Topic: What is the Future of Bitcoin ? - page 68. (Read 76854 times)

Quote from: gbooz on July 04, 2014, 04:27:56 PM

future of bitcoin is paying for everything with bitcoins, everyday grocery etc

I don't see many people paying with it through a drive through. 10 min wait could stall fast food lol

I wish people would stop bringing this up as if it's a problem. You don't have to wait ten minutes. Have you ever actually sent bitcoin?

Why do u think that u dont need to wait 10 min ? Unless u wait, there remains a chance of double spending ...is no it ?

There is always the chance of a double spend attack, even after 6 confirmations (via a 51% attack).

Once a TX has been propagated throughout the network nodes will consider the inputs as spend and will reject any TXs that contain the same inputs even when the TX is 0/unconfirmed. The only way to double spend would be to include a block in the blockchain that spends at least one of the same inputs. With small purchases like fast food this would generally not be economical.

Frankly speaking, most of the APIs do not work without at least 1 confirmation. So, when u r building an application, u'll most likely wait at least 1 confirmation, unless u are spending time to build your own API, which is again very unlikely for startups.

When there is a demand for bitcoin payment processing that accepts 0 confirmations payments then companies like bitpay and coinbase will build systems to support it. Right now there is very little demand for this kind of system as most companies that accept bitcoin sell over the internet or accept bitcoin for money owed on an account (direct tv) and they will not ship until after 10 minutes passes anyway.

arbitrage001

legendary

Activity: 1067

Merit: 1000

Quote from: arbitrage001 on July 04, 2014, 12:48:20 PM

Bitcoin future is looking brighter with California ruling.

Any companies that is headquartered in California will now be able to accept bitcoin for payment.

This does not mean that any of these will accept BTC.

Lowering transaction fee on cross border trade at the same time reaching out to geek will help the bottom line.

cbeast

donator

Activity: 1736

Merit: 1010

Let's talk governance, lipstick, and pigs.

Quote from: gbooz on July 04, 2014, 04:27:56 PM

Quote from: arbitrage001 on July 04, 2014, 12:48:20 PM

Bitcoin future is looking brighter with California ruling.

Any companies that is headquartered in California will now be able to accept bitcoin for payment.

This does not mean that any of these will accept BTC.

Only the hip and trendy ones. Cool

gbooz

newbie

Activity: 56

Merit: 0

Quote from: arbitrage001 on July 04, 2014, 12:48:20 PM

Bitcoin future is looking brighter with California ruling.

Any companies that is headquartered in California will now be able to accept bitcoin for payment.

This does not mean that any of these will accept BTC.

arbitrage001

legendary

Activity: 1067

Merit: 1000

Bitcoin future is looking brighter with California ruling.

Any companies that is headquartered in California will now be able to accept bitcoin for payment.

newIndia

legendary

Activity: 2226

Merit: 1049

Quote from: DannyElfman on July 02, 2014, 09:44:22 PM

Quote from: BitCoinDream on July 01, 2014, 01:39:40 PM

Quote from: Dogtanian on July 01, 2014, 01:11:29 PM

Quote from: BitCoinDream on July 01, 2014, 01:39:40 PM

future of bitcoin is paying for everything with bitcoins, everyday grocery etc

I don't see many people paying with it through a drive through. 10 min wait could stall fast food lol

I wish people would stop bringing this up as if it's a problem. You don't have to wait ten minutes. Have you ever actually sent bitcoin?

Why do u think that u dont need to wait 10 min ? Unless u wait, there remains a chance of double spending ...is no it ?

There is always the chance of a double spend attack, even after 6 confirmations (via a 51% attack).

Once a TX has been propagated throughout the network nodes will consider the inputs as spend and will reject any TXs that contain the same inputs even when the TX is 0/unconfirmed. The only way to double spend would be to include a block in the blockchain that spends at least one of the same inputs. With small purchases like fast food this would generally not be economical.

Frankly speaking, most of the APIs do not work without at least 1 confirmation. So, when u r building an application, u'll most likely wait at least 1 confirmation, unless u are spending time to build your own API, which is again very unlikely for startups.

Denise520

newbie

Activity: 28

Merit: 0

With credibility between users and sellers, Bitcoin may go to a new stage.

DannyElfman

sr. member

Activity: 406

Merit: 250

Quote from: Dogtanian on July 01, 2014, 01:11:29 PM

Quote from: jonald_fyookball on July 01, 2014, 01:59:54 PM

future of bitcoin is paying for everything with bitcoins, everyday grocery etc

I don't see many people paying with it through a drive through. 10 min wait could stall fast food lol

I wish people would stop bringing this up as if it's a problem. You don't have to wait ten minutes. Have you ever actually sent bitcoin?

Why do u think that u dont need to wait 10 min ? Unless u wait, there remains a chance of double spending ...is no it ?

There is always the chance of a double spend attack, even after 6 confirmations (via a 51% attack).

