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Bitcoin => Bitcoin Discussion => Topic started by: OmegaStarScream on August 03, 2015, 05:31:35 PM



Title: Transactions speed prevent us from going to Mainstream ?
Post by: OmegaStarScream on August 03, 2015, 05:31:35 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 ?  ??? It wouldn't make any sense .

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


Title: Re: Transactions speed prevent us from going to Mainstream ?
Post by: achow101 on August 03, 2015, 05:38:21 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 ?  ??? 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!


Title: Re: Transactions speed prevent us from going to Mainstream ?
Post by: M83 on August 03, 2015, 05:43:05 PM
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.


Title: Re: Transactions speed prevent us from going to Mainstream ?
Post by: aso118 on August 03, 2015, 05:45:03 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)


Title: Re: Transactions speed prevent us from going to Mainstream ?
Post by: hexafraction on August 03, 2015, 09:41:54 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.


Title: Re: Transactions speed prevent us from going to Mainstream ?
Post by: ransomer on August 03, 2015, 10:22:51 PM
No it doesn't. And if it does - it is a good thing.

Because we don't want bitcoin to go mainstream until everyone's grandmothers can easily store their bitcoins.... the current solutions are either unsafe or way too nerdy for mass-adoption.

If we have mass adoption before it is safe - he will have so many horror stories of hacking etc that bitcoin will get a horrible name, and might die as a result.


Title: Re: Transactions speed prevent us from going to Mainstream ?
Post by: neurotypical on August 03, 2015, 10:42:13 PM
Not really, what prevent us going mainstream is simply that people is unaware of Bitcoin. It's actually good that there isn't a sudden spike of newbies using Bitcoin, im not sure if we are ready to sustain x10 the transaction amount now but thats not the main case, the thing is most people are completely unaware on BTC yet.


Title: Re: Transactions speed prevent us from going to Mainstream ?
Post by: unamis76 on August 03, 2015, 10:48:51 PM
Another thread confusing everything. Transaction speed is one thing, confirmations are another. Transactions are instant: how can it be better than that? Confirmation do take time. Security takes time. So no, I don't think transaction speed is preventing anything :)

Way more secure accepting 0 confirmation transactions than Visa ones, in my opinion.


Title: Re: Transactions speed prevent us from going to Mainstream ?
Post by: PolarPoint on August 03, 2015, 11:02:35 PM
Transaction speed and confirmations is a problem for bitcoin but it is not preventing Bitcoin from going mainstream now. We already have instant off chain transfer wallets and payment gateways. Confirmation is not a problem. It is the difficulty of use and legitimacy that is stopping people from using bitcoin.


Title: Re: Transactions speed prevent us from going to Mainstream ?
Post by: StevenS on August 03, 2015, 11:04:34 PM
Because we don't want bitcoin to go mainstream until everyone's grandmothers can easily store their bitcoins.... the current solutions are either unsafe or way too nerdy for mass-adoption.

+1
I was helping someone set up a wallet (Mycelium on Android), and since I insisted, I walked him through creating a backup of the key, written down on paper.  I have no idea what happened to this backup, and if I wasn't there, the average person may not have even made one, or lost it somewhere.

People are not used to the importance of protecting money in this way:

If you lose your checkbook, you get the bank to put a hold on it, and issue you a new number, if necessary.
If someone forges a check, the bank will reverse it.
If someone steals your credit card, you get a new one, and you are covered for most fraudulent transactions.
If you have gold coins, you keep them locked in a safe.
When you carry cash, you keep a limited supply, and you keep it close.

Bitcoin has an entirely new security model, which non-geeks are not familiar with. We need a solution for the masses before it's safe to release Bitcoin to ordinary people.


Title: Re: Transactions speed prevent us from going to Mainstream ?
Post by: freeyourmind on August 04, 2015, 12:05:07 AM
Because we don't want bitcoin to go mainstream until everyone's grandmothers can easily store their bitcoins.... the current solutions are either unsafe or way too nerdy for mass-adoption.

+1
I was helping someone set up a wallet (Mycelium on Android), and since I insisted, I walked him through creating a backup of the key, written down on paper.  I have no idea what happened to this backup, and if I wasn't there, the average person may not have even made one, or lost it somewhere.

People are not used to the importance of protecting money in this way:

If you lose your checkbook, you get the bank to put a hold on it, and issue you a new number, if necessary.
If someone forges a check, the bank will reverse it.
If someone steals your credit card, you get a new one, and you are covered for most fraudulent transactions.
If you have gold coins, you keep them locked in a safe.
When you carry cash, you keep a limited supply, and you keep it close.

Bitcoin has an entirely new security model, which non-geeks are not familiar with. We need a solution for the masses before it's safe to release Bitcoin to ordinary people.

As it becomes more mainstream, I think more businesses will get involved to make the payment process easier, to the point where it's just an NFC tap, similar to paypass on a credit card.


Title: Re: Transactions speed prevent us from going to Mainstream ?
Post by: ransomer on August 04, 2015, 12:09:32 AM
Because we don't want bitcoin to go mainstream until everyone's grandmothers can easily store their bitcoins.... the current solutions are either unsafe or way too nerdy for mass-adoption.

+1
I was helping someone set up a wallet (Mycelium on Android), and since I insisted, I walked him through creating a backup of the key, written down on paper.  I have no idea what happened to this backup, and if I wasn't there, the average person may not have even made one, or lost it somewhere.

People are not used to the importance of protecting money in this way:

If you lose your checkbook, you get the bank to put a hold on it, and issue you a new number, if necessary.
If someone forges a check, the bank will reverse it.
If someone steals your credit card, you get a new one, and you are covered for most fraudulent transactions.
If you have gold coins, you keep them locked in a safe.
When you carry cash, you keep a limited supply, and you keep it close.

Bitcoin has an entirely new security model, which non-geeks are not familiar with. We need a solution for the masses before it's safe to release Bitcoin to ordinary people.

As it becomes more mainstream, I think more businesses will get involved to make the payment process easier, to the point where it's just an NFC tap, similar to paypass on a credit card.

You are msiunderstanding. We are not talking about the payment (although that also needs a bit of innovation), but rather the storing of them. The storing them safely is where bitcoin really needs some innovation.


Title: Re: Transactions speed prevent us from going to Mainstream ?
Post by: Andy4.4 on August 04, 2015, 04:56:58 AM
Yes it is a major problem in my opinion.
But confirmation are essential for secure payment.
You can just pay cash at these places.
Bitcoin is currently new as compared to fiat.


Title: Re: Transactions speed prevent us from going to Mainstream ?
Post by: Kazimir on August 04, 2015, 05:48:06 AM
You are mixing up transaction speed with confirmation speed.

Transaction speed with Bitcoin is instant. A payment takes 1-2 sec, and you're done.

Only if you are dealing with a *huge* amount (like buying a €100K+ car or something) it would make sense to await a confirmation. For regular payments, like a cup of coffee, parking ticket, or diner in your restaurant, they can accept zero-confirmation payments without any significant risk - MUCH lower than when accepting credit cards, for example.

When a customer pays with credit card, a shop owner does not make the customer wait until the transaction becomes irreversible (which is typically 6+ months for most Visa and MasterCards).
Similarly, they should not make a customer wait if they pay with Bitcoin either, even though the confirmation time or 'irreversibility time' is only 10 minutes on average.

