Transactions speed prevent us from going to Mainstream ?

[OmegaStarScream]

Could this be the reason , It's like 15-20mn to get at least 1 confirmation if I'am correct ?
Anyway the point is that we need some time to get transactions verified , could this actually prevent us from going to mainstream ?  I mean if you want to buy something from McDonald are you supposed to wait 15mn while that's the time of your launch break ?

When you are buying parking tickets are you also supposed to wait few minuts ?   It wouldn't make any sense .

Honestly , I'am not even sure what controls the speed of the transactions .

[achow101]

Could this be the reason , It's like 15-20mn to get at least 1 confirmation if I'am correct ?
Anyway the point is that we need some time to get transactions verified , could this actually prevent us from going to mainstream ?  I mean if you want to buy something from McDonald are you supposed to wait 15mn while that's the time of your launch break ?

When you are buying parking tickets are you also supposed to wait few minuts ?   It wouldn't make any sense .

Honestly , I'am not even sure what controls the speed of the transactions .

The transaction confirmation times are determined by the mining difficulty. But it is actually random, with the average block time and thus confirmation time supposed to be 10 minutes.

It might be the reason, but probably not. I think part of it is the fact that once confirmed in a few minutes, the transaction is non reversible, unlike credit card systems which can be reversible up to 180 days. By this logic, are you supposed to wait 180 days before your transaction becomes nonreversible so that you can actually buy something? No!

[M83]

Transactions are instant and I don't think waiting 10-20 minutes for a confirmation matters. Why would it? Do you wait months for your burger at mcdonalds when you use a credit card? No. Besides, a payment processor like bitpay would cover any potential problems.

[aso118]

The average confirmation time is 10 minutes.
For low value transactions (like a cup of coffee), you could take a risk and go ahead with unconfirmed transactions. It is highly unlikely they will be double spent. For high value transactions, you can wait for 6 confirmations (or almost an hour)

[hexafraction]

The average confirmation time is 10 minutes.
For low value transactions (like a cup of coffee), you could take a risk and go ahead with unconfirmed transactions. It is highly unlikely they will be double spent. For high value transactions, you can wait for 6 confirmations (or almost an hour)

In a great majority of retail situations, shoplifting, bad checks, dine-and-dash are all orders of magnitude worse than Bitcoin double spending, even if Bitcoin is used equally frequently. Aside from instant payment processors, double spends can be mitigated by simply banning specific humans from the premises of a physical store.

[ransomer]

No it doesn't. And if it does - it is a good thing.

Because we don't want bitcoin to go mainstream until everyone's grandmothers can easily store their bitcoins.... the current solutions are either unsafe or way too nerdy for mass-adoption.

If we have mass adoption before it is safe - he will have so many horror stories of hacking etc that bitcoin will get a horrible name, and might die as a result.

[neurotypical]

Not really, what prevent us going mainstream is simply that people is unaware of Bitcoin. It's actually good that there isn't a sudden spike of newbies using Bitcoin, im not sure if we are ready to sustain x10 the transaction amount now but thats not the main case, the thing is most people are completely unaware on BTC yet.

[unamis76]

Another thread confusing everything. Transaction speed is one thing, confirmations are another. Transactions are instant: how can it be better than that? Confirmation do take time. Security takes time. So no, I don't think transaction speed is preventing anything

Way more secure accepting 0 confirmation transactions than Visa ones, in my opinion.

[PolarPoint]

Transaction speed and confirmations is a problem for bitcoin but it is not preventing Bitcoin from going mainstream now. We already have instant off chain transfer wallets and payment gateways. Confirmation is not a problem. It is the difficulty of use and legitimacy that is stopping people from using bitcoin.

[StevenS]

Because we don't want bitcoin to go mainstream until everyone's grandmothers can easily store their bitcoins.... the current solutions are either unsafe or way too nerdy for mass-adoption.

+1
I was helping someone set up a wallet (Mycelium on Android), and since I insisted, I walked him through creating a backup of the key, written down on paper.  I have no idea what happened to this backup, and if I wasn't there, the average person may not have even made one, or lost it somewhere.

People are not used to the importance of protecting money in this way:

If you lose your checkbook, you get the bank to put a hold on it, and issue you a new number, if necessary.
If someone forges a check, the bank will reverse it.
If someone steals your credit card, you get a new one, and you are covered for most fraudulent transactions.
If you have gold coins, you keep them locked in a safe.
When you carry cash, you keep a limited supply, and you keep it close.

Bitcoin has an entirely new security model, which non-geeks are not familiar with. We need a solution for the masses before it's safe to release Bitcoin to ordinary people.

[freeyourmind]

Because we don't want bitcoin to go mainstream until everyone's grandmothers can easily store their bitcoins.... the current solutions are either unsafe or way too nerdy for mass-adoption.

+1
I was helping someone set up a wallet (Mycelium on Android), and since I insisted, I walked him through creating a backup of the key, written down on paper.  I have no idea what happened to this backup, and if I wasn't there, the average person may not have even made one, or lost it somewhere.

People are not used to the importance of protecting money in this way:

If you lose your checkbook, you get the bank to put a hold on it, and issue you a new number, if necessary.
If someone forges a check, the bank will reverse it.
If someone steals your credit card, you get a new one, and you are covered for most fraudulent transactions.
If you have gold coins, you keep them locked in a safe.
When you carry cash, you keep a limited supply, and you keep it close.

Bitcoin has an entirely new security model, which non-geeks are not familiar with. We need a solution for the masses before it's safe to release Bitcoin to ordinary people.

