Get ready for a sharp rise in Bitcoin use - page 3.

sgbett

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Quote from: Technomage on September 23, 2011, 07:43:27 AM

Quote from: Elwar on September 23, 2011, 07:33:14 AM

Purchasing a car or something for several thousand dollars might require them staying an extra 10 minutes to verify the transaction.

This is a good point. The time taken to verify should depend on the value of the item. With an expensive car I would certainly wait the whole 6 confirmations if I were a merchant, but if someone ordered a pizza or wanted a haircut, I wouldn't require any confirmations.

Tell me if I have the wrong end of the stick. From what I have read this is where the transaction fees will come into play, and it is what will keep people 'mining' after all the coins are gone?

For a high value purchase such as a car, a very small % commission would translate to a reasonably large absolute commission (in terms of miner commissions) and so this should ensure the transaction is verified fairly quickly.

If it doesn't work like that then it should! Viva la capitalism and all that. Those that can pay, get stuff (e.g. quicker transactions!)

Technomage

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Quote from: Elwar on September 23, 2011, 07:33:14 AM

Purchasing a car or something for several thousand dollars might require them staying an extra 10 minutes to verify the transaction.

This is a good point. The time taken to verify should depend on the value of the item. With an expensive car I would certainly wait the whole 6 confirmations if I were a merchant, but if someone ordered a pizza or wanted a haircut, I wouldn't require any confirmations.

Technomage

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Quote from: fivebells on September 23, 2011, 07:13:02 AM

I thought it took about 10 minutes to fully verify a bitcoin transaction under normal conditions. Are these transfers mediated through some kind of escrow service?

It takes a few seconds to go through, of course if the merchant wants to be sure he can wait for the first confirmation, or more. But the thing is, most purchases of this sort are not large amounts of money, the risk is very small because it's not worth the effort it takes to forge Bitcoin transfers. Merchants are at a larger risk of someone using a stolen credit card for example.

As far as OP's message, I do agree that Bitcoin usage will go much higher thanks to these type of services, but I feel the development will take time. We need lots of services such as bit-pay and even bit-pay is still in pilot stage. I see it coming but it might take from 6 months to a year until growth of this sort is at its highest point.

But regardless of the time it takes it's a good reason to buy coins at current prices, because when the growth happens, added with the huge potential of Bitcoin in online poker, virtual game items and anything else that benefits from the anonymity features, the price will be on another level.

This is from a long term perspective of course. If you want to trade shorter term then buying or not buying becomes a different game entirely.

Elwar

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Quote from: fivebells on September 23, 2011, 07:13:02 AM

I thought it took about 10 minutes to fully verify a bitcoin transaction under normal conditions. Are these transfers mediated through some kind of escrow service?

Why it is very unlikely for someone to do a double spend at a POS purchase:
http://bitcoin.stackexchange.com/questions/1184/what-can-be-done-to-mitigate-the-risk-of-a-finney-attack/1189#1189

The merchant would also get a notice if a double spend did occur, which would likely be before the person could get out of the parking lot. And it takes a lot of resources for a small purchase.

Purchasing a car or something for several thousand dollars might require them staying an extra 10 minutes to verify the transaction.

Bigpiggy01

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I'm inclined to agree with Elwar on this one Grin

This is going to go fairly viral. But it's gonna be starting from almost nothing so it'll still be a while before it really snowballs Grin

fivebells

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I thought it took about 10 minutes to fully verify a bitcoin transaction under normal conditions. Are these transfers mediated through some kind of escrow service?

Gerken

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Doubt that, we've all heard it before.

Elwar

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With the new Bit-Pay mobile device it is now very very easy to accept Bitcoins as a merchant.

See a demo here:
http://www.youtube.com/watch?v=YZ-pqo0cLcE

You will start to see a lot of merchants with this:

https://bitcointalksearch.org/topic/high-fashion-clothing-store-in-tarpon-springs-florida-now-accepting-bitcoins-44468

A merchant can even be paid in cash so they do not even need to know anything about Bitcoins and can get paid in a way that they are used to.

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