We can't buy something with Bitcoin quickly - page 2.

snowcrashed

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Quote from: ladydark on July 05, 2017, 05:43:53 AM

Quote from: glerand on June 21, 2017, 12:21:10 PM

For exemple, I go to a coffee shop, I buy a coffee, then I pay with Bitcoin, we have to wait for a confirmation, no? or the merchant will just trust me if I show my wallet?
How can we be sure that it's not a double spent transaction or something else?

It was a problem which existed earlier due to high transaction fee.But now things have started changing.Transactions are now confirmed very fast with even very low fees.Situations would change more if segwit is activated on august 1st.We could then be able to buy anything quickly.

Yeah I think when they start to accept Bitcoin as a payment method, they will ask buyer to send Bitcoin with a medium fee so that they can make sure that the amount of Bitcoin will arrive in their wallets.

zeta1

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It will be based on the type of the product, which you are interested in buying and also merchant type. It takes time but, cant't wait you for long time.

ladydark

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Quote from: glerand on June 21, 2017, 12:21:10 PM

For exemple, I go to a coffee shop, I buy a coffee, then I pay with Bitcoin, we have to wait for a confirmation, no? or the merchant will just trust me if I show my wallet?
How can we be sure that it's not a double spent transaction or something else?

It was a problem which existed earlier due to high transaction fee.But now things have started changing.Transactions are now confirmed very fast with even very low fees.Situations would change more if segwit is activated on august 1st.We could then be able to buy anything quickly.

Xester

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Quote from: Celsiuss on July 05, 2017, 05:33:12 AM

I have never used bitcoin in real life, but I imagine most want to wait for a confirmation, but who wants to wait 30 min or more? That's why I've never understood how people are using bitcoin in real life.

I think waiting for 30 minutes or more is really a big deal. But thank God I never experienced it. Five minutes transaction time is already long for me. I think the factor there is the internet connection. I do not know if the blockchain would be responsible for that. I actually buying phone reload and even paying bills through it. As long as I have clicked the payment button I will just wait for the confirmation. Do not need to worry.

NJB18

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That is one of the priority concerns of bitcoin for now. The confirmation date is really an issue for bitcoin.

Well, if the coffee shop would only take your word that the btc is already sent, there would be no need to wait for confirmation really. But if not, what can we do?

This is the downside of bitcoin. What if the blockchain has a very heavy traffic at the exact time when you make payments? You will both wait until forever just for the coffee payment.

Ashbite

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In some cases we cant buy quickly with bicoins,bitcoin price is very high this is the reason,sometimes we need to spend less money for small things.i wish in future bitcoin will use in small shops also.

Celsiuss

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I have never used bitcoin in real life, but I imagine most want to wait for a confirmation, but who wants to wait 30 min or more? That's why I've never understood how people are using bitcoin in real life.

hase0278

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Quote from: poplolnman on July 05, 2017, 05:18:08 AM

then that's a serious problem , it wouldn't work for a merchants like a supermarket and any other similar merchants where people come and go , transaction based on trust would never be a good thing in the real world . people would feel bitcoin wasn't useful at all. someone have to take care about this , yeah a stakeholder.

There are some bitcoin scaling proposals that might help bitcoin achieve faster transactions. In August 1, one of the said proposal will be implemented and will be chosen based on how many miners/pools are signalling it. After implementing the changes, we might be able to buy something with bitcoin quickly because transactions getting a confirmation might get fast again and might solve the problem of not being able to buy something quickly with bitcoin.

poplolnman

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Quote from: izanagi narukami on July 02, 2017, 11:05:36 AM

Bitcoin transaction may based on trust if you want to do quick transaction but other else , you need put huge fee for high priority if they insist .
As I know bitcoin may be slower to get confirm so for who want to accept bitcoin as their transaction may think twice

then that's a serious problem , it wouldn't work for a merchants like a supermarket and any other similar merchants where people come and go , transaction based on trust would never be a good thing in the real world . people would feel bitcoin wasn't useful at all. someone have to take care about this , yeah a stakeholder.

cantika

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Quote from: glerand on June 21, 2017, 12:21:10 PM

For exemple, I go to a coffee shop, I buy a coffee, then I pay with Bitcoin, we have to wait for a confirmation, no? or the merchant will just trust me if I show my wallet?
How can we be sure that it's not a double spent transaction or something else?

that's right, I agree with you. so I think real money is number one for that condition.

DoublerHunter

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Quote from: NeilLostBitCoin on July 05, 2017, 04:03:04 AM

yes at this stage. but we know that many businesses and stores are now adopting bitcoin. lets just give time for it to expand its assets. we all know that cryptocurrency is the future currency.

It is the future currency but the speed of transactions are not cooperating to the current needs of a business, they need a fast and reliable currency which can execute a lot of transaction in a short period of time without encountering some of the problems that can cause for bitcoin to get degrade in trust of the users and also the business owners that accepts bitcoin.

LouVandetta

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Quote from: Pattart on July 05, 2017, 03:11:47 AM

Quote from: izanagi narukami on July 02, 2017, 11:05:36 AM

Bitcoin transaction may based on trust if you want to do quick transaction but other else , you need put huge fee for high priority if they insist .
As I know bitcoin may be slower to get confirm so for who want to accept bitcoin as their transaction may think twice

I think every user (buyer) will not believe it with the seller especially in the world of the Internet and bitcoin where their identity is very secret. Of course they will not do the transaction with trust alone. Unless one is trusted. You can use escrow help if your bitcoin transaction wants to be safe

Well yeah, that's true.
It's hard if it's only based on trust.