Once a TX has been propagated throughout the network nodes will consider the inputs as spend and will reject any TXs that contain the same inputs even when the TX is 0/unconfirmed. The only way to double spend would be to include a block in the blockchain that spends at least one of the same inputs. With small purchases like fast food this would generally not be economical.

gbooz

newbie

Activity: 56

Merit: 0

Quote from: gbooz on July 01, 2014, 01:57:27 PM

The future of BTC very much will depend on it's transparency and national/international regulations on tax and reporting of BTC. If regulative framework will remain at the present stage - many large businesses will be put off from accepting virtual currencies such as Bitcoins given the fringe nature of the industry and lack of transparency.

didnt seem to stop Dish or Expedia

I mean really large and really many.

jonald_fyookball

legendary

Activity: 1302

Merit: 1008

Core dev leaves me neg feedback #abuse #political

Quote from: gbooz on July 01, 2014, 01:57:27 PM

The future of BTC very much will depend on it's transparency and national/international regulations on tax and reporting of BTC. If regulative framework will remain at the present stage - many large businesses will be put off from accepting virtual currencies such as Bitcoins given the fringe nature of the industry and lack of transparency.

didnt seem to stop Dish or Expedia

gbooz

newbie

Activity: 56

Merit: 0

The future of BTC very much will depend on it's transparency and national/international regulations on tax and reporting of BTC. If regulative framework will remain at the present stage - many large businesses will be put off from accepting virtual currencies such as Bitcoins given the fringe nature of the industry and lack of transparency.

Skele

full member

Activity: 224

Merit: 100

VocalPlatform.com

I believe it's future will be the same as every new innovative stuff or technology; actually we are living it's rising, in a few years we will live it's climax

and maybe in long-term it will dissappear and another innovative thing will replace it...

BitCoinDream

legendary

Activity: 2380

Merit: 1209

The revolution will be digital

Quote from: Dogtanian on July 01, 2014, 01:11:29 PM

future of bitcoin is paying for everything with bitcoins, everyday grocery etc

I don't see many people paying with it through a drive through. 10 min wait could stall fast food lol

I wish people would stop bringing this up as if it's a problem. You don't have to wait ten minutes. Have you ever actually sent bitcoin?

Why do u think that u dont need to wait 10 min ? Unless u wait, there remains a chance of double spending ...is no it ?

Dogtanian

hero member

Activity: 756

Merit: 500

future of bitcoin is paying for everything with bitcoins, everyday grocery etc

I don't see many people paying with it through a drive through. 10 min wait could stall fast food lol

I wish people would stop bringing this up as if it's a problem. You don't have to wait ten minutes. Have you ever actually sent bitcoin?

newIndia

legendary

Activity: 2226

Merit: 1049

Quote from: Beliathon on June 30, 2014, 01:58:32 PM

future of bitcoin is paying for everything with bitcoins, everyday grocery etc

I don't see many people paying with it through a drive through. 10 min wait could stall fast food lol

Bitcoin was primarily devised to solve remittance problem, where 10 min is nothing. At the time of design, Satoshi probably did not think that Bitcoin may be used in fast food stall. But now as we are moving forward, we can solve this problem by incorporating side chains.

gbooz

newbie

Activity: 56

Merit: 0

Quote from: Cenenigo on June 29, 2014, 02:48:40 PM

The biggest problem that I see with bitcoin is that by design, it is a deflationary currency.

That's not a problem with bitcoin. On the contrary, Bitcoin's deflationary design is the SOLUTION to the deadly problem of inflationary fiat scrip.

Quote from: gbooz on June 30, 2014, 01:44:08 PM

Quote from: Cenenigo on June 29, 2014, 02:48:40 PM

Due to all of the above factors, I personally believe that bitcoin will inevitably completely implode if it doesn't fade into obscurity first.

Bitcoin is a lottery ticket for its holders.

Lottery tickets never fade into obscurity. Wink

No, bitcoin is nothing like the lottery. Lottery is - like fiat money - a scam for people who are bad at math. Bitcoin is in fact the inverse.

Also, you should use less emoticons when conversing with adults. Overusing emoticons makes you look stupid and insecure.

I am very emotional!

Beliathon

hero member

Activity: 784

Merit: 1000

https://youtu.be/PZm8TTLR2NU

The biggest problem that I see with bitcoin is that by design, it is a deflationary currency.

That's not a problem with bitcoin. On the contrary, Bitcoin's deflationary design is the SOLUTION to the deadly problem of inflationary fiat scrip.

Quote from: gbooz on June 30, 2014, 01:44:08 PM

Due to all of the above factors, I personally believe that bitcoin will inevitably completely implode if it doesn't fade into obscurity first.

Bitcoin is a lottery ticket for its holders.

Lottery tickets never fade into obscurity. Wink

No, bitcoin is nothing like the lottery. Lottery is - like fiat money - a scam for people who are bad at math. Bitcoin is in fact the inverse.

Also, you should use less emoticons when conversing with adults. Overusing emoticons makes you look stupid and insecure.

Vintage

newbie

Activity: 29

Merit: 0

future of bitcoin is paying for everything with bitcoins, everyday grocery etc

I don't see many people paying with it through a drive through. 10 min wait could stall fast food lol

gbooz

newbie

Activity: 56

Merit: 0

Due to all of the above factors, I personally believe that bitcoin will inevitably completely implode if it doesn't fade into obscurity first.

Bitcoin is a lottery ticket for its holders.

Lottery tickets never fade into obscurity. Wink

It is changing the format over the time...

newIndia

legendary

Activity: 2226

Merit: 1049