A warning to Bitcoin users believing this will take over payment systems

[ProfessionalGoogler]

Bitcoin needs to have 5 second confirm times, yeah you heard me right. (you ARE trying to CUT OUT middle men, not CREATE them RIGHT?)

More so it needs a better development team otherwise Bitcoin will continue to become dated. (doesn't need changing? you'll see where this gets you soon enough)

Yes Bitcoin can "do anything" in one sense, but what is it doing NOW?  

5 second confirms.

5 second confirms.

5 second confirms.

(1 second confirms dare I even speak of it?)

Bitcoin better stop crawling and start walking soon or it will be dumpt like you will not believe.

Don't think for a second it "can't happen".

The wheel was a great invention but we aren't using stones anymore.

--

What needs to be changed for 5 second confirms to compete with current payment processors that would actually cut out many middle men, instead of creating them? It needs to get done, no matter how dramatic the change would be.

The original ideas of Bitcoin seemed to have died.

It isn't inspirational to describe what Bitcoin is anymore.

[AgentofCoin]

Bitcoin needs to have 5 second confirm times, yeah you heard me right. (you ARE trying to CUT OUT middle men, not CREATE them RIGHT?)
...

Why don't you use your professional googling skills and look up why we can't have 5 second confirmation times.

[ralle14]

5 second confirm time means a block will be mined every 5 seconds seems like impossible if that would happen a total of 432000 bitcoins will be mined everyday and the controlled supply will be ruined.

[pooya87]

Let me Google that for you

for the lazy: https://bitcointalk.org/index.php?topic=232297.0

p.s. so what altcoin are you promoting? is it Ethereum again or is it time for a new bitcoin challenger because bitcoin is dying?!!

[odolvlobo]

Bitcoin needs to have 5 second confirm times, yeah you heard me right. (you ARE trying to CUT OUT middle men, not CREATE them RIGHT?)
More so it needs a better development team otherwise Bitcoin will continue to become dated. (doesn't need changing? you'll see where this gets you soon enough)

Your mistake is believing that credit/debit card transactions are confirmed in 5 seconds. It really takes more like 30 seconds just to do a credit/debit card transaction, and it takes months for the transaction to actually be confirmed.

Doing a bitcoin transaction can take just a few seconds: scan a QR code and press the wallet's confirm button. The confirmation doesn't take months, it takes minutes.

[NUFCrichard]

Agreed, I have used Bitcoin a few times recently and it always 'confirmed' in less than 10 seconds.
It obviously doen't always get it's first confirmation for a while, but i is recognised as being sent, which is enough for small purchases.

People will talk about 0 confirmation payments being bad, but there is credit card fraud, and bitcoin fraud would be those doing 0 confirmation bad transactions.

[adamstgBit]

VISA has a 2 month confirmation time, we'll be fine 

[Bit_Happy]

Bitcoin needs to have 5 second confirm times, yeah you heard me right. (you ARE trying to CUT OUT middle men, not CREATE them RIGHT?)
More so it needs a better development team otherwise Bitcoin will continue to become dated. (doesn't need changing? you'll see where this gets you soon enough)

Your mistake is believing that credit/debit card transactions are confirmed in 5 seconds. It really takes more like 30 seconds just to do a credit/debit card transaction, and it takes months for the transaction to actually be confirmed.

Doing a bitcoin transaction can take just a few seconds: scan a QR code and press the wallet's confirm button. The confirmation doesn't take months, it takes minutes.

Even better:
Doing a bitcoin transaction can take less than half a second. If my receiving wallet is open, I often hear a beep instantly as soon as a new transaction is incoming.

[Rune]

People never want to accept a 0 confirmation payment with Bitcoin.
Even if it is for a some of 20$ I think there are reasons for this.

[Kakmakr]

We do not need it to be a replacement for VISA and Mastercard as a payment processor, because it can do more than that. You can have tx's with 0 confirmations and it will be instant. It is your choice, if you want to wait for 1 confirmation or 8 confirmations. < Buying a cup of coffee with zero confirmations will not break the bank, if it did not confirm >

If you simply want to do remittance and transfer money to family, then 10 minutes will not be an issue. It is cheaper and faster than many other methods of doing this. We will also see improvements with SegWit and side-chains coming soon, so there is no need to panic. ^smile^

[Lauda]

OP, you're wrong:
1) You don't need confirmations when transacting smaller amounts of money.
2) Traditional systems have a very slow 'confirmation time'.
3) The Lightning Network will have near instant transactions that don't require confirmations.

[OgNasty]

Email didn't need to take over the post office to be successful.

[shintosai]

Email didn't need to take over the post office to be successful.

yes indeed sir, that's why I'm also wondering why OP created this thread, speculation showing that this OP might promoting something that he thinks dev can be done, I'm not against the idea but just like other says confirmation needed to be like that or that way in order for it to be completed. just leave bitcoin that way or do not use it anyway.