If they're scared about double spends, they should use a Bitcoin payment provider. There are plenty, it's free of charge and then they have zero risk.



Title: Re: Transactions speed prevent us from going to Mainstream ?
Post by: culexevilman on August 04, 2015, 05:48:52 AM
I agree with above post. ;)


Title: Re: Transactions speed prevent us from going to Mainstream ?
Post by: Jace on August 04, 2015, 05:51:46 AM
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 ?
No, you're not. You're comparing apples and pears.

Maybe this clarifies things:

Transaction time (the time it takes to process a payment)
Bitcoin: 1-2 sec
Credit card: 3-5 sec

Money arrival time (the time at which the merchant actually receives the money and can spend it)
Bitcoin: 1-2 sec
Credit card: several business days

Confirmation time (the time at which the merchant can be sure the payment won't be reversed)
Bitcoin: 10 minutes
Credit card: 6+ months

So, what was the problem with Bitcoin, again?


Title: Re: Transactions speed prevent us from going to Mainstream ?
Post by: Thekool1s on August 04, 2015, 06:04:39 AM
I just bought few btc worth around $120, The transaction was instant but conformation took 5 minutes. It depends on how much fees you give too, Like if you are buying a car worth $100 K you can certainly pay $1 or $2 for the fees and then see how quickly you get the conformation too. It is not a problem people should understand this by now if we want to go mainstream ;) :D


Title: Re: Transactions speed prevent us from going to Mainstream ?
Post by: monsanto on August 04, 2015, 06:05:53 AM
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 ?

No, IMO other things are preventing bitcoin from going mainstream. It doesn't really solve a big problem in most peoples lives. It wouldn't make life much easier for most American's purchases, and would probably just complicate things and introduce new risks. It has niche uses but for most people's everyday purchases I doubt it will ever go "mainstream."


Title: Re: Transactions speed prevent us from going to Mainstream ?
Post by: OmegaStarScream on August 04, 2015, 06:35:07 AM
I just bought few btc worth around $120, The transaction was instant but conformation took 5 minutes. It depends on how much fees you give too, Like if you are buying a car worth $100 K you can certainly pay $1 or $2 for the fees and then see how quickly you get the conformation too. It is not a problem people should understand this by now if we want to go mainstream ;) :D

Well I know about that , and I could even pay 10$ for such big amounts when I buy a car or a house or something that is expensive but that's why I'am speaking about little stuff like lunch at McDonald or paying the parking ticket because they are little amount and if u add big fees it's just like you are losing money .

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 ?
No, you're not. You're comparing apples and pears.

Maybe this clarifies things:

Transaction time (the time it takes to process a payment)
Bitcoin: 1-2 sec
Credit card: 3-5 sec

Money arrival time (the time at which the merchant actually receives the money and can spend it)
Bitcoin: 1-2 sec
Credit card: several business days

Confirmation time (the time at which the merchant can be sure the payment won't be reversed)
Bitcoin: 10 minutes
Credit card: 6+ months

So, what was the problem with Bitcoin, again?

I'am not supporting Credit cards to be honest and I love bitcoin however CC is reversible indeed but ... there is no double spend like on BTC if it doesn't get verified .
and imagine if the transaction don't get verified at all for a reason or another , it will end up going back to the buyer which will make the seller losing money .


Title: Re: Transactions speed prevent us from going to Mainstream ?
Post by: Thekool1s on August 04, 2015, 06:42:20 AM
First of all who would do a double spend on small items. Double spending is no easy task, and with normal fees too you get fast conformations. The alternative is that they introduce microwallets like faucets do. People can transfer funds to those and pay them via micro transactions which don't need conformations. Its matter of when this is going to happen, Bitcoin has all the things which the world needs :)


Title: Re: Transactions speed prevent us from going to Mainstream ?
Post by: Josef27 on August 04, 2015, 06:51:02 AM
First of all who would do a double spend on small items. Double spending is no easy task, and with normal fees too you get fast conformations. The alternative is that they introduce microwallets like faucets do. People can transfer funds to those and pay them via micro transactions which don't need conformations. Its matter of when this is going to happen, Bitcoin has all the things which the world needs :)
You mean by offchain? Why use cash or credit card instead because it's still a same thing as centralized?
Also now seems hard to trust someone handling the "microwallet" thing for big thing, anything can happen.


Title: Re: Transactions speed prevent us from going to Mainstream ?
Post by: S4VV4S on August 04, 2015, 06:58:29 AM
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 ?  ??? It wouldn't make any sense .

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

Transactions confirmation times shouldn't be a problem.
It does however require third party to confirm the transaction for you.
E.g. Xapo offers a Bitcoin Credit Card.
I don't know how it works but I am guessing, if your account has Bitcoins in it then Xapo will confirm the transaction instantly.


Title: Re: Transactions speed prevent us from going to Mainstream ?
Post by: Herbert2020 on August 04, 2015, 07:01:17 AM
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 ?  ??? It wouldn't make any sense .

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

you are making a minor mistake about transaction speed and confirmation speed. the transaction speed is super fast in matter of seconds but the confirmation speed is longer (minutes).

businesses like McDonald (if they start accepting bitcoin) won't care about the confirmation as long as they see the transaction in their wallet. and in the hundreds of their customers i doubt if there would be even one or two who might scam them and double spend the bitcoin.


Title: Re: Transactions speed prevent us from going to Mainstream ?
Post by: Thekool1s on August 04, 2015, 07:06:30 AM
First of all who would do a double spend on small items. Double spending is no easy task, and with normal fees too you get fast conformations. The alternative is that they introduce microwallets like faucets do. People can transfer funds to those and pay them via micro transactions which don't need conformations. Its matter of when this is going to happen, Bitcoin has all the things which the world needs :)
You mean by offchain? Why use cash or credit card instead because it's still a same thing as centralized?
Also now seems hard to trust someone handling the "microwallet" thing for big thing, anything can happen.

No it is not, suppose mc Donald launches there own microwallet, You can fund it, e.g 1 btc in it and when the next time you go, you simply pay by the microwallet instantly, They will be in charge of the microwallets so any losses will be covered by them. How is this linked to centralizing? They can withdraw from it when ever they want, It will be bitcoin no Macbit :P


Title: Re: Transactions speed prevent us from going to Mainstream ?
Post by: Josef27 on August 04, 2015, 07:25:32 AM
First of all who would do a double spend on small items. Double spending is no easy task, and with normal fees too you get fast conformations. The alternative is that they introduce microwallets like faucets do. People can transfer funds to those and pay them via micro transactions which don't need conformations. Its matter of when this is going to happen, Bitcoin has all the things which the world needs :)
You mean by offchain? Why use cash or credit card instead because it's still a same thing as centralized?
Also now seems hard to trust someone handling the "microwallet" thing for big thing, anything can happen.

