Title: Wanted: Discussion about a Bitcoin Idea Post by: dyland on March 28, 2014, 03:19:16 PM Hi There:
I was reading about one of the challenges of the blockchain, and something really struck me. If I want to buy a cup of coffee, I don't really need the whole network to verify that transaction. It's a real burden to the network. Wouldn't a service that verified small BTC transactions instantly for the blockchain and took the whatever small risk on itself for a negligible (fraction of a cent USD to a consumer) fee be pretty useful for all parties (could also be monetized as an ad app), consumers, merchants, and Devs? Title: Re: Wanted: Discussion about a Bitcoin Idea Post by: UberNifty on March 28, 2014, 08:29:52 PM How would this work in a practical manner?
Title: Re: Wanted: Discussion about a Bitcoin Idea Post by: ecto on March 28, 2014, 08:38:46 PM you claim that your transaction is a burden on the network, but give no numbers to support your claim.
why is it a burden? cumulative bandwidth of propagating a few hundred bytes around the world? a few milliseconds of computing power per node? the bitcoin network was designed to verify and propagate transactions. that is what it is for. what you are proposing is a clearing house. https://en.wikipedia.org/wiki/Clearing_house_(finance) Title: Re: Wanted: Discussion about a Bitcoin Idea Post by: joesmoe2012 on March 29, 2014, 09:42:14 PM its not a burden on the network - it was designed for this.
Title: Re: Wanted: Discussion about a Bitcoin Idea Post by: t3a on March 30, 2014, 05:01:19 AM its not a burden on the network - it was designed for this. No it wasn't, microtransactions have worked out because the network hasn't grown to the point where they don't yet. Along with that, 0-conf tx's are very risky because they are able to be doublespent trivially (or at least will be when Bitcoin matures). Title: Re: Wanted: Discussion about a Bitcoin Idea Post by: countryfree on March 31, 2014, 12:41:45 AM If it ever becomes a burden on the network, the easy way out is to raise the value of the minimal transaction, or to request a higher transaction fee. This has been done before.
Title: Re: Wanted: Discussion about a Bitcoin Idea Post by: Bit_Happy on March 31, 2014, 02:53:38 AM Low-risk (low balance) web wallets will be able to handle small, fast transactions off the main blockchain.
Title: Re: Wanted: Discussion about a Bitcoin Idea Post by: dyland on March 31, 2014, 12:57:10 PM Thanks for the feedback everyone.
Looking forward to more. |