[vinaha]

Bitcoin needs to have 5 second confirm times, yeah you heard me right. (you ARE trying to CUT OUT middle men, not CREATE them RIGHT?)

More so it needs a better development team otherwise Bitcoin will continue to become dated. (doesn't need changing? you'll see where this gets you soon enough)

Yes Bitcoin can "do anything" in one sense, but what is it doing NOW?  

5 second confirms.

5 second confirms.

5 second confirms.

(1 second confirms dare I even speak of it?)

Bitcoin better stop crawling and start walking soon or it will be dumpt like you will not believe.

Don't think for a second it "can't happen".

The wheel was a great invention but we aren't using stones anymore.

--

What needs to be changed for 5 second confirms to compete with current payment processors that would actually cut out many middle men, instead of creating them? It needs to get done, no matter how dramatic the change would be.

The original ideas of Bitcoin seemed to have died.

It isn't inspirational to describe what Bitcoin is anymore.

Oh OP!! Have you been so blinded by the powers of plastic cards, that you have forgotten that it takes WEEKS for credit card transactions to be "confirmed"?

Wanting instant transactions is a completely foreign concept to reality. Except maybe physical gold or cash.

[NorrisK]

OP you are clearly mistaking confirmation times with the time it takes to broadcast the transaction over the network.

Broadcasting is almost instant and after that the chance of the transaction being reveresed is next to none. Unless there is a double spend attempt at the same time you cannot cancel the transaction after it is broadcasted using correct fees.

The confirmation times are only important to really set it in stone, which is not even ever the case with current payment processors.

[Herbert2020]

5 second confirms.

(1 second confirms dare I even speak of it?)

it is 1-5 seconds to send and then receive a transaction and that is the only important part, the customer scans the QR code and clicks a button and the shop receives the coin. the confirmation is going to happen in a couple of minutes max which is not important to real business owners like a sandwich shop.

the risk is same (even lower) as risk of getting stolen credit card or experiencing charge back

[ProfessionalGoogler]

Bitcoin needs to have 5 second confirm times, yeah you heard me right. (you ARE trying to CUT OUT middle men, not CREATE them RIGHT?)

More so it needs a better development team otherwise Bitcoin will continue to become dated. (doesn't need changing? you'll see where this gets you soon enough)

Yes Bitcoin can "do anything" in one sense, but what is it doing NOW?  

5 second confirms.

5 second confirms.

5 second confirms.

(1 second confirms dare I even speak of it?)

Bitcoin better stop crawling and start walking soon or it will be dumpt like you will not believe.

Don't think for a second it "can't happen".

The wheel was a great invention but we aren't using stones anymore.

--

What needs to be changed for 5 second confirms to compete with current payment processors that would actually cut out many middle men, instead of creating them? It needs to get done, no matter how dramatic the change would be.

The original ideas of Bitcoin seemed to have died.

It isn't inspirational to describe what Bitcoin is anymore.

Oh OP!! Have you been so blinded by the powers of plastic cards, that you have forgotten that it takes WEEKS for credit card transactions to be "confirmed"?

Wanting instant transactions is a completely foreign concept to reality. Except maybe physical gold or cash.

Credit cards do not take "weeks" or "months" to be "confirmed". This Bitcoin community has gone in some sort of strange denial. Don't try to compare Bitcoin confirm times with this.

And no broadcasting doesn't count as a confirm sorry, be in denial all you want about this.


Bitcoin is NOT what it started off to be.

I'm glad you morons think those confirm times are "impossible" you'll soon see where this kind of attitude gets you.

[ProfessionalGoogler]

5 second confirms.

(1 second confirms dare I even speak of it?)

it is 1-5 seconds to send and then receive a transaction and that is the only important part, the customer scans the QR code and clicks a button and the shop receives the coin. the confirmation is going to happen in a couple of minutes max which is not important to real business owners like a sandwich shop.

the risk is same (even lower) as risk of getting stolen credit card or experiencing charge back

This is beyond wrong, more denial and assuming the common consumer and business owner thinks this is okay with them when it isn't.

Bitcoin is quickly becoming dated  and NOTHING is being done to change that at all.

[ProfessionalGoogler]

OP you are clearly mistaking confirmation times with the time it takes to broadcast the transaction over the network.

Broadcasting is almost instant and after that the chance of the transaction being reveresed is next to none. Unless there is a double spend attempt at the same time you cannot cancel the transaction after it is broadcasted using correct fees.

The confirmation times are only important to really set it in stone, which is not even ever the case with current payment processors.

Nope. More stupid assumptions.

[Lauda]

Bitcoin is quickly becoming dated  and NOTHING is being done to change that at all.

The exact opposite is happening. There are reasons for which Bitcoin has a ~10 minute block interval, albeit I recall some calculations stating that 7-8 minutes would be more optimal. Additionally, nobody really cares about those altcoins. Bitcoin is becoming less of a taboo. Also you ignored my mention of LN. If you keep your coins in a channel you can do a theoretically infinite amount of near instant transactions.