Daily use of bitcoin? - page 42. | Bitcointalksearch.org

michkima

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Quote from: diegz on January 17, 2017, 10:27:17 AM

Actually if bitcoin is being used in paying something just like what you've mentioned, I think they should use what those that are selling digital goods, as soon as you click the send button, after few seconds, it will immediately prompt that you are paid already. Seriously it's a problem if you are paying on a establishment that has a cashier who do not have knowledge about bitcoin.

Well most physical establishments that have cashiers do not accept bitcoins yet. So that's a problem in the physical world. However in the digital world there are quite a lot of stores accepting it already. A lot of hosting, VPNs, anti-viruses, etc are already accepting btc. I think microsoft too, I forgot if they do. I also saw Dell offer BTC as their payment method.

diegz

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Actually if bitcoin is being used in paying something just like what you've mentioned, I think they should use what those that are selling digital goods, as soon as you click the send button, after few seconds, it will immediately prompt that you are paid already. Seriously it's a problem if you are paying on a establishment that has a cashier who do not have knowledge about bitcoin.

avikz

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Yes, rightly pointed out. The transaction confirmation time is a major roadblock for the bitcoin to be accepted to the local merchants. If you want to buy something quickly, then bitcoin is not a best option.

However, bitcoin is also not backed up by any real asset. It derives its value from the market cap and the public trust. With these features, bitcoin is also not a good option for the merchants. Only the investors in bitcoin will understand that real value of bitcoin.

olushakes

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Quote from: Michel de Montaigne on January 16, 2017, 05:56:32 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 believe in the transactions that I have done bitcoin transactions are irreversible and also it has been improved upon to a large extent as I witnessed in the last transfer I did with the required transaction fees, within seconds the receiver confirms receipt and moreso so far there is just one confirmation, then its settled.

mobnepal

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Quote from: Michel de Montaigne on January 16, 2017, 05:56:32 AM

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?

Pay for coffee before you get your cup of coffee, it will be approved when you will finish your coffee also there are many bitcoin wallets which make it easy for anyone to include enough fee to bitcoin transactions so that it will get confirmed within few minutes. This is better for merchants than chargebacks paypal payments can have even after 180 days of payment.

Zeatorius

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Quote from: sir.humus on January 17, 2017, 07:40:49 AM

Quote from: zahra4577 on January 17, 2017, 06:47:52 AM

Quote from: Michel de Montaigne on January 16, 2017, 05:56:32 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?

When you are paying to a store where you are present physically, you can make payment in front of shopkeeper and show him that the sent amount goes to his address with proper fee paid.
Shopkeepers would be safe to give you product after that even if they didn't receive bitcoin in their wallet.

But I can easily fake the process of payment on my smartphone.
It's like accepting credit card without waiting for confirmation from the credit company. You'll get just a worthless piece of plastic.
That's why in most places you can't pay with cheques, which is just a paper if you don't validate ID and authentication.

Perhaps for now yet in the future bitcoin could work just as easily on a smartphone as a credit card can instead of cash we'd use bitcoin to purchase said goods with transaction times almost instant.

sir.humus

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Quote from: zahra4577 on January 17, 2017, 06:47:52 AM

Quote from: Michel de Montaigne on January 16, 2017, 05:56:32 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?

When you are paying to a store where you are present physically, you can make payment in front of shopkeeper and show him that the sent amount goes to his address with proper fee paid.
Shopkeepers would be safe to give you product after that even if they didn't receive bitcoin in their wallet.

But I can easily fake the process of payment on my smartphone.
It's like accepting credit card without waiting for confirmation from the credit company. You'll get just a worthless piece of plastic.
That's why in most places you can't pay with cheques, which is just a paper if you don't validate ID and authentication.

zahra4577

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Quote from: Michel de Montaigne on January 16, 2017, 05:56:32 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?

When you are paying to a store where you are present physically, you can make payment in front of shopkeeper and show him that the sent amount goes to his address with proper fee paid.
Shopkeepers would be safe to give you product after that even if they didn't receive bitcoin in their wallet.

sir.humus

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Quote from: jtipt on January 17, 2017, 06:00:45 AM

Quote from: TastyChillySauce00 on January 17, 2017, 05:07:04 AM

Quote from: ReLieD on January 17, 2017, 05:00:10 AM

It is just as other modes or ways of payment.
Bitcoin transactions are fast when it comes to paying/using it in Starbucks etc.
It takes exactly the same time as credit / debit cards take.
So it wouldnt matter.

Probably the payment gateway which Starbucks and etc were using are enabling some sort of zero confirmation, therefore, you don't need to wait for some confirmation and your transaction just considered done after you're sending the exact amount to the address they were mentioned. Otherwise, it's not so fast if those merchants were requiring few confirmations

Yup, some of the merchants prefer using a zero confirmation system if they the fees paid is around the recommended amount, as waiting for 1 or 3 confirmations is not really an option for some merchants a good example is starbucks itself.

