transaction times

[silverback]

An hour ago sent a bitcoin to mtgox as a test. I should say tried to send. It still didn't arrive yet. Still says 5/unconfirmed. So, this is what 'instant' transactions feel like, huh?

[Garrett Burgwardt]

Don't think anyone (who knows what they're talking about) has ever said that bitcoin transactions are confirmed instantly. They appear rather quickly (usually seconds) but aren't confirmed for an hour on average. You'll get your coins when it gets to 6 confirmations.

-Garrett

[silverback]

So bitcoins are not really good for everyday transactions. For example, you will never be able to use bitcoins to go shopping, unless you and the shop assistant are willing to wait an hour for the transaction to clear.

[tomcollins]

So bitcoins are not really good for everyday transactions. For example, you will never be able to use bitcoins to go shopping, unless you and the shop assistant are willing to wait an hour for the transaction to clear.

Only if they require 6 confirmations.

[nuggets4all]

What will likely happen is somebody will develop an escrow-like service that will become widely adopted. The customer and merchant can have a wallet with the service and transfer funds between them instantly. This is how mybitcoin.com works. Transfers between two mybitcoin.com accounts are instantaneous.

[silverback]

Maybe you are right. I have a mybitcoin account. But I just keep a few btc there, in case they guy who owns the site decides to steal all my btc one day. You can't be too careful where money is concerned.

I kind of expected instant transactions, though.