No matter how much we love BTC, confirmations take way too long! - page 4.

AngryDwarf

sr. member

Activity: 476

Merit: 501

Quote from: bitkilo on April 11, 2017, 01:37:54 AM

Quote from: tiger5056 on April 10, 2017, 11:18:17 AM

If crypto can not make transaction faster than credit card then eventually fail. also should consider usability of wallet. we need at least mobile wallet fast and secure without scam.

People have to stop comparing bitcoin with fiat money and credit/debit card payments. Credit card payment will always be quicker because it is a debt based set up, once you swipe that card you then owe the money to the bank.
Bitcoin is different because nobody ever owes you and you don't owe anybody else, once the payment has been sent then it's final, no chargebacks to worry about and less likely or close to impossible to be a fraudulent transaction.

Actually, if blockchains are allowed not allowed to be full for an extended length of time and transaction pools are not allowed to forget transactions and all transactions are eventually confimed, we have instant payments with zero confirmations although they carry a level of economic risk. This risk can be reduced further with a simple double spending proof:

https://bitcointalksearch.org/topic/m.3819

https://bitcoinclassic.com/devel/Double%20Spend%20Proofs.html

Even a transaction that has 1 confirmation on it is not without economic risk. It could be undone by a chain re-organisation if a longer chain emerges. Most transactions are considered safe after 6 confirms, as the chain re-organisation risk at this level is considered extremely unlikely.

The Ferrari dealership might want 100 confirms like a newly minted block before they give you the keys to the car you just bought. Joe Sixpack, landlord of the local pub, would probably be happy accepting a zero confirmation payment because since he will just bar you if you try to rip him off. The latter scenario would probably be better served by an lightning network if you are on a big piss up for the night, as long as you can afford to move your funds into an on chain account to open the channel.

virasog

legendary

Activity: 3136

Merit: 1172

Leading Crypto Sports Betting & Casino Platform

Quote from: tiger5056 on April 10, 2017, 11:18:17 AM

If crypto can not make transaction faster than credit card then eventually fail. also should consider usability of wallet. we need at least mobile wallet fast and secure without scam.

You know , now we are struggling with slower transaction confirmation due to massive transaction every now and then it just means that we are now populating

to compare to cards around you know cards is one tap to machines can easily get money or fiat. I guess we should stop comparing it since it has different features.

bitkilo

legendary

Activity: 1638

Merit: 1010

https://www.bitcoin.com/

Quote from: tiger5056 on April 10, 2017, 11:18:17 AM

If crypto can not make transaction faster than credit card then eventually fail. also should consider usability of wallet. we need at least mobile wallet fast and secure without scam.

People have to stop comparing bitcoin with fiat money and credit/debit card payments. Credit card payment will always be quicker because it is a debt based set up, once you swipe that card you then owe the money to the bank.
Bitcoin is different because nobody ever owes you and you don't owe anybody else, once the payment has been sent then it's final, no chargebacks to worry about and less likely or close to impossible to be a fraudulent transaction.

johnwest

hero member

Activity: 1106

Merit: 503

BabelFish - FISH Token Sale at Sovryn

Quote from: tiger5056 on April 10, 2017, 11:18:17 AM

If crypto can not make transaction faster than credit card then eventually fail. also should consider usability of wallet. we need at least mobile wallet fast and secure without scam.

It will eventually fail if we wont find a solution for the slower confirmations in transactions and fees while sending Bitcoins. People come to Bitcoins in search of minimizing both of them and both got a massive hit right now.

tiger5056

hero member

Activity: 686

Merit: 500

If crypto can not make transaction faster than credit card then eventually fail. also should consider usability of wallet. we need at least mobile wallet fast and secure without scam.

The One

legendary

Activity: 924

Merit: 1000

Quote from: Bit_Happy on July 28, 2014, 02:32:19 AM

It IS relevant when you have only 2 blocks created in 40 minutes (like right now) and a merchant that requires at least 3 or 4 confirmations.

