Dafar
Legendary
 Offline
Activity: 1330
Merit: 1000
dafar consulting
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December 17, 2014, 02:38:11 AM |
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I am not very 'wealthy' or 'elite' these days, but the future could still be bright. Set exciting goals and never give up.  Having 20-50BTC will be enough to feel like you made a good investment when the price will jump. It obviously all depends on your standard of livings but tens of BTC will be enough to feel good if you are middle class in a first world country  Not with the current price, and most definitely while it isn't accepted at "your local grocery store". I was saying 20-50BTC is enough to feel a bit wealthier WHEN the price will go up to 2000$ + I hope so, mr piccolo  |
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"This isn't the kind of software where we can leave so many unresolved bugs that we need a tracker for them." -- Satoshi
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Oscilson
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December 17, 2014, 08:38:12 AM |
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An alt-coin will be accepted at the local grocery store first as Bitcoin's 10 min confirmation time makes it inappropriate for brick & mortar applications other than large purchases. People need to keep in mind that Bitcoin was designed for transactions that are online or between geographically separated parties.
Even a 30 seconds block time coin is not suitable for local grocery purchase. You need a centralized payment processor to do the real time transaction. In that sense, there is no difference between BTC and altcoin. |
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picolo
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December 17, 2014, 09:56:42 AM |
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An alt-coin will be accepted at the local grocery store first as Bitcoin's 10 min confirmation time makes it inappropriate for brick & mortar applications other than large purchases. People need to keep in mind that Bitcoin was designed for transactions that are online or between geographically separated parties.
Even a 30 seconds block time coin is not suitable for local grocery purchase. You need a centralized payment processor to do the real time transaction. In that sense, there is no difference between BTC and altcoin. If you have Bitcoin on your phone, it's very safe for the store to accept a Bitcoin payment from you. |
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Oscilson
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December 17, 2014, 10:49:58 AM |
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An alt-coin will be accepted at the local grocery store first as Bitcoin's 10 min confirmation time makes it inappropriate for brick & mortar applications other than large purchases. People need to keep in mind that Bitcoin was designed for transactions that are online or between geographically separated parties.
Even a 30 seconds block time coin is not suitable for local grocery purchase. You need a centralized payment processor to do the real time transaction. In that sense, there is no difference between BTC and altcoin. If you have Bitcoin on your phone, it's very safe for the store to accept a Bitcoin payment from you. But they have to trust you before the confirmation. |
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turvarya
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December 17, 2014, 12:02:52 PM |
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An alt-coin will be accepted at the local grocery store first as Bitcoin's 10 min confirmation time makes it inappropriate for brick & mortar applications other than large purchases. People need to keep in mind that Bitcoin was designed for transactions that are online or between geographically separated parties.
Even a 30 seconds block time coin is not suitable for local grocery purchase. You need a centralized payment processor to do the real time transaction. In that sense, there is no difference between BTC and altcoin. If you have Bitcoin on your phone, it's very safe for the store to accept a Bitcoin payment from you. But they have to trust you before the confirmation. They have to trust, that you are not the secret owner of 51% of the bitcoin hash rate and are not using that power to steal the $1 back, that you just paid for a small item. That doesn't sound like that much trust to me. |
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Oscilson
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December 17, 2014, 12:06:52 PM |
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So there is no difference between a fast and a slower block time coin.
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CoinCidental
Legendary
Offline
Activity: 1316
Merit: 1000
Si vis pacem, para bellum
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December 17, 2014, 01:27:03 PM |
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An alt-coin will be accepted at the local grocery store first as Bitcoin's 10 min confirmation time makes it inappropriate for brick & mortar applications other than large purchases. People need to keep in mind that Bitcoin was designed for transactions that are online or between geographically separated parties.
Even a 30 seconds block time coin is not suitable for local grocery purchase. You need a centralized payment processor to do the real time transaction. In that sense, there is no difference between BTC and altcoin. If you have Bitcoin on your phone, it's very safe for the store to accept a Bitcoin payment from you. But they have to trust you before the confirmation. Cash will still exist alongside btc for a long time in my estimation People will still use cash for instant purchases and some people will never use btc but enough will to make each coin valuable esp for long distance or high value transactions that cross borders |
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LewiesMan
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December 17, 2014, 01:40:16 PM |
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So there is no difference between a fast and a slower block time coin.
Just the pain of the waiting time for the TX to go through  |
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picolo
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December 17, 2014, 01:44:01 PM |
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An alt-coin will be accepted at the local grocery store first as Bitcoin's 10 min confirmation time makes it inappropriate for brick & mortar applications other than large purchases. People need to keep in mind that Bitcoin was designed for transactions that are online or between geographically separated parties.
Even a 30 seconds block time coin is not suitable for local grocery purchase. You need a centralized payment processor to do the real time transaction. In that sense, there is no difference between BTC and altcoin. If you have Bitcoin on your phone, it's very safe for the store to accept a Bitcoin payment from you. But they have to trust you before the confirmation. They have to trust, that you are not the secret owner of 51% of the bitcoin hash rate and are not using that power to steal the $1 back, that you just paid for a small item. That doesn't sound like that much trust to me. Successful double spending is very unlikely from a grocery store customer. |
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turvarya
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December 17, 2014, 01:47:37 PM |
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So there is no difference between a fast and a slower block time coin.