No it is not, suppose mc Donald launches there own microwallet, You can fund it, e.g 1 btc in it and when the next time you go, you simply pay by the microwallet instantly, They will be in charge of the microwallets so any losses will be covered by them. How is this linked to centralizing? They can withdraw from it when ever they want, It will be bitcoin no Macbit :P
If every bussiness use their own microwallet system then, that would be hard for each customer because they have to work hard to depositing each microwallet, and that just make the payments even more confusing.
Of course microwallet is centralized, because the real owner of the bussiness able to control over all of the coins


Title: Re: Transactions speed prevent us from going to Mainstream ?
Post by: TrueBeliever on August 04, 2015, 07:32:59 AM
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 ?  ??? It wouldn't make any sense .

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

Normally it is not required to wait for the confirmation if you are using a service such as bitpay.  Firstly it is not possible to cancel a legitimate btc transaction.  So the payment processor can analyze the propagation of the transaction through the network, if the transaction is not being rejected by nodes and is propagating at an expected rate then it is expected to be confirmed.  So the payment processor can 'approve' a payment in seconds.

In effect the payment processor is using nodes as a transaction validator, the transaction would be rejected by nodes if there was an issue.  The transaction will remain at the nodes to be queued to be added to a block.  The merchant will need to wait until transaction is confirmed before being able to spend the amount.

if the merchant was doing a wallet to wallet transaction with a customer then yes they might wait for confirmation as you pointed out, but in reality merchants are using payment processors - which provide other services including dynamic pricing, instant conversion etc...


Title: Re: Transactions speed prevent us from going to Mainstream ?
Post by: Thekool1s on August 04, 2015, 07:33:53 AM
First of all who would do a double spend on small items. Double spending is no easy task, and with normal fees too you get fast conformations. The alternative is that they introduce microwallets like faucets do. People can transfer funds to those and pay them via micro transactions which don't need conformations. Its matter of when this is going to happen, Bitcoin has all the things which the world needs :)
You mean by offchain? Why use cash or credit card instead because it's still a same thing as centralized?
Also now seems hard to trust someone handling the "microwallet" thing for big thing, anything can happen.

No it is not, suppose mc Donald launches there own microwallet, You can fund it, e.g 1 btc in it and when the next time you go, you simply pay by the microwallet instantly, They will be in charge of the microwallets so any losses will be covered by them. How is this linked to centralizing? They can withdraw from it when ever they want, It will be bitcoin no Macbit :P
If every bussiness use their own microwallet system then, that would be hard for each customer because they have to work hard to depositing each microwallet, and that just make the payments even more confusing.
Of course microwallet is centralized, because the real owner of the bussiness able to control over all of the coins


But we don't expect mc Donald's to scam :P, Ok In that we can say its centralized, But we can always make apps which can manage our microwallets, Like 1 main app which we fund and in there are microwallets of big business and we can manage effectively how much we want to spend on a specific store etc. I think its doable, Bitcoin has every solution as I said :)


Title: Re: Transactions speed prevent us from going to Mainstream ?
Post by: acquafredda on August 04, 2015, 07:37:20 AM
I also think that transaction speed is an issue at the moment. For everyday spending if one goes to a place and spends very little no one would like to spend much in transactions fees: this lets you wait (how long??) until the transaction is confirmed.

Right now the title of this thread is correct: Transactions speed are preventing us our legitimate growth.

The question is: is there a solution or not?


Title: Re: Transactions speed prevent us from going to Mainstream ?
Post by: thebenjamincode on August 04, 2015, 07:46:03 AM
Yeah you're right there buddy, that's why i am hoping that bitcoin could change this so that we won't wait very long whenever we would send money to someone. But if this would not be resolve, i am hoping that an altcoin like ripple or stellar would go main stream since it offers very fast transaction speed


Title: Re: Transactions speed prevent us from going to Mainstream ?
Post by: Thekool1s on August 04, 2015, 07:52:21 AM
I also think that transaction speed is an issue at the moment. For everyday spending if one goes to a place and spends very little no one would like to spend much in transactions fees: this lets you wait (how long??) until the transaction is confirmed.

Right now the title of this thread is correct: Transactions speed are preventing us our legitimate growth.

The question is: is there a solution or not?

Right now the only solution that comes to mind is microwallets by major firms if they want to become scam free. That will cause centralization but it is a solution, But I think its not of a big deal,

Imagine you want to eat out X(famous) restaurant etc tonight, You can transfer funds to the microwallet like few hours earlier and when you go out to dine etc you pay via microwallet no waiting etc. but we will need an wallet which can manage all the microwallets etc to make the process easier.


Title: Re: Transactions speed prevent us from going to Mainstream ?
Post by: Thekool1s on August 04, 2015, 07:56:31 AM
Yeah you're right there buddy, that's why i am hoping that bitcoin could change this so that we won't wait very long whenever we would send money to someone. But if this would not be resolve, i am hoping that an altcoin like ripple or stellar would go main stream since it offers very fast transaction speed

You should checkout bitshares. Its a new coin and it has a huge potential intant transactions etc, and it also offers bitUSD, BitEur bitGold and even BitBTC. so you could get paid in USD, Eur while giving away a fee of like 0.0007 Cents even for super huge payments, I recently bought btc via bitUsd and guess what I paid a fees of 0.0007 cents and I received the btc instantly, I too think we need a solution for bitcoin or it cant help and probably alt coins will take over with features like these.

BitBTC I think solves this problem too.


Title: Re: Transactions speed prevent us from going to Mainstream ?
Post by: Jace on August 04, 2015, 09:32:36 AM
I'am not supporting Credit cards to be honest and I love bitcoin however CC is reversible indeed but ... there is no double spend like on BTC if it doesn't get verified .
Of course there is. I spend $10 with my credit card in McDonalds. Then I chargeback, thus the payment gets reversed. Or in a way you could say it gets 'unverified' (in fact, a CC payment doesn't even get verified until 6-12 months). Then I spend the same $10 on a pizza. See, I just double spent my $10.


Quote
and imagine if the transaction don't get verified at all for a reason or another , it will end up going back to the buyer which will make the seller losing money .
1. It will make the seller losing money just as much as with credit cards or paypal. In fact, with credit cards or paypal it's even worse, because the seller not only loses his money, but also has to pay chargeback or refund fees (enforced by visa/mastercard/paypal, nothing you can do about it).

2. "Imagine if the transaction doesn't get verified", do you have any idea how extremely, immensely, extraordinarily unlikely this is? It just doesn't happen. Especially not without using ridiculous trickery that is very easy to detect (like zero fee, or duplicate conflicting transactions, or tons of dust outputs, etc).

Seriously, try it. You simply won't be able to send a normal transaction and prevent it from being verified.


Title: Re: Transactions speed prevent us from going to Mainstream ?
Post by: Kazimir on August 04, 2015, 09:46:36 AM
I'm surprised there is so much misconception about this :(

I also think that transaction speed is an issue at the moment. For everyday spending if one goes to a place and spends very little no one would like to spend much in transactions fees: this lets you wait (how long??) until the transaction is confirmed.

Right now the title of this thread is correct: Transactions speed are preventing us our legitimate growth.

The question is: is there a solution or not?
In fact, there is no problem. Bitcoin's transaction speed is about 1-2 seconds. How much faster would that need to be? Bitcoin is already faster than any other payment method on the planet.
 
