Dont worry. Starbucks is not afraid of double spend.
Its gonna take 5 years until starbucks accepts btc and then there are everywhere cameras (MERICA!) and they have your face and post it online if you did indeed double spent the shit.
Topic: If confirmation takes 10 minutes, how will I buy coffee at Starbucks? - page 5. (Read 9948 times)
December 06, 2013, 03:44:22 PM
December 06, 2013, 03:41:47 PM
for just a coffee its enought to have zero confirmation.
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December 06, 2013, 03:36:15 PM
GOOD FOR THEM!
I think a more important question here is why are you buying coffee at Starfucks?
Yup. They did not support the UK war machine!
No, they're an American company so they support the American one.
Do they pay US taxes?
Probably not, ha.
December 06, 2013, 03:31:28 PM
GOOD FOR THEM!
I think a more important question here is why are you buying coffee at Starfucks?
Yup. They did not support the UK war machine!
No, they're an American company so they support the American one.
Do they pay US taxes?
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December 06, 2013, 03:30:34 PM
GOOD FOR THEM!
I think a more important question here is why are you buying coffee at Starfucks?
Yup. They did not support the UK war machine!
No, they're an American company so they support the American one.
December 06, 2013, 03:28:47 PM
If credit cards take 180 days to be confirmed how will you buy coffee at Starbucks?
This.
Non-merchants usually don't realize that it actually takes 6 months to confirm a credit card transaction. Merchants just let you have your stuff immediately because it would be stupid to tell you wait 6 months for a coffee. The reason they can do this is because usually only about 1% of customers try to scam you anyway, so it's not important.
December 06, 2013, 03:16:36 PM
GOOD FOR THEM!
I think a more important question here is why are you buying coffee at Starfucks?
Yup. They did not support the UK war machine!
December 06, 2013, 03:13:45 PM
I think a more important question here is why are you buying coffee at Starfucks?
do they not have sales tax in the UK on coffee.... so the government is getting tax revenues.... from you....
December 06, 2013, 03:08:49 PM
For small purchases, you don't really have to wait for a confirmation. You just need to make sure the transaction appears on the network. If there are any losses, they can be written off as a cost of doing business or treated as theft. The chances of double-spending for a cup of coffee are less than the chance of someone walking out on a restaurant bill.
This is correct, and who knows if this isn't workable, maybe bitcoins will not be for buying coffee.
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December 06, 2013, 03:00:58 PM
You think Starbucks paying zero tax whilst the ordinary people pay on their minimum wages is good?
December 06, 2013, 02:57:48 PM
I think a more important question here is why are you buying coffee at Starfucks?
Good for them. December 06, 2013, 01:40:40 PM
If credit cards take 180 days to be confirmed how will you buy coffee at Starbucks?
Although most of our chargebacks do come through within 6 months, we have occasionally received them after a full year.
December 06, 2013, 01:39:31 PM
GOOD FOR THEM!
I think a more important question here is why are you buying coffee at Starfucks?
December 06, 2013, 01:38:35 PM
However with people holding a lot of money in BTC, they very well may want to make many big purchases with their BTC. This could allow them to slide under the radar and not pay taxes on money they've "cashed out". This is where the slow transaction times is an issue.
December 06, 2013, 01:35:40 PM
If credit cards take 180 days to be confirmed how will you buy coffee at Starbucks?
well, there's a 3rd party ensuring that you won't be scammed (when using a credit card). with bitcoin, there's only you and the provider.
In short, credit cards are safer for consumers, but Bitcoin is safer for merchants.
December 06, 2013, 01:24:13 PM
If credit cards take 180 days to be confirmed how will you buy coffee at Starbucks?
well, there's a 3rd party ensuring that you won't be scammed (when using a credit card). with bitcoin, there's only you and the provider.
December 06, 2013, 12:02:04 PM
Fellow Bitcoiners,
This is something I don't understand. In order to be sure that a bitcoin transfer is successful, you have to wait for a confirmation. Standard market practice is to wait for 3 confirmations. A confirmation takes 10 minutes on average.
If bitcoin becomes massive, how will I buy a coffee at Starbucks? Will I have to pay with bitcoins and then wait 10/30 minutes before picking up my coffee?
This is something I don't understand. In order to be sure that a bitcoin transfer is successful, you have to wait for a confirmation. Standard market practice is to wait for 3 confirmations. A confirmation takes 10 minutes on average.
If bitcoin becomes massive, how will I buy a coffee at Starbucks? Will I have to pay with bitcoins and then wait 10/30 minutes before picking up my coffee?
Once you've used bitcoin for a while, it becomes pretty clear that zero-confirmation transactions are suitable for most purchases. These are picked up by the network faster than the time it takes a debit or credit card transaction to be approved. We have several brick-and-mortar business in Vancouver accepting bitcoin (via BitPay) and it is standard practice to consider the invoice "paid" as soon as the network picks up the valid transaction.
If there was something "wrong" with the transaction, it won't propagate through the network and you'll never see it posted. If someone "double spends" the transaction, then there will be a big glaring warning (e.g., on blockchain.info) that says "DOUBLE SPEND DETECTED". Furthermore, he would need a special custom app on his phone to even attempt a double spend. The double spend attempt would be obvious since the network would detect it, and he'd look like a thief in front of the whole store and never receive that latte he was hoping to scam.
December 06, 2013, 11:42:39 AM
I was also thinking that there are BTC giftcards you could use, BTC credit cards as well, Bitpay of course, escrow services, etc lots of different methods to mitigate the risk of a double spend.
There is a method for spreading locked pre-sized BTC amounts described by Adam3us, the original creator of hashcash. Check out some of his posts, very interesting stuff.
There is a method for spreading locked pre-sized BTC amounts described by Adam3us, the original creator of hashcash. Check out some of his posts, very interesting stuff.
December 06, 2013, 11:36:10 AM
I guess that more and more of the computing power mining new bitcoins today will be used to confirming transactions in the future, thus speeding up the process.
And you Also have services as bitpay.com paying the business you buy from in FIAT.
And you Also have services as bitpay.com paying the business you buy from in FIAT.
This assumes that there is a limitless supply of electricity/power, and that it doesn't sky rocket in price.
December 06, 2013, 11:35:04 AM
I guess that more and more of the computing power mining new bitcoins today will be used to confirming transactions in the future, thus speeding up the process.
Mining new bitcoins and confirming transactions are both results of the same process. It's not one or the other, it's both at the same time (or rather: the former is a reward for the latter).
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