Topic: We can't buy something with Bitcoin quickly - page 9. (Read 6066 times)
No,we can't buy anything by bitcoin early.If we want to spend or buy anything by bitcoin we have to wait for it the present currency which is in the market place we used to buy anything.When we earn bitcoin it save in the wallet then we sell it.Then we get dollar as it's price.
At this stage, one who spends bitcoin for things is a fool. Coming to the point, no one will wait for the confirmed transaction.
And everyone who claims this is damn stupid.
If nobody would spend bitcoins on things one of the main uses of bitcoin would be wasted.
What would be left?
An investment into something....nobody uses cause it would be foolish to use it.
Good luck holding your bitcoins and thinking that the value will increase just like that without people buying and selling.
If it weren't for that "fool" who bought a 10k BTC and other that followed we would probably be still at 7$ per BTC right now, or maybe not even that
Depends on the merchant, the guy in my city(a baker) is fine with an unconfirmed tx. For sure there will be people that double spend as people are serious piles of shit, but that is just like the losers that dine and dash, steal from vending machines, etc. Business just eat the costs of human bile.
You can double spent a transaction with a phone wallet?But if you show your wallet, and the merchant verify that you send the transaction without any problem, and he find it in his wallet (without confirmations, but if you set a high fee, it will confirm soon).
Yeah, but if there are stores where they do accept bitcoin as a payment then we could easily buy things with bitcoin, but I recommend to you guys that as long as you could spend fiat on buying things that you do want or need, then it is more better that to spend bitcoin on it. Holding your bitcoin on your wallet and keep on saving it could make you rich someday and you could earn a lot of profits in the long run.
That is why this is not seen as the main purpose of Bitcoin, but censorship resistant transactions and storage of value are. I think new solutions like Lightning Network will make things easier for that purpose.
unfortunately i would like to says it's true and that's why most of stores around the world don't really dare to took bitcoin as the payment besides it's risky also the transactions fees was pretty high currently especially for buy small things such as a cup of coffee or A pack of candy the price will more expensive because every transactions including the fees will always belong to the buyers itself
yeah you're right bitcoin can't use on sometingk like fastfood, groceries etc. or you can... if you're willing to wait for a day to purchase i cup of coffee lol i think if they improve the fast transaction in bitcoins maybe we can use it in our daily life. and also if they decrease the transaction fee i guess it will be possible that bitcoin may be our currency even in the real world
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?
How can we be sure that it's not a double spent transaction or something else?
I think there is a bit of a misunderstanding here.
As soon as you hit the send button on your bitcoin client, the other party can see the transaction in their wallet as well. You don't need to show them the transaction from your perspective because everything is public on the bitcoin blockchain anyways.
Most double spending attempts are over the internet. Very little people would risk getting caught for double spending in real life and potentially get fined far more than they gained, for a cup of coffee or even electronics.
Bitcoin transactions are instant. But confirmations take time. Whether or not someone would accept 0 confirmation deposits is entirely up to them, but as long as they make sure that you pay good amounts of fees, they should be able to.
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?
How can we be sure that it's not a double spent transaction or something else?
No, it's not safe thereotically to accept bitcoin without any confirmations, however when you are just buying something for under $10 in real life at a vendor that you frequent, it is extremely improbable that you're going to double spend. double spending is extremely rare anyways, even when both parties don't know who the other party is.
It really depends on the seller, whether he trusts you or not. I'd say that you won't run into a problem of waiting for 10 minutes or more waiting for a confirmation if you have shown that you can be trusted in the past.
But then, why would you buy coffee with btc in the first place? Not only do very little merchants accept bitcoin irl, which is sad, you'd also be paying more in transaction fees than the actual cup of coffee
The merchant could easily see whether your transaction will be fine or not by checking out the current recommendation fee and compare it to yours, though, if the merchants use some sort of bitcoin payment gateway that supports zero confirmation, It's all will be fine, the money will be directly transferred to the merchant's bank account. Still, not a convenient way to go though.
Well not only that though the confirmation of Bitcoin could get sped up if the person decided to use an offline transaction instead of entirely relying on Blockchain.All the person will need to do after sending his wallet.dat file would be to change the password on his file while checking blockchain. The whole process could get sped up with a Blockchain Bootstrap file.
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The merchant could easily see whether your transaction will be fine or not by checking out the current recommendation fee and compare it to yours, though, if the merchants use some sort of bitcoin payment gateway that supports zero confirmation, It's all will be fine, the money will be directly transferred to the merchant's bank account. Still, not a convenient way to go though.
That is true in most of the cases but not always. Since Steam Summer Day Sales just started I want to remind you that you can buy games much cheaper than usual in these days there and they accept bitcoin with 0 confirmations. In many websites which they want 2-3 confirmation this maybe true but still not always. If you for example put maximum fees in Electrum wallet you can have 2-3 confirmations in less than 30 minutes.
At this stage, one who spends bitcoin for things is a fool. Coming to the point, no one will wait for the confirmed transaction.
Lol yeah fee is higher and if you use low fee it will be very long waiting for the confirmation was received. Maybe only the rich who do not question the fee to shop. But for me, I would choose to convert it to fiat for shopping lol
At the moment, Bitcoin isn't really meant for day to day transactions as the fees and time are way too high for a retail standard. There is really no point for people to use Bitcoin over fiat or their credit card. Although a lot of people say that Bitcoin should be used and shouldn't just be an investment, these 2 things make that really hard.
Also, only some stores require confirmations. There are many stores online that don't require a confirmation and I prefer to just use those.
Also, only some stores require confirmations. There are many stores online that don't require a confirmation and I prefer to just use those.
As of now, it is hard to buy something with bitcoin because it is not that worldwide accepted and bitcoin is still young and just getting started in getting noticed by the countries around the world, So if a country notice bitcoin then he can easily get adopted and used to be a currency and in that way we can easily now pay the things with bitcoin without having any issue. In terms of speed, it is normal to experience not that lighting fast transactions because of the volume in the network.
It's more good when you change your bitcoin into cash it's more easy to pay the normal bills. Bitcoin is the biggest amount in this world so it's not good to use when you pay a cheap amount of thing.
I prefer not to buy things with bitcoins only sometimes I can afford to make an online purchase. The reason as everybody have already said earlier: the fees, the time and also I'm trying to hold bitcoins for future.
If you're dealing with merchants who deal with bitcoin on daily basis, this should not be a problem. I think this should be only of concern if you're a first time customer or something.
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's depend with the store. some gambling site accept deposit with zero confirmation maybe some store will do same.How can we be sure that it's not a double spent transaction or something else?
What you are telling is a long back story, now all gambling sites are accepting deposit after 1 confirmation because due to some users misused this offer of sending bitcoins to the gambling sites with very low fees and before the transaction get cancelled and they get refund they get bitcoin in their gambling wallet and they are gambling it and if won just withdraw it or else when lost they just close their account.
so i think zero confirmation will be loss if the stores or any other business uses it
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's depend with the store. some gambling site accept deposit with zero confirmation maybe some store will do same. How can we be sure that it's not a double spent transaction or something else?
At this stage, one who spends bitcoin for things is a fool. Coming to the point, no one will wait for the confirmed transaction.
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