 
Yeah you're right there buddy, that's why i am hoping that bitcoin could change this so that we won't wait very long whenever we would send money to someone. But if this would not be resolve, i am hoping that an altcoin like ripple or stellar would go main stream since it offers very fast transaction speed
Nope, ripple or stellar have similar transaction speed to Bitcoin. Except Bitcoin's network is much, MUCH faster, larger, and more efficient and powerful. Altcoins (including ripple and stellar) don't even come close.
 
 
Right now the only solution that comes to mind is microwallets by major firms if they want to become scam free. That will cause centralization but it is a solution, But I think its not of a big deal,

Imagine you want to eat out X(famous) restaurant etc tonight, You can transfer funds to the microwallet like few hours earlier and when you go out to dine etc you pay via microwallet no waiting etc. but we will need an wallet which can manage all the microwallets etc to make the process easier.
Realistically, this is not gonna happen. Besides, having a bunch of 'trusted wallets' or 'major firms' introduces a new kind of 3rd parties or middle men, which is completely against Bitcoin's decentralized nature.

We don't need that crap. We just need everybody to realize that for normal expenses, like paying for dinner at a restaurant, you don't need to wait for a confirmation. Paying with Bitcoin takes about 1 second, and you're done. Simple as that.

Let me stress this again: THERE IS NO PROBLEM.


Title: Re: Transactions speed prevent us from going to Mainstream ?
Post by: Mr Moustache on August 04, 2015, 09:58:01 AM
I don't think its a problem at all. When you send bitcoin its instant and how many times has the payment never confirmed? It's zero for me. Aren't double spends rare at best?


Title: Re: Transactions speed prevent us from going to Mainstream ?
Post by: mallard on August 04, 2015, 10:10:52 AM
Because we don't want bitcoin to go mainstream until everyone's grandmothers can easily store their bitcoins.... the current solutions are either unsafe or way too nerdy for mass-adoption.

What do you mean?
Multibit is secure and easy to use, and there are lots of other clients that are also easy to use.


Title: Re: Transactions speed prevent us from going to Mainstream ?
Post by: bornil267645 on August 04, 2015, 10:14:42 AM
The Bitcoin Transaction system is still faster than anything else available right now. So I don't think that is the problem. I think most of the service providers do not want to give their users the power of anonymity by allowing bitcoin.


Title: Re: Transactions speed prevent us from going to Mainstream ?
Post by: Kazimir on August 04, 2015, 10:22:40 AM
Because we don't want bitcoin to go mainstream until everyone's grandmothers can easily store their bitcoins.... the current solutions are either unsafe or way too nerdy for mass-adoption.

What do you mean?
Multibit is secure and easy to use, and there are lots of other clients that are also easy to use.
Sorry, but no. As a geek and Bitcoin-savvy user, I like MultiBit a lot, but it's most definitely not ready for mass consumers yet.

If you doubt it, try and get your mother or grandmother to give MultiBit a try. Don't explain things or do everything for her, just let her find out herself. Unless of you have a nerdy (grand)mother (which is cool) she most likely won't figure it out.

The only two wallets I currently consider somewhat "mass audience proof" are Mycelium (Android) and Breadwallet (iOS).


Title: Re: Transactions speed prevent us from going to Mainstream ?
Post by: Kazimir on August 04, 2015, 12:07:36 PM
I think most of the service providers do not want to give their users the power of anonymity by allowing bitcoin.
Yep. Fortunately, we don't need those service providers (or their consent) to use Bitcoin. There's nothing for them to 'allow'. That's the whole idea of Bitcoin, to become independent of 3rd parties or middle men.

Obviously, the middle men with their current monopoly won't like that. Well, tough luck! The postal services didn't like email either. Technology, bitches! :D


Title: Re: Transactions speed prevent us from going to Mainstream ?
Post by: GODLIKE on August 04, 2015, 12:22:46 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 ?  ??? It wouldn't make any sense .

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

Bitcoin doesn't go mainstream for several reasons, but the worst and more difficult to fight of them is mental inertia.
People don't really know how money work and they keep using it just because they trust it.
At the same time they can't really catch HOW Bitcoin works, and Bitcoin is difficult to trust for a huge amount of people, exactly because they can't understand it.
It will be a slow, slow penetration... as Bill Gates stated: "it's a technological tour de force."


Title: Re: Transactions speed prevent us from going to Mainstream ?
Post by: Amph on August 04, 2015, 12:38:56 PM
I think most of the service providers do not want to give their users the power of anonymity by allowing bitcoin.
Yep. Fortunately, we don't need those service providers (or their consent) to use Bitcoin. There's nothing for them to 'allow'. That's the whole idea of Bitcoin, to become independent of 3rd parties or middle men.

Obviously, the middle men with their current monopoly won't like that. Well, tough luck! The postal services didn't like email either. Technology, bitches! :D

yeah but this time isn't only about money, it's about not having the control anymore, i mean from postal service to email, the only difference was the profit involved, in the sense that the postal services hated the new tech because they lost money

but this time it's also because they will lose control, if bitcoin will come off from any third party, like it should be, there will be a much more fierce war


Title: Re: Transactions speed prevent us from going to Mainstream ?
Post by: acquafredda on August 04, 2015, 12:47:42 PM
Kazimir,
you say there's no problem...ok... you're right about the 2 second transaction time but what about confirmation waiting?

That is the problem! Do we agree on that?

I always use this example:
if my coffee is 80 euro cents and I want to pay it in BTC for something around 300000 satoshi I do not want to pay a regular fee of 50000 to have that confirmed so expensively.

Maybe the problem is that here in Italy one asks for a coffe in 30 seconds it's ready, one pays and leaves. This happens usually in less than 3 minutes.

Do you understand the point I'm talking about?


Title: Re: Transactions speed prevent us from going to Mainstream ?
Post by: ranochigo on August 04, 2015, 02:03:46 PM
Kazimir,
you say there's no problem...ok... you're right about the 2 second transaction time but what about confirmation waiting?

That is the problem! Do we agree on that?

I always use this example:
if my coffee is 80 euro cents and I want to pay it in BTC for something around 300000 satoshi I do not want to pay a regular fee of 50000 to have that confirmed so expensively.

Maybe the problem is that here in Italy one asks for a coffe in 30 seconds it's ready, one pays and leaves. This happens usually in less than 3 minutes.

Do you understand the point I'm talking about?
Using a third party software could eliminate this issue. One possible problem of that implementation is that you won't be able to control your Bitcoins hence trusting a third party. Just to note, there is no regular fee in Bitcoin, the standard relay fee is 1000 satoshi, the average fee for fast confirmations would be 10000satoshis. The fees can be adjusted proportionally if the price increases.

Even though a few second would be enough to reduce the risk of doublespending attacks, it is good to wait for one confirmation for things larger than $100. It is still possible for doublespend to happen.
I also think that transaction speed is an issue at the moment. For everyday spending if one goes to a place and spends very little no one would like to spend much in transactions fees: this lets you wait (how long??) until the transaction is confirmed.

Right now the title of this thread is correct: Transactions speed are preventing us our legitimate growth.

The question is: is there a solution or not?
In fact, there is no problem. Bitcoin's transaction speed is about 1-2 seconds. How much faster would that need to be? Bitcoin is already faster than any other payment method on the planet.
VISA handles more than 2,000 transactions per second. True that transactions would take only a few second to proporgate, the confirmations is also important for some transactions. It is hard to maintain even 100TPS continuously as the mempool would only get bigger and the current block size can't possibly handle such amount of transaction.


