Bitcoin Forum

Bitcoin Company Guarantees Financial Transactions, Effectively Enabling Instant Transfers

If Bitcoin is to become more widely used, it will need to offer financial services that are not currently available today — either by traditional financial players or startups.

One reason that many believe the technology behind Bitcoin — often called blockchain technology — to be superior to the traditional banking system is the speed of transactions. While a typical bank transfer might take three days, moving money from one person to another only takes, on average, 10 minutes using Bitcoin.

Even then, the recipient cannot be completely certain the spender will not send those Bitcoin elsewhere for another hour, if not more.

However, today, Bitcoin security company BitGo announces a feature called BitGo Instant which allows for — you guessed it — instantaneous Bitcoin transactions that are immediately guaranteed at certain merchants.

“Time is money,” said Ben Davenport, BitGo’s cofounder and chief technology officer. “People want to move money quickly, especially when you have volatility and people want to move money to the exchange that has the best price.”

http://www.forbes.com/sites/laurashin/2016/01/19/bitcoin-company-guarantees-financial-transactions-effectively-enabling-instant-transfers/#2715e4857a0b52bec8f32533