Depends on the merchants. Online merchants don't need to worry as any deliveries are not sent out instantly. It's normally sent out after 12 hours. Thus if payment fails to go through then merchants will not honour the purchase.

roadbits

legendary

Activity: 1092

Merit: 1000

Quote from: susila_bai on April 10, 2017, 10:39:24 AM

Quote from: Bit_Happy on July 28, 2014, 01:42:43 AM

Not an original topic, but there is a reason why it keeps coming up.
No matter how much we love BTC, confirmations take way too long!

"Transactions are instant, and full confirmation is usually done in under 1 hour... both of which are better than credit cards."

Merchants complete your sale 'almost instantly' with credit cards, and sometimes make you wait almost an hour when paying with BTC, which really does not work well in the real world.... better point of sale options are needed ASAP.

Ya it is true that due to confirmation delay bitcoin is getting some negative points when dealing with merchant transaction as if the buyer sends the bitcoins with low fees, then the transaction takes more then 24 hrs time and their are chances of the transaction getting cancelled also, So still their is lot of time for bitcoin to get accepted by merchants. Right now it is good for investment and gambling type uses only.

This is the major disadvantage in Bitcoin, If it gets solved, then I think all merchants will accept Bitcoin, and it will become more popular in the real world. Now in the real world, many people still don't know what Bitcoin that is why they are not improving Bitcoin is. Once everyone started to addict to this bitcoin then automatically they will improve and solve this issue. But I think it will take many years to fix this problem.

susila_bai

hero member

Activity: 1260

Merit: 524

Quote from: Bit_Happy on July 28, 2014, 01:42:43 AM

Not an original topic, but there is a reason why it keeps coming up.
No matter how much we love BTC, confirmations take way too long!

"Transactions are instant, and full confirmation is usually done in under 1 hour... both of which are better than credit cards."

Merchants complete your sale 'almost instantly' with credit cards, and sometimes make you wait almost an hour when paying with BTC, which really does not work well in the real world.... better point of sale options are needed ASAP.

Ya it is true that due to confirmation delay bitcoin is getting some negative points when dealing with merchant transaction as if the buyer sends the bitcoins with low fees, then the transaction takes more then 24 hrs time and their are chances of the transaction getting cancelled also, So still their is lot of time for bitcoin to get accepted by merchants. Right now it is good for investment and gambling type uses only.

Harlot

hero member

Activity: 1806

Merit: 672

It's not that bad Bitcoin transactions are tolerable for people who actually is not waiting for it to come. But it can be a big concern for businesses who actually is in need for that money instantly or sometging what credit cards do in which the banks gives an assurance they they will get paid for what the customers bought. Right now Bitcoin transactions is not yet into the hearts of businessmen to be part of their daily businesses.

Heyo:P

newbie

Activity: 38

Merit: 0

Quote from: Bit_Happy on July 28, 2014, 01:42:43 AM

Not an original topic, but there is a reason why it keeps coming up.
No matter how much we love BTC, confirmations take way too long!

"Transactions are instant, and full confirmation is usually done in under 1 hour... both of which are better than credit cards."

Merchants complete your sale 'almost instantly' with credit cards, and sometimes make you wait almost an hour when paying with BTC, which really does not work well in the real world.... better point of sale options are needed ASAP.

Yes, very much so yes!

Perhaps if the community could agree on Segwit or BTU things would speed up, but for now transactions are so unbelievably slow (even when you're paying .5$ transaction fees). I really do think something should be done, I'm just not sure what.

Tribizz

sr. member

Activity: 476

Merit: 250

I agree
It took me 30 minutes to confirm a transaction

Yuuto

hero member

Activity: 644

Merit: 501

Quote from: Bit_Happy on July 28, 2014, 01:42:43 AM

Not an original topic, but there is a reason why it keeps coming up.
No matter how much we love BTC, confirmations take way too long!

"Transactions are instant, and full confirmation is usually done in under 1 hour... both of which are better than credit cards."

Merchants complete your sale 'almost instantly' with credit cards, and sometimes make you wait almost an hour when paying with BTC, which really does not work well in the real world.... better point of sale options are needed ASAP.

That is true.