Title: Re: Transactions speed prevent us from going to Mainstream ?
Post by: ShamrockHannah on August 04, 2015, 02:15:54 PM
I agree with you totally. I was having this discussion with my boyfriend yesterday. I was buying something online using BTC and it took an hour for the first confirmation, it needed three confirmations in total to show up in the wallet of the site I was purchasing from so ended up taking about an hour and a half to complete the order.

This was OK because we were sitting indoors watching TV. If you were in a ship paying in BTC this would not be acceptable though. Yeah a lot of people do shop online nowadays but sometimes you have to go out to get certain items. If the public are going to adopt bitcoin they do not want to waste their precious time waiting for a transaction.

I heard someone taking about increasing block size they then went on to say that the block frequency needs to be increased. I do not know though. Just putting that though out there.


Title: Re: Transactions speed prevent us from going to Mainstream ?
Post by: Kazimir on August 04, 2015, 02:41:34 PM
VISA handles more than 2,000 transactions per second.
That's something different entirely. It's like comparing latency with bandwidth. Postal services can transfer 60 million letters per day, does that make it "faster than email"?

VISA has a lot of bandwidth in terms of maximum transaction volume they can process, yes. But the time it takes for one transaction is slower than Bitcoin. It involves multiple connections to bank servers, payment acquirers, card issuers, all with authentication protocols etc. It typically takes 5-10 seconds, whereas Bitcoin takes only 1-2 sec.

Quote
True that transactions would take only a few second to proporgate, the confirmations is also important for some transactions.
Yes, but that's actually very rare. In the vast majority of situations, it's absolutely unnecessary to await even a single confirmation.

Quote
It is hard to maintain even 100TPS continuously as the mempool would only get bigger and the current block size can't possibly handle such amount of transaction.
True, but the debate on how to solve this is still ongoing. There are plenty of possibilities, and one of these solutions will become standard sooner or later.

But again, this topic isn't about transactions per second at all. It's about the time it takes to make a payment.


Title: Re: Transactions speed prevent us from going to Mainstream ?
Post by: BillyBobZorton on August 04, 2015, 02:59:21 PM
Put things into perspective: If you look at it this way you'll see that Visa may right now have more transactions per second, but their growth potential is limited. Now if you consider the potential growth of Bitcoin you'll see how it supersedes Visa and Mastercard combined.


Title: Re: Transactions speed prevent us from going to Mainstream ?
Post by: Mickeyb on August 05, 2015, 03:30:37 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 ?  ??? It wouldn't make any sense .

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

No, this is not preventing us from going mainstream. 10 minutes for getting 1 confirmation or 60 minutes for getting 6 confirmations and being absolutely sure that that you will get your money is not a long time to wait at all.

Services that we are using today are much slower (banks, credit card companies, etc..).

Our problem is trust and user adoption and these 2 absolutely depend on each other. Once we get more trust from the average Joe, our user adoption will skyrocket as well.


Title: Re: Transactions speed prevent us from going to Mainstream ?
Post by: manselr on August 05, 2015, 04:18:02 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 ?  ??? It wouldn't make any sense .

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

No, this is not preventing us from going mainstream. 10 minutes for getting 1 confirmation or 60 minutes for getting 6 confirmations and being absolutely sure that that you will get your money is not a long time to wait at all.

Services that we are using today are much slower (banks, credit card companies, etc..).

Our problem is trust and user adoption and these 2 absolutely depend on each other. Once we get more trust from the average Joe, our user adoption will skyrocket as well.

You are forgetting the fact we can't have proper user adoption as long as the blocksize problem stays unsolved. If we want mainstream tier volume in Bitcoin will need to solve this first, otherwise the network will collapse due too many people using it at once. So before mainstream step is reached, we need to get the block size increased and we need to start thinking about using LN type of solutions as well.


Title: Re: Transactions speed prevent us from going to Mainstream ?
Post by: Mickeyb on August 06, 2015, 07:50:33 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 ?  ??? It wouldn't make any sense .

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

No, this is not preventing us from going mainstream. 10 minutes for getting 1 confirmation or 60 minutes for getting 6 confirmations and being absolutely sure that that you will get your money is not a long time to wait at all.

Services that we are using today are much slower (banks, credit card companies, etc..).

Our problem is trust and user adoption and these 2 absolutely depend on each other. Once we get more trust from the average Joe, our user adoption will skyrocket as well.

You are forgetting the fact we can't have proper user adoption as long as the blocksize problem stays unsolved. If we want mainstream tier volume in Bitcoin will need to solve this first, otherwise the network will collapse due too many people using it at once. So before mainstream step is reached, we need to get the block size increased and we need to start thinking about using LN type of solutions as well.

Yes of course, I didn't forget that, I have acted more as if that was already done, even though it's not. Divided we will not succeed, that's for sure. I mean we have many windmills to fight with in order to succeed, if we would fight between us as well, it would be just too damn hard. I hope that the block size debate will be over soon!


Title: Re: Transactions speed prevent us from going to Mainstream ?
Post by: Linuld on August 08, 2015, 02:50:47 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 ?  ??? It wouldn't make any sense .

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

It's not a problem i think. Adoption would happen that way that discounter and other businesses would accept no confirmation transactions. They would give out the goods when they see the transaction. Only when the value of the goods reaches a certain level, then they would wait for a confirmation.

I think that can be done because even with zero confirmation the chance to scam is pretty thing.


Title: Re: Transactions speed prevent us from going to Mainstream ?
Post by: Linuld on August 08, 2015, 02:53:32 PM
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 ?
No, you're not. You're comparing apples and pears.

Maybe this clarifies things:

Transaction time (the time it takes to process a payment)
Bitcoin: 1-2 sec
Credit card: 3-5 sec

Money arrival time (the time at which the merchant actually receives the money and can spend it)
Bitcoin: 1-2 sec
Credit card: several business days

Confirmation time (the time at which the merchant can be sure the payment won't be reversed)
Bitcoin: 10 minutes
Credit card: 6+ months

So, what was the problem with Bitcoin, again?

*lol* I like your quote. I quote it for future reference in case i get this question again somewhere.

If you see it that way... yes, credit card payments are a risk.


Title: Re: Transactions speed prevent us from going to Mainstream ?
Post by: Linuld on August 08, 2015, 02:57:23 PM
I wanted to add that your 10 minutes are only an average. You could get a confirmation in 1 minute but it can take 45 minutes not seldom, or even a couple hours, very seldom.

You can't await someone waiting for that long. In that case, let's say a car was bought, the merchant would simply get a contract and the payment is done. He then waits for the payment to confirm. If it doesn't for some reason then he knows the person and can charge him afterwards.


Title: Re: Transactions speed prevent us from going to Mainstream ?
Post by: Daniel91 on August 08, 2015, 03:45:08 PM
I wanted to add that your 10 minutes are only an average. You could get a confirmation in 1 minute but it can take 45 minutes not seldom, or even a couple hours, very seldom.

You can't await someone waiting for that long. In that case, let's say a car was bought, the merchant would simply get a contract and the payment is done. He then waits for the payment to confirm. If it doesn't for some reason then he knows the person and can charge him afterwards.

