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Author Topic: BitPay Exceeds 1,000 Merchants Accepting Bitcoin  (Read 5276 times)
Stephen Gornick
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September 14, 2012, 03:59:14 AM
 #21

So I'm unclear ...  does the merchant bear the risk of a double spend if one happens?

I now see how this is configurable by the merchant:

Quote
HIGH speed confirmations typically take 5-10 seconds, and can be used for digital goods or low-risk items.  LOW speed confirmations take about 1 hour, and should be used for high-value items.

So High risk/speed is 0/unconfirmed (presumably).  and Low risk/speed is six confirmations (presumably), ... what is Medium risk/speed?  One confirmation?

I see that if there was a double spend, the merchant is alerted by e-mail and POST.

Quote
If at any point we detect a payment to be INVALID you will receive an email and a secure POST immediately. This will only happen if you select the Medium or High risk settings.  There is no chance of an invalid payment for Low risk settings.



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