Daily use of bitcoin? - page 40. | Bitcointalksearch.org

diegz

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Quote from: bitloud on January 18, 2017, 09:52:31 PM

I don't think there is a need to wait for the confirmation, if a fee recommended or little above is paid you'll get faster confirmations. Hopefully in the future this kind of things can be reduce, if the transaction speed being increase i am sure many store will start to adapt bitcoin and more user will be happy to used bitcoin.

Confirmation in transaction is not a problem anymore, just take a look at how we bought digital goods. As soon as we send the amount to the address provided by the site, it immediately mark our transaction paid after a few seconds. If that's what the stores in real life will use, then transaction confirmation won't be a problem.

But if we will use the traditional confirmation waiting, then that will really slow down the transactions in the stores or if you want it fast then you pay high transaction fee.

bitloud

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I don't think there is a need to wait for the confirmation, if a fee recommended or little above is paid you'll get faster confirmations. Hopefully in the future this kind of things can be reduce, if the transaction speed being increase i am sure many store will start to adapt bitcoin and more user will be happy to used bitcoin.

Btc_1856

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Quote from: Michel de Montaigne on January 16, 2017, 04:56:32 AM

Hi friends,

As far as I know, bitcoin payments take a little time to approve. Will these approval times make it difficult to use bitcoin in our daily lives?
For example, I would get a coffee from Starbucks. Do I have to wait for approval to pay for what I have done for hours?

Actually i don't starbucks but what i can say we have store in my country where he is accepting bitcoin, till now i din't face any problems in the form of transaction in blockchain. Even yesterday also i bought some good from it went very well with in 5min, but he will keep track his block chain whether he will get bitcoin are not he will find it through block chain.

pinkpanther03

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Quote from: Michel de Montaigne on January 16, 2017, 04:56:32 AM

Hi friends,

As far as I know, bitcoin payments take a little time to approve. Will these approval times make it difficult to use bitcoin in our daily lives?
For example, I would get a coffee from Starbucks. Do I have to wait for approval to pay for what I have done for hours?

Most of the time I used my bitcoin for investment of buying altcoins and do some trade in the exchange platform. Then month I convert my bitcoinBTC into a real money to use for billings payment in my electricity and water bill.

Vikingr

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Quote from: Michel de Montaigne on January 16, 2017, 04:56:32 AM

Hi friends,

As far as I know, bitcoin payments take a little time to approve. Will these approval times make it difficult to use bitcoin in our daily lives?
For example, I would get a coffee from Starbucks. Do I have to wait for approval to pay for what I have done for hours?

I have heard they one require first confirmation for the approval of the transaction so you will not need to wait for hours because the first confirmation often occur within a few minutes and sometime it take less than a minute.

blackhawkeye1912

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Quote from: Michel de Montaigne on January 16, 2017, 04:56:32 AM

Hi friends,

As far as I know, bitcoin payments take a little time to approve. Will these approval times make it difficult to use bitcoin in our daily lives?
For example, I would get a coffee from Starbucks. Do I have to wait for approval to pay for what I have done for hours?

If the Starbucks is accepted bitcoin in our time now that's totally a good news to all coffee drinkers out there. And I think it won't take long to wait for the approval for their internet data connection has a strong signal so it is surely the transaction is fast.

shmatka

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Sounds legit, I do that too.

Turk Ace

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Quote from: izanagi narukami on January 18, 2017, 12:12:26 PM

If you compare bitcoin with fiat, bitcoin almost need time to get confirm!
As we know when we paid with fiat or debit card, the process is instant once you paid the coffee , you got your coffee

So bitcoin only may advantage when it being use for transfer globally and/or massive amount

Yes I think as long as we provide a high enough transaction fee it won't take very long. Maybe shops and food markets csn use their very own branded currency thst enables holders to get discount prices for having invested in their coins.

deisik

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Quote from: izanagi narukami on January 18, 2017, 12:12:26 PM

If you compare bitcoin with fiat, bitcoin almost need time to get confirm!
As we know when we paid with fiat or debit card, the process is instant once you paid the coffee , you got your coffee

So bitcoin only may advantage when it being use for transfer globally and/or massive amount