This is very good example.
In fact, I had to wait a confirmation in my last bitcoin transaction for 5 or 6 hours!
I know that this is very rare case but it happens sometimes.
So, if you are planing to do some serious shopping, as buying a car or a gold ring, and you have to wait 5 or 6 hours to confirm the transaction, you'll probably give up on buying bitcoin and pay by credit card.
So, until we resolve this, bitcoin will never become mainstream.


Title: Re: Transactions speed prevent us from going to Mainstream ?
Post by: Hazir on August 08, 2015, 03:46:52 PM

Using a third party software could eliminate this issue. One possible problem of that implementation is that you won't be able to control your Bitcoins hence trusting a third party. Just to note, there is no regular fee in Bitcoin, the standard relay fee is 1000 satoshi, the average fee for fast confirmations would be 10000satoshis. The fees can be adjusted proportionally if the price increases.

Even though a few second would be enough to reduce the risk of doublespending attacks, it is good to wait for one confirmation for things larger than $100. It is still possible for doublespend to happen.
Every service which takes control over your money in order for you you use it is unacceptable. Your money can be hacked, stolen, frozen.
Confirmation times of bitcoin can be lowered, the only reason they are not is because it is something like security parameter of btc.
We can go lower to the litecoin level.


Title: Re: Transactions speed prevent us from going to Mainstream ?
Post by: OmegaStarScream on August 08, 2015, 03:50:55 PM
For those who suggested third party softwares or website , that's basically saying Go and use Credit card or Paypal or other shitty payment methods , and it's basically against the purpose of Bitcoin . "Decentralized"
I prefer waiting long time then have other people controlling my money


Title: Re: Transactions speed prevent us from going to Mainstream ?
Post by: countryfree on August 08, 2015, 05:31:48 PM
You are mixing up transaction speed with confirmation speed.

He's entirely right to do so since an unconfirmed transaction is worthless.
If someone pays me with BTC, I usually wait about 90 minutes before considering I've been paid, but I still see this as pretty good, because usually I'm being paid with bank transfers which require at least one working day for clearance.


Title: Re: Transactions speed prevent us from going to Mainstream ?
Post by: Kazimir on August 08, 2015, 05:49:23 PM
You are mixing up transaction speed with confirmation speed.

He's entirely right to do so since an unconfirmed transaction is worthless.
In that case, paypal and credit card payment are also completely worthless, as they remain unconfirmed (i.e. you're not sure whether the payment will be reversed or not) for more than 6 months.

Besides, even an unconfirmed Bitcoin transaction is extremely unlikely to not end up confirmed eventually. Seriously, try and make a transaction that never gets confirmed. You'll find it's hardly possible in normal circumstances.

Quote
If someone pays me with BTC, I usually wait about 90 minutes before considering I've been paid,
You could consider yourself to be paid immediately, or if you're really paranoid, await one confirmation (10 mins on average). It's really enough.

Seriously, how many payments did you receive that didn't eventually get confirmed? I guess 100% of all those payments that you waited 90 minutes for, could have been considered 'paid' instantly.

Nonetheless: sure, if you're not dealing with a real time situation (e.g. having a customer impatiently wait at your front desk or something) it's perfectly acceptable to wait for a confirmation. But still, even instant payments are very trustworthy.


Title: Re: Transactions speed prevent us from going to Mainstream ?
Post by: roadbits on August 08, 2015, 07:14:09 PM
I think the long term solution will be side chains. Day to day transactions like buying coffee and purchasing things online will take place on a merge mined side chain with faster confirmation times.
Long term storage will be on the main chain, and for those kinds of transactions 10 minutes is very fast.


Title: Re: Transactions speed prevent us from going to Mainstream ?
Post by: acquafredda on August 08, 2015, 07:35:41 PM
In my humble opinion this is the very discussion that prevents us to go mainstream.

The average Joe doesn't give a shit about transaction speed/confirmation speed: he wants to go into a coffee shop grab a coffee on the go, pay contactless or swiping a card and then go away.

Yes, I think this is the thing here.


Title: Re: Transactions speed prevent us from going to Mainstream ?
Post by: countryfree on August 09, 2015, 05:25:22 PM
In my humble opinion this is the very discussion that prevents us to go mainstream.

The average Joe doesn't give a shit about transaction speed/confirmation speed: he wants to go into a coffee shop grab a coffee on the go, pay contactless or swiping a card and then go away.

Yes, I think this is the thing here.

Thanks, but I'd rather use cash in that case. I'm using a credit card about once a month, because I don't want to leave traces. Cash remains the best anonymous option. I advise against using BTC or credit cards on the streets, or do you want someone to be able to follow all your financial moves?

I prefer to use BTC for business. There, a 90 minutes delay is very fast for world wide payments, when bank transfers are much longer. Since I have no need to be paid immediately, I say it's great.


Title: Re: Transactions speed prevent us from going to Mainstream ?
Post by: acquafredda on August 09, 2015, 07:30:42 PM
The big thing right now is about pattern recognition put in place by banks and govs to control whatever we do with our money.
I say this not as a fud but because it happened to me: I was asked to give some clarifications about what I did with my money.
Hence I realized that is NOT my money. I mean, yes it is, but at a certain extent.

This scares me. Since there's very little I can do about it. I have no control over it.

I started using bitcoin because of this: I want control over my wealth. I do not trust govs and banks.
My money my rules not theirs.


Title: Re: Transactions speed prevent us from going to Mainstream ?
Post by: Linuld on August 17, 2015, 09:34:52 PM
The big thing right now is about pattern recognition put in place by banks and govs to control whatever we do with our money.
I say this not as a fud but because it happened to me: I was asked to give some clarifications about what I did with my money.
Hence I realized that is NOT my money. I mean, yes it is, but at a certain extent.

This scares me. Since there's very little I can do about it. I have no control over it.

I started using bitcoin because of this: I want control over my wealth. I do not trust govs and banks.
My money my rules not theirs.

Care to explain what the pattern was that led to you being asked about what you did with your money? And where are you from? United States? I guess that's the country i imagine the easiest that they implement such things.


Title: Re: Transactions speed prevent us from going to Mainstream ?
Post by: gentlemand on August 17, 2015, 09:50:14 PM

Care to explain what the pattern was that led to you being asked about what you did with your money? And where are you from? United States? I guess that's the country i imagine the easiest that they implement such things.


It's in a lot of places now. I'm in the UK. There've been cases where people were flatly denied the ability to withdraw large amounts of cash. If you can then they often ask you what you're doing with it and in some cases you have to provide proof. Same goes for large cash deposits.

http://www.thisismoney.co.uk/money/saving/article-2547286/High-street-banks-block-customers-taking-large-cash-sums-counter.html


Title: Re: Transactions speed prevent us from going to Mainstream ?
Post by: Linuld on August 18, 2015, 10:36:55 AM

Care to explain what the pattern was that led to you being asked about what you did with your money? And where are you from? United States? I guess that's the country i imagine the easiest that they implement such things.


