Well , I see an inputs.io lookalike as the best solution.
It permeated almost all the Bitcoin websites and it had off-chain transactions.
But the problem is , the inputs.io scare has put everyone off the idea for a loooong time.
Your idea is interesting , but on-chain transactions can not happen under 10 minutes.
Topic: Ok, but seriously how will I pay for my $250 grocery bill with bitcoin? - page 3. (Read 3032 times)
June 09, 2014, 01:21:01 PM
June 09, 2014, 12:55:04 PM
I've never used one of those online wallets, but they don't provide you the private key, do they? So essentially they're providing a service to you (the wallet) while retaining complete control over it.
Unless the security of the site itself was compromised, then there wouldn't be any issues..
Unless the security of the site itself was compromised, then there wouldn't be any issues..
Right, but coinbase was just an example in this case of a larger firm providing services to both merchants and the general population. Yes they generally sweep your bitcoins into their own accounts and in fact use their internal accounting to know who owns what. When you spend coins from coinbase they have to first send a transaction from their hot wallet to your wallet, then from your wallet to whomever you are sending to. But they don't really have to do it that way. I think Blockchain.info let's you keep control of your keys and coins while providing on online wallet.
June 09, 2014, 12:49:28 PM
I've never used one of those online wallets, but they don't provide you the private key, do they? So essentially they're providing a service to you (the wallet) while retaining complete control over it.
Unless the security of the site itself was compromised, then there wouldn't be any issues..
(speaking of Coinbase, at least) Yep, you're right: they don't give you the private keys to the money in your balance, so they should be able to provide no-risk transactions (at the cost of trusting Coinbase with your coins) if you and the merchant both have accounts there. Imported private keys might be an exception to that (I don't know if they only sweep them, or let you keep a balance on them). Unless the security of the site itself was compromised, then there wouldn't be any issues..
June 09, 2014, 11:50:52 AM
I've never used one of those online wallets, but they don't provide you the private key, do they? So essentially they're providing a service to you (the wallet) while retaining complete control over it.
Unless the security of the site itself was compromised, then there wouldn't be any issues..
Unless the security of the site itself was compromised, then there wouldn't be any issues..
June 09, 2014, 09:59:44 AM
So really, how do brick and mortar merchants accept bitcoin payments in 1 second or less without risking double spending? Do we actually have a solution for that which doesn't require me (and merchant) to use a proprietary bitcoin app but let's me use a generic wallet app?
I wouldn't be surprised, but haven't checked, if Coinbase or somebody has a solution for this, but I'm guessing it requires both merchant and customer to be using Coinbase.
I guess if the larger bitcoin firms like Bitpay, Coinbase, etc provide guarantees to merchants that the transaction will be confirmed and they take the risk of fraud (double spending attacks) then that is certainly one solution. They can quickly (1 second?) do a check to make sure transactions look ok (based on current blockchain) and hope that double spending attacks will be rare.
I wouldn't be surprised, but haven't checked, if Coinbase or somebody has a solution for this, but I'm guessing it requires both merchant and customer to be using Coinbase.
I guess if the larger bitcoin firms like Bitpay, Coinbase, etc provide guarantees to merchants that the transaction will be confirmed and they take the risk of fraud (double spending attacks) then that is certainly one solution. They can quickly (1 second?) do a check to make sure transactions look ok (based on current blockchain) and hope that double spending attacks will be rare.
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