But if we use an escrow does it mean that there'll be more fee involved, right?
yet, it's another story if the shop itself provided an escrows.

NeilLostBitCoin

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yes at this stage. but we know that many businesses and stores are now adopting bitcoin. lets just give time for it to expand its assets. we all know that cryptocurrency is the future currency.

BCTalkaccountforsale

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Quote from: glerand on June 21, 2017, 12:21:10 PM

For exemple, I go to a coffee shop, I buy a coffee, then I pay with Bitcoin, we have to wait for a confirmation, no? or the merchant will just trust me if I show my wallet?
How can we be sure that it's not a double spent transaction or something else?

At present, bitcoin has not been widely used so it is difficult to use it to pay for normal activities. Because merchants do not really trust bitcoin, they are still afraid to give us bitcoin payments.

Pattart

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Quote from: izanagi narukami on July 02, 2017, 11:05:36 AM

Bitcoin transaction may based on trust if you want to do quick transaction but other else , you need put huge fee for high priority if they insist .
As I know bitcoin may be slower to get confirm so for who want to accept bitcoin as their transaction may think twice

I think every user (buyer) will not believe it with the seller especially in the world of the Internet and bitcoin where their identity is very secret. Of course they will not do the transaction with trust alone. Unless one is trusted. You can use escrow help if your bitcoin transaction wants to be safe

sasaku bitbit

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If you really can't use the Bitcoin as practical way method of payment. This is because the wait time is the confirmation of transactions that can take hours and even days, as well as the increased transaction costs. With these issues, Bitcoin not classified as efficient mode of payment. However, in the near future, we will see some major improvements in technology Bitcoin. We will see almost instant transactions at a lower cost. . then it can't use bitcoin before waiting for confirmation

Vaskiy

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Quote from: andrei56 on July 05, 2017, 02:35:39 AM

Quote from: lecongnhan123 on July 01, 2017, 11:44:41 AM

Quote from: Reid on July 01, 2017, 12:54:27 AM

Quote from: glerand on June 21, 2017, 12:21:10 PM

For exemple, I go to a coffee shop, I buy a coffee, then I pay with Bitcoin, we have to wait for a confirmation, no? or the merchant will just trust me if I show my wallet?
How can we be sure that it's not a double spent transaction or something else?

They wont need that if they really know bitcoin.
It is not like Paypal that you could take it back. Once a transaction is in process it is good to go.
If only I got that business I would offer a bitcoin payment.
And as long you paid the right price it is good to go.
I dont even need your information because nothing bad would happen.

Hm? glerand, you said as if there were not any "Double spend" happened. If real shops do accept Bitcoin without any confirmation, some people will use that to do bad things. I think there should be some rules about Bitcoin fees, some minimum fees should be asked to make sure the payments will arrive.

Not possible, even at this point where the fees have gotten lowered somewhat, the truth is the fee you need to pay for a fast confirmation is simply too high, it could be possible the fee results to be higher than whatever you are trying to buy in the first place.

As the price has increased, along with that the adoption has increased and similarly the transaction fee too increased. This becomes a big issue when more transactions get stuck on the network. So as complications increase, developers will be in search of a solution and takes a short time to rectify. Now the same is happening, the recent decrease in the transaction fee is a part of it.

3lij4hB

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The reasons businesses trust PayPal and Creadit Cards are mainly two: a. Backup/Insurance, and b. you can almost always track it back.
Both are not accepted in the culture if Bitcoin (anonymous transactions).

The solution in my opinion may be indirect by creating a wallet service (Like PayPal but for Bitcoins) which can link an ID / Alternative payment and provide a security net for businesses. This wallet needs only to confirm that it has the requested amount and assure that it will or already have sent the requested amount to the destination wallet. This will take only a few seconds.

This, however, if have a conflict with the "spirit of BTC".

andrei56

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Quote from: lecongnhan123 on July 01, 2017, 11:44:41 AM

Quote from: Reid on July 01, 2017, 12:54:27 AM

Quote from: glerand on June 21, 2017, 12:21:10 PM

For exemple, I go to a coffee shop, I buy a coffee, then I pay with Bitcoin, we have to wait for a confirmation, no? or the merchant will just trust me if I show my wallet?
How can we be sure that it's not a double spent transaction or something else?

They wont need that if they really know bitcoin.
It is not like Paypal that you could take it back. Once a transaction is in process it is good to go.
If only I got that business I would offer a bitcoin payment.
And as long you paid the right price it is good to go.
I dont even need your information because nothing bad would happen.

Hm? glerand, you said as if there were not any "Double spend" happened. If real shops do accept Bitcoin without any confirmation, some people will use that to do bad things. I think there should be some rules about Bitcoin fees, some minimum fees should be asked to make sure the payments will arrive.

Not possible, even at this point where the fees have gotten lowered somewhat, the truth is the fee you need to pay for a fast confirmation is simply too high, it could be possible the fee results to be higher than whatever you are trying to buy in the first place.

n691309

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Quote from: glerand on June 21, 2017, 12:21:10 PM

For exemple, I go to a coffee shop, I buy a coffee, then I pay with Bitcoin, we have to wait for a confirmation, no? or the merchant will just trust me if I show my wallet?
How can we be sure that it's not a double spent transaction or something else?

There are some ways for both of you not to wait, one of them is if you both are coinbase users, if so then when you transfer bitcoin there is no need for any confirmation as it is instant since the coins are moved inside the same company. Another way is using BitGo but don't know if this applies to clients too, in this case in a coffee shop!

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