are significant differences between PIN based bank debit cards and credit cards. 

Yes.

Are you talking about bank cards by a chance? Those with a PIN?

Thank you.



Are you a citizen of the USA by a chance? These guys always think that rules in the USA are universal rules working in the whole universe.