Just the pain of the waiting time for the TX to go through I recently tried out watchmybit.com: It was less than a second for the site to register my payment. |
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CoinCidental
Legendary
Offline
Activity: 1316
Merit: 1000
Si vis pacem, para bellum
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December 17, 2014, 02:40:15 PM |
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An alt-coin will be accepted at the local grocery store first as Bitcoin's 10 min confirmation time makes it inappropriate for brick & mortar applications other than large purchases. People need to keep in mind that Bitcoin was designed for transactions that are online or between geographically separated parties.
Even a 30 seconds block time coin is not suitable for local grocery purchase. You need a centralized payment processor to do the real time transaction. In that sense, there is no difference between BTC and altcoin. If you have Bitcoin on your phone, it's very safe for the store to accept a Bitcoin payment from you. But they have to trust you before the confirmation. They have to trust, that you are not the secret owner of 51% of the bitcoin hash rate and are not using that power to steal the $1 back, that you just paid for a small item. That doesn't sound like that much trust to me. Successful double spending is very unlikely from a grocery store customer. Eventually it will be the same as credit card fraud to steal goods via btc fraud even if people were fast enough to double spend but I don't see it happening a lot Expensive items will be a delayed purchase.... Until transactions go through but for a cup of coffee I think vendors would risk it |
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picolo
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December 17, 2014, 02:49:27 PM |
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So there is no difference between a fast and a slower block time coin.
Just the pain of the waiting time for the TX to go through I recently tried out watchmybit.com: It was less than a second for the site to register my payment. The transaction goes through in an instant, it is safe to accept the transaction from a trusted party without waiting for confirmations. |
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Dafar
Legendary
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Activity: 1330
Merit: 1000
dafar consulting
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December 17, 2014, 03:16:22 PM |
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I have 30 bitcoinz..... will I ever be "wealthy"?
Cuz at current price it's worth shit
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superresistant
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Activity: 2128
Merit: 1120
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December 17, 2014, 03:27:28 PM
Last edit: December 17, 2014, 07:36:41 PM by superresistant |
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I have 30 bitcoinz..... will I ever be "wealthy"?
Cuz at current price it's worth shit
The people that got millionaire last year where hodling for about 4 years. How long have you been hodling ? |
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Dafar
Legendary
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Activity: 1330
Merit: 1000
dafar consulting
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December 17, 2014, 03:35:40 PM |
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I have 30 bitcoinz..... will I ever be "wealthy"?
Cuz at current price it's worth shit
The people that go millionaire last year where hodling for about 4 years. How long have you been hodling ? 1 year.... as of current status, I joined at the worst time |
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Soros Shorts
Donator
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Activity: 1616
Merit: 1003
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December 17, 2014, 03:43:37 PM |
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Eventually it will be the same as credit card fraud to steal goods via btc fraud even if people were fast enough to double spend but I don't see it happening a lot
Double spending fraud will happen a LOT less than credit card fraud. I doubt anybody would bother to try it for a $5 Starbucks coffee or a $100 grocery bill. |
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Bit_Happy
Legendary
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Activity: 2100
Merit: 1040
A Great Time to Start Something!
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December 17, 2014, 04:07:59 PM |
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I have 30 bitcoinz..... will I ever be "wealthy"?
Cuz at current price it's worth shit
The people that go millionaire last year where hodling for about 4 years. How long have you been hodling ? Most BTC multi-millionaires bought (or mined) pre-April 2011 and had huge gains on the rally above $1. I saw BTC for ~5 cents each in 2010 and didn't feel an urgent need to buy any. If only I'd know about this forum then, things might have been much different. No regrets though, life goes on... |
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Parazyd
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December 17, 2014, 05:15:13 PM |
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Why can't the bitcoin network instantly lock the bitcoin after transactions to prevent double spending? After 6 confirmations bitcoin is transferred and unlocked... Is this possible?
Discuss this in the Development section. Open a new thread if necessary. |
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Arriemoller
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Activity: 2282
Merit: 1767
Cлaвa Укpaїнi!
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December 18, 2014, 01:10:56 AM |
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Why can't the bitcoin network instantly lock the bitcoin after transactions to prevent double spending? After 6 confirmations bitcoin is transferred and unlocked... Is this possible?
Discuss this in the Development section. Open a new thread if necessary. Sorry grandad. Hehe. |
Demokrati: Två vargar och ett lamm röstar om lunchmenyn. Democracy: Two wolfes and a lamb votes about the lunch menu.
Frihet: Ett väl beväpnat lamm opponerar sig mot omröstningen. Freedom: A well armed lamb opposes the outcome.
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BlindMayorBitcorn
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Activity: 1260
Merit: 1115
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December 18, 2014, 01:13:04 AM |
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I have 30 bitcoinz..... will I ever be "wealthy"?
Cuz at current price it's worth shit
Did you buy them all today? |
Forgive my petulance and oft-times, I fear, ill-founded criticisms, and forgive me that I have, by this time, made your eyes and head ache with my long letter. But I cannot forgo hastily the pleasure and pride of thus conversing with you.
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