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Topic: What real world situation have you had problems due to 10 minute confirmation? - page 2. (Read 1349 times)

legendary
Activity: 3598
Merit: 2386
Viva Ut Vivas
well, not exactly problem with it..but I was in some newspaper store before couple of weeks, paid by bitcoins and lady ask me to wait until first confirmation, so I spend ~15 minutes here just because..Smiley

Strange, like you're going to attempt a double spend on a few dollars at a newspaper store. Most merchants use some sort of third party service like BitPay that mitigates the risk. Cool that she's old school but she should know she doesn't need to wait all that time.

She doesn't keep people there 180 days while their credit card transaction becomes non-reversible.

How would you even manage to double spend? Don't you need to send the payments at the same time from another device? And wont the creditcard companies also mitigate the risk of a charegback? Wont they take the hit if something goes wrong or am I wrong?

Satoshi said that after a few seconds it becomes very difficult.

You would probably have to initiate a simultaneous spend on the other side of the planet and hope that the miners there find a block before the miners near the transaction find it.
newbie
Activity: 54
Merit: 0
well, not exactly problem with it..but I was in some newspaper store before couple of weeks, paid by bitcoins and lady ask me to wait until first confirmation, so I spend ~15 minutes here just because..Smiley

Strange, like you're going to attempt a double spend on a few dollars at a newspaper store. Most merchants use some sort of third party service like BitPay that mitigates the risk. Cool that she's old school but she should know she doesn't need to wait all that time.

She doesn't keep people there 180 days while their credit card transaction becomes non-reversible.

How would you even manage to double spend? Don't you need to send the payments at the same time from another device? And wont the creditcard companies also mitigate the risk of a charegback? Wont they take the hit if something goes wrong or am I wrong?
legendary
Activity: 3598
Merit: 2386
Viva Ut Vivas
well, not exactly problem with it..but I was in some newspaper store before couple of weeks, paid by bitcoins and lady ask me to wait until first confirmation, so I spend ~15 minutes here just because..Smiley

Strange, like you're going to attempt a double spend on a few dollars at a newspaper store. Most merchants use some sort of third party service like BitPay that mitigates the risk. Cool that she's old school but she should know she doesn't need to wait all that time.

She doesn't keep people there 180 days while their credit card transaction becomes non-reversible.
hero member
Activity: 658
Merit: 501
So...have you ever had a real world situation where you actually sent your bitcoins with the transaction fee and were inconvenienced by the 10 minute confirmation?

Sure, there are many sites like exchanges, gambling sites, marketplace sites (purse.io) and tipping sites (Changetip) that require 2-3 confirmations before funds are available. Additionally, people selling a used car/boat/expensive item in person are delayed 30 minutes to 1 hour before completing the transaction. Any product or service which doesn't involve shipping a physical item is greatly effected. Using a payment processor who studies the mempool and looks for other patterns helps this situation but ultimately doesn't provide a decentralized approach to confirming transactions.

This being said I think reducing confirmation times down to 1 minute as Gavin recently gave a nod to is unnecessary and doesn't go far enough. Lets leave it at 10 minutes to reduce orphan rate and introduce solutions that provide 1 second confirmations -

https://bitcointalksearch.org/topic/lightning-network-another-proposal-to-make-bitcoin-scale-970822
newbie
Activity: 22
Merit: 0
I haven't run into any problems yet but that's because I've only used my coins for purchase online but they seem to have gone through seconds after I sent them. I guess maybe there could be problems using them in the real world especially if you can't get a internet connection and is using bitcoin over a public wifi a good idea or safe? Could people not steal your coins this way?
hero member
Activity: 840
Merit: 1000
10 min block time is much slower than cash or domestic bank transfer, but it's much faster than bank international transfer, generally, bank international or wire transfer takes a serious time, like 2-5 work days, it means if you transfer money on Friday, you may get the money in next Friday, it's total 7 days, 5 working days, insane slow, but btc is faster than it, so it's not slow for international bank transfer, and much cheaper than it or western union.
legendary
Activity: 1036
Merit: 1001
/dev/null
well, not exactly problem with it..but I was in some newspaper store before couple of weeks, paid by bitcoins and lady ask me to wait until first confirmation, so I spend ~15 minutes here just because..Smiley

it is not problem like PROBLEM, it is just something different. If you are paying by card or cash, once pin is confirmed or money put to other hand you are done, you can leave and everybody is somehow sure, that payment will proceed and all is clear. done.

with bitcoin, it is like "waiting for miracle", at least for non-technical guys etc. so yes, it is inconvenient..at least.
legendary
Activity: 1722
Merit: 1000
Inconvenienced sure.. I had to wait 10 mintues to use what I bought.. a problem lol no.

Although TBH it might of taken me 10+ mintues to fill all the crap out I would of needed to fill out if it was a Visa purchase. 
legendary
Activity: 3598
Merit: 2386
Viva Ut Vivas
As someone who lives almost exclusively on Bitcoin I have not once had a problem due to confirmations taking 10 minutes.

Most real world uses of Bitcoin I have been able to send my Bitcoin transaction in seconds.

Transaction time is in seconds, confirmation time is in 10 minute blocks (for those who still have yet to figure this out).

Just like your credit card takes a few seconds for the transaction. But the credit card confirmation time is 180 days.

Some websites require that you wait 3 confirmations, but if you order something online what is the big deal with waiting 30 minutes? Is your order going to be shipped the next day 30 minutes slower? You order it, send the bitcoins and walk away (I usually check blockchain.info to verify that the transaction is on its way).

With localbitcoins I usually send via localbitcoins which is instantaneous. The few times I have had someone want me to send it to his wallet, it took seconds for him to see that the transaction went through. The reputation system discourages me from attempting to reverse the transaction.

The one time I had a guy that wanted to wait for a confirmation it was reasonable. It was a fairly large transaction and we were chilling in McDonalds so it was no big deal, he even bought me some McNuggets for the wait.

So...have you ever had a real world situation where you actually sent your bitcoins with the transaction fee and were inconvenienced by the 10 minute confirmation?
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