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.

john2231

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Quote from: jtipt on January 17, 2017, 06:00:45 AM

Quote from: TastyChillySauce00 on January 17, 2017, 05:07:04 AM

Quote from: ReLieD on January 17, 2017, 05:00:10 AM

It is just as other modes or ways of payment.
Bitcoin transactions are fast when it comes to paying/using it in Starbucks etc.
It takes exactly the same time as credit / debit cards take.
So it wouldnt matter.

Probably the payment gateway which Starbucks and etc were using are enabling some sort of zero confirmation, therefore, you don't need to wait for some confirmation and your transaction just considered done after you're sending the exact amount to the address they were mentioned. Otherwise, it's not so fast if those merchants were requiring few confirmations

Yup, some of the merchants prefer using a zero confirmation system if they the fees paid is around the recommended amount, as waiting for 1 or 3 confirmations is not really an option for some merchants a good example is starbucks itself.

I think they can manually confirm the transaction if they had a miner they can include it to the next block so that the transaction can be increase the speed of the transaction.. but we are still in the stage not instant like other payment option..
Shops always waiting until 3 confirmation.. I hope bitcoin transaction can be increase the speed of the network so that the transaction speed can be increase speed transaction..

jtipt

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Quote from: TastyChillySauce00 on January 17, 2017, 05:07:04 AM

Quote from: ReLieD on January 17, 2017, 05:00:10 AM

It is just as other modes or ways of payment.
Bitcoin transactions are fast when it comes to paying/using it in Starbucks etc.
It takes exactly the same time as credit / debit cards take.
So it wouldnt matter.

Probably the payment gateway which Starbucks and etc were using are enabling some sort of zero confirmation, therefore, you don't need to wait for some confirmation and your transaction just considered done after you're sending the exact amount to the address they were mentioned. Otherwise, it's not so fast if those merchants were requiring few confirmations

Yup, some of the merchants prefer using a zero confirmation system if they the fees paid is around the recommended amount, as waiting for 1 or 3 confirmations is not really an option for some merchants a good example is starbucks itself.

TastyChillySauce00

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Quote from: ReLieD on January 17, 2017, 05:00:10 AM

It is just as other modes or ways of payment.
Bitcoin transactions are fast when it comes to paying/using it in Starbucks etc.
It takes exactly the same time as credit / debit cards take.
So it wouldnt matter.

Probably the payment gateway which Starbucks and etc were using are enabling some sort of zero confirmation, therefore, you don't need to wait for some confirmation and your transaction just considered done after you're sending the exact amount to the address they were mentioned. Otherwise, it's not so fast if those merchants were requiring few confirmations

ReLieD

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It is just as other modes or ways of payment.
Bitcoin transactions are fast when it comes to paying/using it in Starbucks etc.
It takes exactly the same time as credit / debit cards take.
So it wouldnt matter.

Rizky Aditya

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There really is no solution for the long confirmation times with Bitcoin. I guess we just have to wait until there is one, or maybe there never will be a solution.

Quote from: bitbunnny on January 16, 2017, 10:31:28 AM

Transaction time and confirmations are one of the reasons why some merchants are still reluctant to accept Bitcoins, even if it takes only one confirmation.
But you can use Bitcoin debit card, you avoid transactions confirmation and have the full benefit of spending Bitcoins.

Yeah that is what I use, but only when the website or shop doesn't accept Bitcoin. Most cards have pretty bad rates so you are losing money if you use them.

densuj

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Quote from: Michel de Montaigne on January 16, 2017, 05:56:32 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?

Time confirmation transaction it is one of many problem on bitcoins right now and it is fixing although still there are no solution about this problem, that is why bitcoins still not be used for transaction daily on global payment at least for right now, but many developers and corporations are making bitcoins usage more easy.
The point is bitcoins still not suitable be used for daily transaction because of long time confirmation transaction and a little high fees at least for today.

emezh10

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Quote from: Dudeperfect on January 17, 2017, 12:59:09 AM

Quote from: SvenBomvolen on January 16, 2017, 11:23:47 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.

Dudeperfect

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Quote from: SvenBomvolen on January 16, 2017, 11:23:47 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.

SvenBomvolen

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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.

SONG GEET

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Actually the confirmation time doesnt make it difficult for bitcoin to be used in daily life. If enough fee is included transaction will be confirmed within 15 minute and there is also tools that can analyze transactions and merchants can use it to accept payments which dont have possibility of double spend.

rindo

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Quote from: Michel de Montaigne on January 16, 2017, 05:56:32 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?

Yeah sometimes Bitcoin transactions take a long time but im not sure if that take 1 hour or more.but as far as i know some of bitcoin online shop or starbucks approved the payment even though 0 confrimation

Topic: Daily use of bitcoin? - page 42. (Read 42432 times)