Why Didn't Satoshi Think About Instant Confirmations?

[BillyBones]

I think the transaction usually happens instantly, it just takes a while for blockchain to confirm it. Although I've experienced transactions where I've sent from 1 wallet to another and it did take 1 or 2 hours. That was my first withdraw with btc, I thought I did something wrong, LOL. 

It happens same for me, it shows me unconfirmed at first, however as minutes click I got the messages shows the confirmed, usually this process takes me more or less 5 - 6 minutes. But everything is safe and secured, for those minutes I was bit scared LOL...

[hasmukhh]

Think of confirmations as security.

If you deposited a personal check from a total stranger 1/2 way around the world how long would you wait for it to clear ??

Checks can be returned sometimes several days or even weeks later ... the longer the time that goes by the more security you have.

Credit cards can be reversed instantly so there is no security there.


Compared to traditional systems bitcoin is actually very fast.

Also the 6 confirnation rule is / was chosen as a 'safe number...

There are academic papers published that show waiting more confirmatikns than six is safer and less is more risky.

well said ! the example was good too !
but I am wondering why it takes so much of time to have the 6 confirmations ?
couldn't it be faster than now ?

[HeroCat]

Yes, faster confirmation times are very important. If you have let say 500 confirmations - complete BTC transfer times can be 15 minutes or more 

[hasmukhh]

That would require changing the fundamental code of Bitcoin and implementation via a hard fork, which is not worth it. If it ain't broke don't fix it. If you don't like 6 confirmations use blockchain.info for your wallet.

I have thought of that before but people do say that online wallet is quite risky.
so I don't prefer using it.

[Amph]

I have thought of that before but people do say that online wallet is quite risky.
so I don't prefer using it.

then use altcoin, which are faster in confirmation, but only choose the most stable between all those alt

dash and monero are a good choice

[jonald_fyookball]

I think... more confirmations means more secure. So why do we asking for instant confirmations if it's less secure???

Very good point.

Most of the people who are demanding "faster" confirmations don't really understand the topic.
It all boils down to how much hashing power is needed to rewrite the ledger. 

A weak altcoin (or a faster block version of altcoin) isn't going to gain more security.

[Hollingsworth]

Satoshi followed through on the crypto coin idea, that had been floating around in a white paper since the 90s. He created this proof of concept crypto currency, secure and decentralized. Don't think he was concerned with transaction speed, he wanted to prove a concept first... and he succeeded beyond his wildest dreams.

[knowhow]

well it would be good that a confirmation could take only 10 minutes this would be the best for all who pay and who receive soo would keep the protection .