The Lightning Network update is said to fix this issue

And allegedly lower the fees, though I'm not sure how valid is the latter claim (as to me, it sounds too good to be true). If Bitcoin gets updated to LN, it is claimed that Bitcoin payments can be made virtually instant and confirmed as fast as data is transferred between the two nodes that established a bi-directional payment channel. Whether this is really so, we can only find out when the Lightning Network update gets accepted (provided it gets accepted at all)

izanagi narukami

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If you compare bitcoin with fiat, bitcoin almost need time to get confirm!
As we know when we paid with fiat or debit card, the process is instant once you paid the coffee , you got your coffee

So bitcoin only may advantage when it being use for transfer globally and/or massive amount

deisik

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Quote from: olubams on January 18, 2017, 11:59:14 AM

Quote from: Michel de Montaigne on January 16, 2017, 04:56:32 AM

Hi friends,

As far as I know, bitcoin payments take a little time to approve. Will these approval times make it difficult to use bitcoin in our daily lives?
For example, I would get a coffee from Starbucks. Do I have to wait for approval to pay for what I have done for hours?

I will say this issue is really a challenge because not every one will buy things of $100 at once and really if we want bitcoin to penetrate rapidly, then I have to be able to buy my doughnuts, or ice cream or even coffee as OP has stated but at the same, I am optimistic that its actually a matter of time for this to be settled because when transaction fee is too low it might take forever to confirm and at the same time what will happen if I am now buying something of say 25cents? The transaction cost might even be more than what I am actually paying for...

This is the crux of the matter

If you set the transaction fee higher, the whole transaction might not make sense any more. What is the purpose of buying a bucketful of potatoes with bitcoins if with just the transaction fee alone you could as easily buy two buckets full of potatoes? As I said in my post above, it makes no sense to pay for everyday things with bitcoins, now purely on economic grounds due to high fees. And what if Bitcoin price eventually skyrockets to the upper range of 4 digits?

olubams

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Quote from: Michel de Montaigne on January 16, 2017, 04:56:32 AM

Hi friends,

As far as I know, bitcoin payments take a little time to approve. Will these approval times make it difficult to use bitcoin in our daily lives?
For example, I would get a coffee from Starbucks. Do I have to wait for approval to pay for what I have done for hours?

I will say this issue is really a challenge because not every one will buy things of $100 at once and really if we want bitcoin to penetrate rapidly, then I have to be able to buy my doughnuts, or ice cream or even coffee as OP has stated but at the same, I am optimistic that its actually a matter of time for this to be settled because when transaction fee is too low it might take forever to confirm and at the same time what will happen if I am now buying something of say 25cents? The transaction cost might even be more than what I am actually paying for...

dontryjustdoit

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The whole issue of confirmations has to be given attention if bitcoin is ever going to work like normal money. There are just no 2 ways about it.

deisik

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Quote from: BitcoinPanther on January 17, 2017, 05:24:50 PM

Quote from: deisik on January 17, 2017, 03:22:27 PM

Quote from: ranochigo on January 17, 2017, 09:38:07 AM

Quote from: sir.humus on January 17, 2017, 05:24:31 AM

But does zero confirmation system can overcome double spending?
You'll say it's not worth to do it for a cup of coffee, but what if I order coffee for all the office?
20-30 cups of coffee for 1-2$ of fee is almost for free.

Once you actually succeed to double spend a merchant that doesn't need a confirmation, do tell us the story.

It can't be achieved with a certain degree of difficulty. You need to 1st convince the merchant to accept your 0 conf payment, convince a miner to help you mine a replacement transaction. The first is easy, making a replacement transaction without the participation of a miner with a significant amount of hashrate is hard.

Great idea for the coffee part. But merchants will require you to wait for a confirmation. Oh come on, how much time do they need to make 20-30 cups of coffee in the first place?

Necessity is the mother of invention

You would only need to give the bartender a fiat collateral for the amount of coffee you are going to buy (you can leave your gold wristwatch or iPhone), then pay with bitcoins. And while your whole office sits at a coffee break and enjoys your smartness and wisdom, your transaction gets successfully confirmed. Later you return and take back the fiat (or whatever you left). If the transaction doesn't get confirmed eventually, congrats, you have just paid with fiat for the coffee (all the better for your bitcoins). As simple as it gets

But groceries and supermarket is different story, so a different kind of approach is needed on this issue, even waiting for the confirmation will make it more difficult to the customer. 15 minutes is too long to wait after scanning all the goods you made. Unless bitcoin confirmation takes 1 to 2 minutes, it is not wise to pay with bitcoin directly in this cases

