Transactions speed prevent us from going to Mainstream ? - page 5.

hexafraction

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Tips welcomed: 1CF4GhXX1RhCaGzWztgE1YZZUcSpoqTbsJ

Quote from: aso118 on August 03, 2015, 12:45:03 PM

The average confirmation time is 10 minutes.
For low value transactions (like a cup of coffee), you could take a risk and go ahead with unconfirmed transactions. It is highly unlikely they will be double spent. For high value transactions, you can wait for 6 confirmations (or almost an hour)

In a great majority of retail situations, shoplifting, bad checks, dine-and-dash are all orders of magnitude worse than Bitcoin double spending, even if Bitcoin is used equally frequently. Aside from instant payment processors, double spends can be mitigated by simply banning specific humans from the premises of a physical store.

aso118

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★Nitrogensports.eu★

The average confirmation time is 10 minutes.
For low value transactions (like a cup of coffee), you could take a risk and go ahead with unconfirmed transactions. It is highly unlikely they will be double spent. For high value transactions, you can wait for 6 confirmations (or almost an hour)

M83

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Transactions are instant and I don't think waiting 10-20 minutes for a confirmation matters. Why would it? Do you wait months for your burger at mcdonalds when you use a credit card? No. Besides, a payment processor like bitpay would cover any potential problems.

achow101

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Just writing some code

Quote from: OmegaStarScream on August 03, 2015, 12:31:35 PM

Could this be the reason , It's like 15-20mn to get at least 1 confirmation if I'am correct ?
Anyway the point is that we need some time to get transactions verified , could this actually prevent us from going to mainstream ? I mean if you want to buy something from McDonald are you supposed to wait 15mn while that's the time of your launch break ?

When you are buying parking tickets are you also supposed to wait few minuts ? Huh

It wouldn't make any sense .

Honestly , I'am not even sure what controls the speed of the transactions .

The transaction confirmation times are determined by the mining difficulty. But it is actually random, with the average block time and thus confirmation time supposed to be 10 minutes.

It might be the reason, but probably not. I think part of it is the fact that once confirmed in a few minutes, the transaction is non reversible, unlike credit card systems which can be reversible up to 180 days. By this logic, are you supposed to wait 180 days before your transaction becomes nonreversible so that you can actually buy something? No!

OmegaStarScream

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Could this be the reason , It's like 15-20mn to get at least 1 confirmation if I'am correct ?
Anyway the point is that we need some time to get transactions verified , could this actually prevent us from going to mainstream ? I mean if you want to buy something from McDonald are you supposed to wait 15mn while that's the time of your launch break ?

When you are buying parking tickets are you also supposed to wait few minuts ? Huh

It wouldn't make any sense .

Honestly , I'am not even sure what controls the speed of the transactions .

Topic: Transactions speed prevent us from going to Mainstream ? - page 5. (Read 3986 times)