Could someone please point me to a thread with a solution for faster Bitcoin verifications? Not Mybitcoin or Mt Gox Api; Is there a solution for "real-time" (or at least faster) Bitcoin p2p verifications?
If Yes, please help teach me.
If No, How are we supposed to develop eCommerce and bCommerce sites?
Accepting a transaction instantly is possible, however there is a risk of a double spend, i.e. a different transaction may make it into the block chain if your customer is trying to rip you off.
The chance should be small enough that an insurance company could come along and offer to guarantee your incoming transactions for a fee.
Such an insurance company would have several strategies available to lower their costs:
- Require a 2-second or so delay before guaranteeing a transaction
- Connect to a large number of nodes and make sure that during the aforementioned delay, no other transaction appears on the network
- Contract with and pay miners to guarantee they only have the transaction you got and will include it if they generate the next block
They could then offer an API to merchants that allows them to automate the process.
Theoretically merchants could do this themselves and carry the risk themselves, but it'll likely be much, much cheaper to have specialized companies do it.
