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Title: Can Bitcoin be practically used in just a few minutes? Post by: dannyvegasucks on November 26, 2013, 09:24:14 PM I know Bitcoin confirmation time is long, but I am still very unclear on just how this works. For instance, it seems to me that Bitcoin would be unusable at a restaurant because the transaction would have to be confirmed in 10 minutes or so. Likewise for something like using a vending machine etc? Is it easy to build a sort of supervening layer (or has it already been built) that would allow someone to use their BTC immediately, without having to wait for confirmations?
Thanks much for any help. I am writing a cryptocurrency article and this is the one con I have listed for BTC. Title: Re: Can Bitcoin be practically used in just a few minutes? Post by: WayTooGosu on November 26, 2013, 10:02:55 PM Confirmation times are often inconsistent, I've had confirmations on my transactions take place ranging from 1 minute to 4 hours after my transaction was made. Unless they come up with a better system for it, then I really doubt it will be used in restaurants or vending machines.
Title: Re: Can Bitcoin be practically used in just a few minutes? Post by: MAbtc on November 26, 2013, 10:05:27 PM Fine for a restaurant bill. Why do they need to wait for confirmations? They don't...
Title: Re: Can Bitcoin be practically used in just a few minutes? Post by: dannyvegasucks on November 27, 2013, 06:28:04 AM Fine for a restaurant bill. Why do they need to wait for confirmations? They don't... To prevent double-spending would be my answer. Is that wrong? |