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Title: Potential wait of 10 minutes at POS? Post by: Bernard Lerring on June 10, 2014, 04:24:06 PM The last couple of BTC transactions I've done took about 10 mins to 1st confirmation. This was for small amounts (under $100) and I paid a 0.0002 transaction fee.
If we want bitcoin to take off with casual users is it likely that people are going to go into a shop and wait ten minutes to pay for a Mars bar and a pint of milk? If the shop requires three confirmations to sell then you could be looking at thirty minutes to get a packet of cigarettes and I can't see someone craving a fix of nicotine waiting for that long. What's being done to enable transactions as quick as a credit/debit card? Title: Re: Potential wait of 10 minutes at POS? Post by: shorena on June 10, 2014, 04:33:37 PM The last couple of BTC transactions I've done took about 10 mins to 1st confirmation. This was for small amounts (under $100) and I paid a 0.0002 transaction fee. A fee over 0.0001 per KB does not make your transaction faster. The first confirmation means that your transaction was included in the blockchain. For that the miners need to find a block. You cant just throw money at them and hope the will find a block, they are allready searching as fast as they can. If we want bitcoin to take off with casual users is it likely that people are going to go into a shop and wait ten minutes to pay for a Mars bar and a pint of milk? There is no need for that. If the shop requires three confirmations to sell then you could be looking at thirty minutes to get a packet of cigarettes and I can't see someone craving a fix of nicotine waiting for that long. What's being done to enable transactions as quick as a credit/debit card? You can use 3rd party services for that, yes. But you can also lighten up and accept the transaction as valid soon as it is broadcasted and the fees to the miners are paid. Shops take risks all the time when accepting other forms of currency. Credit card can be stolen, cash can be faked, etc. Title: Re: Potential wait of 10 minutes at POS? Post by: byt411 on June 10, 2014, 04:39:18 PM The last couple of BTC transactions I've done took about 10 mins to 1st confirmation. This was for small amounts (under $100) and I paid a 0.0002 transaction fee. A fee over 0.0001 per KB does not make your transaction faster. The first confirmation means that your transaction was included in the blockchain. For that the miners need to find a block. You cant just throw money at them and hope the will find a block, they are allready searching as fast as they can. If we want bitcoin to take off with casual users is it likely that people are going to go into a shop and wait ten minutes to pay for a Mars bar and a pint of milk? There is no need for that. If the shop requires three confirmations to sell then you could be looking at thirty minutes to get a packet of cigarettes and I can't see someone craving a fix of nicotine waiting for that long. What's being done to enable transactions as quick as a credit/debit card? You can use 3rd party services for that, yes. But you can also lighten up and accept the transaction as valid soon as it is broadcasted and the fees to the miners are paid. Shops take risks all the time when accepting other forms of currency. Credit card can be stolen, cash can be faked, etc. Offchain transactions. Although not that transparent, still instant. Bitcoin debit cards are also being developed right now. Load your card with BTC, and shop. Title: Re: Potential wait of 10 minutes at POS? Post by: Bernard Lerring on June 10, 2014, 04:43:07 PM Oh, I didn't mean to come across as being unimpressed or scathing about waiting. I think the system is great: a truly sophisticated way of doing commerce. My opening post was done with good humour.
I want bitcoin to succeed and be everywhere, but in order for it to be used on every street corner I think it we will need quicker confirmations, else it may end up being used only for banking utilities and big purchases. |