First of all it is obvious that BITCOIN is slow
No. It isn't
It takes hours or even days to download the 10 GB blockchain
SO use a lite wallet such as Electrum or Multibit.
It wastes space on your hard drive. It wastes bandwidth.
Uses, not wastes.
But bitcoin will never succeed because it takes a hour to send money.
There's something wrong with your wallet. My transactions typically show up within a second or two.
If I use paypal I can send and get in a few seconds.
You aren't comparing the same thing. Paypal takes days, maybe even months to become permanent. Until then, the transaction can be reversed so you don't really have the money yet. You just have a transaction that you are waiting to become permanent.
If I use bitcoin it will take a hour. So bitcoin will never succeed.
Like Paypal, the transaction will show up within a few seconds. The hour is just the wait for the transaction to become permanent and irreversible. For most transactions there isn't a need to wait for more than one or two confirmations to consider the transaction "confirmed". Either way (10 minutes or 1 hour) it is still WAY faster than Paypal (days or months).
And it must have permanent mining rewards so people keep mining and don't hoard
No thanks. I don't need you stealing the value of my savings with your undesirable inflation.
sums it up nicely.
I assume what bothers you most is the "unconfirmed" transaction / delay -> those transactions HAVE showed up in your wallet but should become permanent after appearing in 6 blocks. (or 100 blocks if they deal with newly minted coins.)
Those numbers are if you use blockchain of course, but could be adjusted. For example, no need to wait for extra block for a small transaction (buying bread) but you might want to wait a few blocks if buying a car (bigger risk).
Bitcoin is actually very resilient. I look forward to people using it as a transport protocol as new plugins are being developed to work on top of the blockchain itself.