As it becomes more mainstream, I think more businesses will get involved to make the payment process easier, to the point where it's just an NFC tap, similar to paypass on a credit card.

[ransomer]

Because we don't want bitcoin to go mainstream until everyone's grandmothers can easily store their bitcoins.... the current solutions are either unsafe or way too nerdy for mass-adoption.

+1
I was helping someone set up a wallet (Mycelium on Android), and since I insisted, I walked him through creating a backup of the key, written down on paper.  I have no idea what happened to this backup, and if I wasn't there, the average person may not have even made one, or lost it somewhere.

People are not used to the importance of protecting money in this way:

If you lose your checkbook, you get the bank to put a hold on it, and issue you a new number, if necessary.
If someone forges a check, the bank will reverse it.
If someone steals your credit card, you get a new one, and you are covered for most fraudulent transactions.
If you have gold coins, you keep them locked in a safe.
When you carry cash, you keep a limited supply, and you keep it close.

Bitcoin has an entirely new security model, which non-geeks are not familiar with. We need a solution for the masses before it's safe to release Bitcoin to ordinary people.

As it becomes more mainstream, I think more businesses will get involved to make the payment process easier, to the point where it's just an NFC tap, similar to paypass on a credit card.

You are msiunderstanding. We are not talking about the payment (although that also needs a bit of innovation), but rather the storing of them. The storing them safely is where bitcoin really needs some innovation.

[Andy4.4]

Yes it is a major problem in my opinion.
But confirmation are essential for secure payment.
You can just pay cash at these places.
Bitcoin is currently new as compared to fiat.

[Kazimir]

You are mixing up transaction speed with confirmation speed.

Transaction speed with Bitcoin is instant. A payment takes 1-2 sec, and you're done.

Only if you are dealing with a *huge* amount (like buying a €100K+ car or something) it would make sense to await a confirmation. For regular payments, like a cup of coffee, parking ticket, or diner in your restaurant, they can accept zero-confirmation payments without any significant risk - MUCH lower than when accepting credit cards, for example.

When a customer pays with credit card, a shop owner does not make the customer wait until the transaction becomes irreversible (which is typically 6+ months for most Visa and MasterCards).
Similarly, they should not make a customer wait if they pay with Bitcoin either, even though the confirmation time or 'irreversibility time' is only 10 minutes on average.

If they're scared about double spends, they should use a Bitcoin payment provider. There are plenty, it's free of charge and then they have zero risk.

[culexevilman]

I agree with above post.

[Jace]

I mean if you want to buy something from McDonald are you supposed to wait 15mn while that's the time of your launch break ?

No, you're not. You're comparing apples and pears.

Maybe this clarifies things:

Transaction time (the time it takes to process a payment)
Bitcoin: 1-2 sec
Credit card: 3-5 sec

Money arrival time (the time at which the merchant actually receives the money and can spend it)
Bitcoin: 1-2 sec
Credit card: several business days

Confirmation time (the time at which the merchant can be sure the payment won't be reversed)
Bitcoin: 10 minutes
Credit card: 6+ months

So, what was the problem with Bitcoin, again?

[Thekool1s]

I just bought few btc worth around $120, The transaction was instant but conformation took 5 minutes. It depends on how much fees you give too, Like if you are buying a car worth $100 K you can certainly pay $1 or $2 for the fees and then see how quickly you get the conformation too. It is not a problem people should understand this by now if we want to go mainstream

[monsanto]

Could this be the reason , It's like 15-20mn to get at least 1 confirmation if I'am correct ?
Anyway the point is that we need some time to get transactions verified , could this actually prevent us from going to mainstream ?

No, IMO other things are preventing bitcoin from going mainstream. It doesn't really solve a big problem in most peoples lives. It wouldn't make life much easier for most American's purchases, and would probably just complicate things and introduce new risks. It has niche uses but for most people's everyday purchases I doubt it will ever go "mainstream."

[OmegaStarScream]

I just bought few btc worth around $120, The transaction was instant but conformation took 5 minutes. It depends on how much fees you give too, Like if you are buying a car worth $100 K you can certainly pay $1 or $2 for the fees and then see how quickly you get the conformation too. It is not a problem people should understand this by now if we want to go mainstream

Well I know about that , and I could even pay 10$ for such big amounts when I buy a car or a house or something that is expensive but that's why I'am speaking about little stuff like lunch at McDonald or paying the parking ticket because they are little amount and if u add big fees it's just like you are losing money .

I mean if you want to buy something from McDonald are you supposed to wait 15mn while that's the time of your launch break ?

No, you're not. You're comparing apples and pears.

Maybe this clarifies things:

Transaction time (the time it takes to process a payment)
Bitcoin: 1-2 sec
Credit card: 3-5 sec

Money arrival time (the time at which the merchant actually receives the money and can spend it)
Bitcoin: 1-2 sec
Credit card: several business days

Confirmation time (the time at which the merchant can be sure the payment won't be reversed)
Bitcoin: 10 minutes
Credit card: 6+ months

So, what was the problem with Bitcoin, again?

I'am not supporting Credit cards to be honest and I love bitcoin however CC is reversible indeed but ... there is no double spend like on BTC if it doesn't get verified .
and imagine if the transaction don't get verified at all for a reason or another , it will end up going back to the buyer which will make the seller losing money .

[Thekool1s]

First of all who would do a double spend on small items. Double spending is no easy task, and with normal fees too you get fast conformations. The alternative is that they introduce microwallets like faucets do. People can transfer funds to those and pay them via micro transactions which don't need conformations. Its matter of when this is going to happen, Bitcoin has all the things which the world needs