It's in a lot of places now. I'm in the UK. There've been cases where people were flatly denied the ability to withdraw large amounts of cash. If you can then they often ask you what you're doing with it and in some cases you have to provide proof. Same goes for large cash deposits.

http://www.thisismoney.co.uk/money/saving/article-2547286/High-street-banks-block-customers-taking-large-cash-sums-counter.html

Wow, didn't know that normal people have to deal with that nowadays. But it doesn't surprise me that it is in the UK. I mean they are the second best follower of the "War on terror". Surely they see all their citizens as potential terrorists. ::)


Title: Re: Transactions speed prevent us from going to Mainstream ?
Post by: CheckOut3 on September 06, 2015, 03:09:52 AM
The normal average confirmation time is about 7-10 minutes.


Title: Re: Transactions speed prevent us from going to Mainstream ?
Post by: Outlander on September 06, 2015, 03:24:47 AM
Spending bitcoin for daily expense like cofffee, train ticket is same as spending cash, but bitcion is e currecny. Most of the  shops don't require the waiting for 1 confirmation.


Title: Re: Transactions speed prevent us from going to Mainstream ?
Post by: Linuld on September 07, 2015, 01:48:58 PM
Spending bitcoin for daily expense like cofffee, train ticket is same as spending cash, but bitcion is e currecny. Most of the  shops don't require the waiting for 1 confirmation.

It makes no sense anyway since a double spend will not happen for a coffee or so. Even for huge buys it would make no sense on many levels.

The only thing i can imagine, being risky, might be a fork the merchant and buyer are on. So that no real bitcoins moved.


Title: Re: Transactions speed prevent us from going to Mainstream ?
Post by: Q7 on September 07, 2015, 02:20:53 PM
I think at this point confirmation speed is not the main barrier although this is one of the contributing causes that prevent widescale adoption. It's the trust and reputation that we have been suffering over the years that have somehow made people lose confidence in bitcoin.


Title: Re: Transactions speed prevent us from going to Mainstream ?
Post by: makcik on November 21, 2015, 05:54:06 PM
Hmmm. So, bitcoin transactions take quite long time to confirm. As reported 15-20 minutes for confirmation. Now, as we have an example, when you are out at McDonald's for a lunch and at payment counter you keep standing for about 15 minutes waiting for your transaction to confirm? Well this can cost you and to the person whom you are paying some precious time. This is a hindrance for bitcoins on the path to becoming mainstream.
Solution to this cannot be done by us. It fully depends on our wallet providers. They should do some amendments in their system to make the process quicker. As definitely, no one can wait in this pace moving world.


Title: Re: Transactions speed prevent us from going to Mainstream ?
Post by: bearex on November 21, 2015, 06:27:01 PM
Yes. If you wanted to effectively use it, you would have to rely on 0 transactions. Otherwise the time is too long,.


Title: Re: Transactions speed prevent us from going to Mainstream ?
Post by: SebastianJu on November 21, 2015, 10:13:25 PM
Yes. If you wanted to effectively use it, you would have to rely on 0 transactions. Otherwise the time is too long,.

Yes, for such small amount a zero confirmation transaction is enough. I mean the risk for the seller is not really high then.


Title: Re: Transactions speed prevent us from going to Mainstream ?
Post by: Lionidas on November 21, 2015, 10:15:43 PM
I always thought a payment can not go thru if it doesn't have at least 1 confirmation no matter how small it is.
Even below the miners fee.


Title: Re: Transactions speed prevent us from going to Mainstream ?
Post by: achow101 on November 21, 2015, 10:19:56 PM
I always thought a payment can not go thru if it doesn't have at least 1 confirmation no matter how small it is.
Even below the miners fee.
No. Transactions can occur and your balance can change. Confirmations are only there to guarantee that the transaction cannot be reversed or changed. There is no such thing as a transaction "going thru", a transaction either occurs or it does it. Once it occurs, it confirms, or it does not. Both are different things.

Hmmm. So, bitcoin transactions take quite long time to confirm. As reported 15-20 minutes for confirmation. Now, as we have an example, when you are out at McDonald's for a lunch and at payment counter you keep standing for about 15 minutes waiting for your transaction to confirm? Well this can cost you and to the person whom you are paying some precious time. This is a hindrance for bitcoins on the path to becoming mainstream.
Solution to this cannot be done by us. It fully depends on our wallet providers. They should do some amendments in their system to make the process quicker. As definitely, no one can wait in this pace moving world.
That is why 0 confirmation transactions can be used for those small transactions. In reality, 0 conf is safe for many transactions. There is practically no risk with accepting unconfirmed transactions in most cases. Double spending an unconfirmed transaction is still incredibly hard due to the way the network works. It will reject any such double spends and that double spending transaction doesn't get relayed. The only thing to be careful about with accepting unconfirmed transactions is to check the fee that it is high enough to get confirmed and the outputs to make sure there are no dust outputs which can prevent it from being confirmed. Those two things just need to be checked and if everything is high enough, then an unconfirmed transaction can be accepted for payment with little risk of it being double spent.


Title: Re: Transactions speed prevent us from going to Mainstream ?
Post by: SebastianJu on November 21, 2015, 10:20:18 PM
I always thought a payment can not go thru if it doesn't have at least 1 confirmation no matter how small it is.
Even below the miners fee.

When it has 1 confirmation then it is pretty sure that the transaction will stay. If it does not have a confirmation then slight risks exist. That's why exchanges at least demand 1 confirmation before they give you the coins you sent into your account.

This would not work anymore when the ones get their will that want bitcoin stay with 1 megabyte blocksize limit. Because then you can't trust anymore if transactions will reach and confirm.


Title: Re: Transactions speed prevent us from going to Mainstream ?
Post by: bitbaby on November 22, 2015, 01:51:54 AM
Yes. If you wanted to effectively use it, you would have to rely on 0 transactions. Otherwise the time is too long,.

For buying a coffee as OP suggested the coffee shop won't need to wait for 1 confirmation if it has the proper fees, I think that's all the retailers need to check, if the transaction on blockchain shows it has proper fees then they don't need to worry about double spends because firstly no one would even think of double spending such a small amount and you would need a computer access right there to do that.

But having been said that it is something which some retailers will need to worry about, especially if the the price of the product/s is bigger than a coffee.


Title: Re: Transactions speed prevent us from going to Mainstream ?
Post by: Blue_Tiger73 on November 22, 2015, 02:21:32 AM
Yeah, I think so. The transaction times are quite high and I think that it is one of the reasons Bitcoin is not mainstream yet. Some of my transactions have taken more than 1 hour to process. But normally it only takes around 10 minutes which is not very long. Another reason Bitcoin is not mainstream, is that not enough places accept Bitcoin.


Title: Re: Transactions speed prevent us from going to Mainstream ?
Post by: West man on November 22, 2015, 03:17:03 AM
Speed does really make a difference to most. Unless you are waiting at the counter at a store then I can see it being a major problem.
So until that issue is taken care of then it is not ready to go in the consumer market yet.


Title: Re: Transactions speed prevent us from going to Mainstream ?
Post by: SebastianJu on November 22, 2015, 05:46:56 PM
Yeah, I think so. The transaction times are quite high and I think that it is one of the reasons Bitcoin is not mainstream yet. Some of my transactions have taken more than 1 hour to process. But normally it only takes around 10 minutes which is not very long. Another reason Bitcoin is not mainstream, is that not enough places accept Bitcoin.