I'd rather say that paying with Bitcoin is not wise in any of these cases

Bitcoin is good money while fiat is bad money, so when you pay with bitcoins for trivial things you are wasting your precious coins. Buying something expensive and durable like houses, cars, yachts is a different matter though. Really, in Medieval Europe both silver and gold coins were accepted as a means of payment, but the gold coin wasn't widely circulated and was mainly used as a store of value or a means of payment for very expensive things (like castles). And this is not a mere coincidence that kings and rulers mostly accepted taxes in pure gold only

Dudeperfect

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Quote from: emezh10 on January 17, 2017, 12:17:59 AM

Quote from: Dudeperfect on January 16, 2017, 11:59:09 PM

Quote from: SvenBomvolen on January 16, 2017, 10:23:47 PM

How many members from here have opportunity to use bitcoins in daily life? Less then 50 %, less? I`m not one of them, for now using bitcoins in daily is privilege just for some people who live in big cities or in advanced countries. Bitcoin will not come in my town any time soon, first in capitol city (and far as I know except 2 atms there isnt anything else) and after few years maybe in my town. Only good thing about it that I will have time to collect some amount before it comes.

Exactly, there is not even a single merchant in my town who accepts bitcoin at this moment so I have to convert my bitcoins in fiat in order to spend it. I don’t usually spend bitcoins daily but I usually pay my mobile, internet, DTH bills with bitcoin (fortunately I can do that with the services online). I am sure this picture will change in near future and we would be able spend bitcoins directly.

Here in our country we can use bitcoin to buy stuff, Load, Hotel rent and game credits. We have application called coins.ph where you can use and store your bitcoin. In thus application we can use our bitcoin daily for our needs. And we can cash out bitcoin into cash anytime because of that application.

Instead of being jealous of you, I am optimistic that such things will happen all over the world and we would be able to use bitcoins directly irrespective of country or local currency. There is similar company which is trying to allow users to directly pay their local electricity bills and landline bills etc.

chickenado

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Quote from: Michel de Montaigne on January 16, 2017, 04:56:32 AM

Hi friends,

As far as I know, bitcoin payments take a little time to approve. Will these approval times make it difficult to use bitcoin in our daily lives?
For example, I would get a coffee from Starbucks. Do I have to wait for approval to pay for what I have done for hours?

Its easy. Pay high fees so that your payment will approve. I think if this will happen that we use this bitcoin daily, blockchain will improve their system so that the bitcoin will send faster. Like us when upgrading our cellphones, if we need a faster phone for gaming we need to buy a gaming phone, but if we don't need, we didn't upgrade it Grin

EcoNorm

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My daily use of bitcoin is for online shopping of stuff i use in my daily life.
I can buy easily through bitcoin and it provides a safe way for me to transfer money and i think people will get on to that and the usage is only gonna increase.

ASHLIUSZ

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It hasn't got acceptance similar to our local currency, so its not possible to use bitcoin in our daily life. As bitcoin volatility is decreased which easily gets the attention of users for more adoption.

20kevin20

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Quote from: WorldClassic on January 18, 2017, 05:23:17 AM

Using bitcoin in daily life doesn't suits up .

It actually does. If Bitcoin was a real currency we could use anywhere, I think it'd be in our advantage. Sometimes we want to buy things through methods which Governments cannot look after, and Bitcoin is good here. Maybe I want to buy a phone but I don't want anyone to know except me and the seller.. what's the problem? I just want to do it anonymously. Bitcoin is a limited currency, so therefore the price can always go even above Gold.

boybugs18

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Quote from: delliaerd on January 17, 2017, 06:23:30 PM

In my point of view, this is a problem which the developer of bitcoin should fix. When we want to use bitcoin for daily needs, the Confirmation of the transaction sometimes arrive late Even up to more than ten minutes. So i hope it will fix and we can get faster confirmation.

I think making the fee higher will make the transaction more fast I'm not sure though cause when I used bitcoin for any transaction It will be automatically approved even if the confirmation still ongoing

Quote

Hi friends,

As far as I know, bitcoin payments take a little time to approve. Will these approval times make it difficult to use bitcoin in our daily lives?
For example, I would get a coffee from Starbucks. Do I have to wait for approval to pay for what I have done for hours?

I think if you send the payment in the right address maybe they will just approve the payment you made as long as they receive the confirmation that they are receiving bitcoin to their address so it might be possible to use it for daily life.

Topic: Daily use of bitcoin? - page 40. (Read 42465 times)