If you were just buying a coffee from a merchant, and you're paying bitcoins to him, he would need to wait for 1 confirmation unless you are a long term customer which the merchant trusts. So it sort of defeats the purpose of bitcoin in the first place. By the time you get a confirmation you probably are late for work.

Especially when if you pay 0.0001 fee it isn't enough for first block confirmations anymore. That used to be the case, now you have to pay more like 0.0004 per transaction to get it through quick, which with the soaring bitcoin price isn't that good.

Gleb Gamow

vip

Activity: 1428

Merit: 1145

I'm just gonna leave this here: https://blockchain.info/

bitkilo

legendary

Activity: 1638

Merit: 1010

https://www.bitcoin.com/

Purchased a drink the other day and guy told me i would have to wait for min 4 confirmations before i could drink it, lol
I paid in fiat and drank up

BittBurger

hero member

Activity: 924

Merit: 1001

Agree with topic. Unfortunately no solutions on the horizon. Wahhh!

Razick

legendary

Activity: 1330

Merit: 1003

Quote from: Bit_Happy on July 28, 2014, 01:42:43 AM

Not an original topic, but there is a reason why it keeps coming up.
No matter how much we love BTC, confirmations take way too long!

"Transactions are instant, and full confirmation is usually done in under 1 hour... both of which are better than credit cards."

Merchants complete your sale 'almost instantly' with credit cards, and sometimes make you wait almost an hour when paying with BTC, which really does not work well in the real world.... better point of sale options are needed ASAP.

I agree. It would be nice to speed things up, but even if we don't, it's still great for internet purchases.

doubleredrolex

full member

Activity: 211

Merit: 100

I Believe

You just wait the 10 seconds for it to show up on the block chain and you are good. Don't forget that i can go buy something with my visa and call the bank 2 days later and reverse the transaction saying my card was stolen or whatever. There is no need for the merchant to make you wait around for 40 min for 3 or 4 confirmations unless you are buying something big like a $50,000 car or something. They could always ask for your ID for larger transactions if they don't trust you. The buyer can't reverse it anyways after they hit send on their cell phone. Once it hits block chain.info then you are probably ok. If i was buying 100 BTC from someone for cash, then i might make them wait around for a couple confirmations just in case... haha.

qiuxiang

full member

Activity: 224

Merit: 100

Quote from: tss on July 30, 2014, 02:40:10 AM

who can send $1B across the world and have it be FINAL in a few hours?

huh?

who?

how?

i'm listening?

i would really like to know.

ohh wait.. BITCOIN!

you were never meant to buy groceries with btc or your favorite red bull. stop posting the same thing every week!

Bitcoin is convenient for international wire.
However, bitcoin is used more as a payment approach, and in this case, tens of minutes is too long, think about you want to buy something and you have to wait tens of minutes for the payment to go through.

Harley997

sr. member

Activity: 266

Merit: 250

Having to wait to spend your BTC is annoying, I agree. Although it's less than a hour I can get my brother to transfer me as much as I wanted and have the money in there in a matter of seconds (UK has instant bank transfers) The one reason why I still chose BTC though is because I cut out EVERYTHING to do with banks, I cannot tell you enough how much I hate banks they have took so much money from me over the years I would prefer to take my money put it on a USB, fly half way across the world and still use the same currency rather go through the hassle of exchanging it, then paying fees for exchanging, them paying fees and effort to exchange it back to main currency you had, I find it really annoying, as someone who has travelled over 50-100 times and into 30 countries I hate thinking exchanging, how much X with worth in Y etc.

EDIT: Also the guy above me, I cannot agree more with you, you tell me who can send $1b across the other side of the world for and have it finalized in less than a hour and pay close to nothing fees!!

tss

hero member

Activity: 742

Merit: 500

who can send $1B across the world and have it be FINAL in a few hours?

huh?

who?

how?

i'm listening?

i would really like to know.

ohh wait.. BITCOIN!

you were never meant to buy groceries with btc or your favorite red bull. stop posting the same thing every week!

Topic: No matter how much we love BTC, confirmations take way too long! - page 4. (Read 8492 times)