Well it is up to you if you really want to wait for one or more confirmations. It should not be needed with a high enough fee. Of course only when you look at the real blockchain, preferably on your own computer or smartphone. Not looking at a blockchain the other party is showing you.

Maybe bitcoiners should handle ans communicate this topic more. I mean bitcoiners mostly speak about waiting for confirmations though it should not be really needed for most amounts. That might give the impression of bitcoin being slow. While in fact it is only MORE safe with one transaction. And like with banks, you only need higher security with higher amounts of money.


Title: Re: Transactions speed prevent us from going to Mainstream ?
Post by: brg444 on November 22, 2015, 05:49:55 PM
Yeah, I think so. The transaction times are quite high and I think that it is one of the reasons Bitcoin is not mainstream yet. Some of my transactions have taken more than 1 hour to process. But normally it only takes around 10 minutes which is not very long. Another reason Bitcoin is not mainstream, is that not enough places accept Bitcoin.

Well it is up to you if you really want to wait for one or more confirmations. It should not be needed with a high enough fee. Of course only when you look at the real blockchain, preferably on your own computer or smartphone. Not looking at a blockchain the other party is showing you.

Maybe bitcoiners should handle ans communicate this topic more. I mean bitcoiners mostly speak about waiting for confirmations though it should not be really needed for most amounts. That might give the impression of bitcoin being slow. While in fact it is only MORE safe with one transaction. And like with banks, you only need higher security with higher amounts of money.

If you don't bother with security (small amounts of money) why use Bitcoin?

What's so wrong with spending fiat and saving Bitcoin?

Why do we have to pretend that Bitcoin has to be used and is better in every aspect? It's not. In fact it's frankly lacking in terms of convenience and daily usability.

Gresham's law is not going away


Title: Re: Transactions speed prevent us from going to Mainstream ?
Post by: SebastianJu on November 22, 2015, 08:14:02 PM
Yeah, I think so. The transaction times are quite high and I think that it is one of the reasons Bitcoin is not mainstream yet. Some of my transactions have taken more than 1 hour to process. But normally it only takes around 10 minutes which is not very long. Another reason Bitcoin is not mainstream, is that not enough places accept Bitcoin.

Well it is up to you if you really want to wait for one or more confirmations. It should not be needed with a high enough fee. Of course only when you look at the real blockchain, preferably on your own computer or smartphone. Not looking at a blockchain the other party is showing you.

Maybe bitcoiners should handle ans communicate this topic more. I mean bitcoiners mostly speak about waiting for confirmations though it should not be really needed for most amounts. That might give the impression of bitcoin being slow. While in fact it is only MORE safe with one transaction. And like with banks, you only need higher security with higher amounts of money.

If you don't bother with security (small amounts of money) why use Bitcoin?

What's so wrong with spending fiat and saving Bitcoin?

Why do we have to pretend that Bitcoin has to be used and is better in every aspect? It's not. In fact it's frankly lacking in terms of convenience and daily usability.

Gresham's law is not going away

What are you speaking about? Who said that i don't care about security? I only say for small amounts it is not needed to wait for a confirmation when there is a fee that most probably will be sufficient. For bigger amounts of course one should wait for at least one confirmation.

Nobody said it's wrong to spend fiat. Where did you read that? Of course a currency is only a currency when it flows. And satoshi created bitcoin as an alternative to bank money. Which means it needs to fulfill the things bank money can offer. Of course that means it has to be possible to use it in a similar way. Otherwise it would be no alternative.

Bitcoin has only a learning curve. But in daily life, when everyone would accept it, it would be great. Paying with the smartphone in seconds, receiving the same way. For more security wait for a confirmation.

So with adoption, and that is another thing that is inevitably needed for bitcoin becoming an alternative to bank money, bitcoin would be superiour to fiat. No change money, simply paying and with enough acceptance you can pay everywhere.


Title: Re: Transactions speed prevent us from going to Mainstream ?
Post by: Jeremycoin on November 23, 2015, 05:57:28 AM
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 ?  ??? It wouldn't make any sense .

Honestly , I'am not even sure what controls the speed of the transactions .
More confirmations = More secure
I mean, if you have one McDonald restaurant are you supposed to not check the money that the costumer gives to you, cuz it can be a fake money.
When you are buying parking tickets, whether the machine doesn't have to scan the money? (What if you gave it a plain paper that has the size like money) ??? It wouldn't make any sense .

Honestly , the transactions speed depends on the miners. If there's so many transaction, the queues will be longer.


Title: Re: Transactions speed prevent us from going to Mainstream ?
Post by: Windpower on November 23, 2015, 07:29:59 AM
Yes, we have solutions already, like increased block size. But due to many trolls, spammers who are hindering the implementing of such new features, so we have to wait for the public and finally come to some extent of consensus. 


Title: Re: Transactions speed prevent us from going to Mainstream ?
Post by: ~Bitcoin~ on November 23, 2015, 09:59:33 AM
Transaction time is always adjusted to around 10 minutes for 1 confirmation. I don't think merchants have to wait for it to be irreversible as when customers pay they can check the speed of the transaction, i mean if customer pay the fee it is almost impossible for the reversible of the payment. Because transaction only get reversed if it is not confirmed in 24 hours.


Title: Re: Transactions speed prevent us from going to Mainstream ?
Post by: bearex on November 23, 2015, 11:30:04 AM
Transaction time is always adjusted to around 10 minutes for 1 confirmation. I don't think merchants have to wait for it to be irreversible as when customers pay they can check the speed of the transaction, i mean if customer pay the fee it is almost impossible for the reversible of the payment. Because transaction only get reversed if it is not confirmed in 24 hours.

I think they would want to see 1 confirmation and that is quite a hassle, if you are in a hurry, or just buying a loaf of bread :D


Title: Re: Transactions speed prevent us from going to Mainstream ?
Post by: ranochigo on November 23, 2015, 11:48:01 AM
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 ?  ??? It wouldn't make any sense .

Honestly , I'am not even sure what controls the speed of the transactions .
More confirmations = More secure
I mean, if you have one McDonald restaurant are you supposed to not check the money that the costumer gives to you, cuz it can be a fake money.
When you are buying parking tickets, whether the machine doesn't have to scan the money? (What if you gave it a plain paper that has the size like money) ??? It wouldn't make any sense .

Honestly , the transactions speed depends on the miners. If there's so many transaction, the queues will be longer.
In the scenario that there is a 51% attack, no matter how much confirmation you have, it can be reversed as long as the miner has a control over the network in a extended period of time and it is after the checkpoint. You still have the risk of accepting a counterfeit note since many of them are made so well. It is hard to detect without specialised machines. If you have 0 confirmation, it is arguably quite secure for low amounts. Afterall, there is a lot of work for the attackers to try to double spend it if the correct precautions are taken:
1. Verify that there is sufficient fee for the transaction to confirm within a short period of time.
2. Geographically distributed nodes have seen it and there isn't any competing transactions.
3. All inputs are confirmed.


Title: Re: Transactions speed prevent us from going to Mainstream ?
Post by: Eastwind on November 23, 2015, 02:22:21 PM
The long confirmation time of bitcoin could be a problem if some shops do not accept 0 confirmation transactions. This could be solved by using centralized payment processors or sidechains. The side chain will be available some time next year. This should make the transaction faster.