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

[ATguy]

5 second confirmations dont solve anything. With bad luck or small fees you still have to wait few minutes for first confirmation. Plus no such coin can work, block propagation times are longer than 5 seconds.

First part of what you said is wrong, 2nd part is kinda right but then very wrong.

So much for being innovative and adaptive to new technologies. Bitcoin users seem to be losing this sense.

Don't become a broken record player or dated like grandpa with the "we can't" attitude.

..or again my point stands, byte the dust.

We wont agree obviously, but why you want coin to have 5 second confirmations and not 4 or 3 or even instant ?

If you looking for instant confirmations, you might look for centralized systems like credit cards or private blockchains - these are not trustless though, thus Bitcoin has its niche even with 10 min confirmations.

[RodeoX]

Great idea. Now explain how you are going to inform tens of thousands of computers of your Tx in 5 seconds? Are you creating blocks every 5 secs? If so the chain may have to be 12 times as large. If it could be done then Satoshi would have done it.

[Red-Apple]

Great idea. Now explain how you are going to inform tens of thousands of computers of your Tx in 5 seconds? Are you creating blocks every 5 secs? If so the chain may have to be 12 times as large. If it could be done then Satoshi would have done it.

just another attempt to spread some FUD about bitcoin by choosing a hot topic and including words like "warning" to get attention.

[idev]

Bitcoin does not need faster confirmation times, the way bitcoin is designed will allow anyone to build on of the blockchain which can enable instant transactions. I'm pretty sure a few payment processors provide this already.

[Carlton Banks]

oh ROFL

First.... it was "2MB"


then...... "5 seconds"



These shills need to PUT THE CRACK PIPE DOWN. Seriously guys.

[Syke]

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.

You don't run a real eCommerce site, do you? I do. Credit card transactions can be reversed up to 60-90 days. All the customer has to do is say "I did not authorize that transaction". Bam, he wins the chargeback and keeps the merchandise. No one has ever reversed a 1-day old bitcoin transaction, let alone a 90-day one.

[AgentofCoin]

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.

You don't run a real eCommerce site, do you? I do. Credit card transactions can be reversed up to 60-90 days. All the customer has to do is say "I did not authorize that transaction". Bam, he wins the chargeback and keeps the merchandise. No one has ever reversed a 1-day old bitcoin transaction, let alone a 90-day one.

Don't bother providing your personal experience input.
This guy is just gonna say your wrong somehow without explanation.

His name should be changed to "ProfessionalTroller".

[ProfessionalGoogler]

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.

You don't run a real eCommerce site, do you? I do. Credit card transactions can be reversed up to 60-90 days. All the customer has to do is say "I did not authorize that transaction". Bam, he wins the chargeback and keeps the merchandise. No one has ever reversed a 1-day old bitcoin transaction, let alone a 90-day one.

False assumptions, I take PayPal payments for online gaming assets and have been for years.

A transaction through credit cards doesn't "confirm" in the same sense that Bitcoin transactions confirm.

I can trust a credit card payment instantly more than I can trust a instant Bitcoin notification of payment.

I never transact through Bitcoin without at least 1 confirm.

Plain facts you want to ignore. 

[mayax]

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

VISA can be chargeback which is VERY GOOD because the frauds are so common these days.

BTC is a niche market and the people who are using it MUST admit it. BTC cannot replace anything. It's just an e-currency like e-gold.com was.

The debit/credit cards can be used anywhere, it takes seconds to make a purchase and you are "safe" in the way that you can make chargeback if you are scamed or if someone is stealing the money from card.

Now, try to make a charge back when you are using BTC  The common people needs safe not shit libertarians motto. BTC is very hard to understand by the common Joe and Joe is 99.999%  
BTC market = over 80% black market and that means once a shit like SilkRoad was closed, the BTC value droped a lot. The rest of the market is for speculator and maybe 1% belongs to so called "normal" users.

I really don't see why someone would use BTC for anything except speculation, buying weed or things like that.
 You lose money to fund your BTC account, you lose money when you want to withdrawn. Guess what?! I cannot pay my bills with Bitcoin or I cannot buy an icecream with it too. I need cash or card.

If you run a real eCommerce website and a customer wants to charge back, you can dispute the charge back IF you have proofs that you contacted the client, you identified it and he really made the purchase. It's your duty to make due diligence. Stay calm, nobody will make any charge back if you are an honest business man and you ship/deliver the items AND IF you have a good customer service. Of course, there is a little risk but that's why it's called business. Do you want a business with risk free?  Get real  

What if your BTC is stolen overnight? Don't say that you have it in a cold wallet, bla bla because many others said the same and millions were stolen

So, make money/cash now by using BTC and that's it. BTC will end(will not be used, the value will go to zero) as any other e-currency ended in the past.

[btvGainer]

The current 10 minutes confirmation time is fine but what will be the confirmation time when all coins are mined?I guess most individual miners would be out of mining and with less miners and increased difficulty,would confirmation time be same?

[john-connor]

Plain facts you want to ignore. 

100% of your naysayers are either:

1. Lying
2. Ignorant
3. Unable to think outside of the box

Poloniex accepted Zero Confirmation Transactions for XVC over a testing period of 6 months (now only 1 confirmation like BTC). Because XVC implements the ZeroTime protocol this was 100% safe. We performed transactions during this time worth 10's of thousands of dollars, depositing, selling the XVC and withdrawing the Bitcoin BEFORE the XVC was inserted into a block. Poloniex has never lost any XVC. For those not familiar with ZeroTime it is a contract between you and the recipient forged instantly and confirmed on average ~3 seconds. The contract (ztlock) lives on the network and is periodically rebroadcast via the recipient until a block event occurs. It also has an additional interrogation protocol. This July ZeroTime will be one year old and nobody has been able to break it (bounty was offered).

That said, this forkless, yes you heard me, forkless protocol can be implemented into Bitcoin in as little as two weeks. The ZeroTime locked contract gives Bitcoin ~3 second "off chain" confirmations for all parties in a secure and cryptographic manner while preventing malleability and double spending.

This topic has already been solved for a long time.

[Syke]

False assumptions, I take PayPal payments for online gaming assets and have been for years.

You take payments for virtual items that have no cost. Wow, so risky of you. Come back when you spend $10,000 on the raw materials for a real product and have the customer charge you back after receiving it. Online merchants shipping real products have no protection for fraud when accepting credit cards. That's why a credit card transaction isn't truly confirmed until months later, at which point it's too late for the merchant. They're already ripped off.

In any case, comparing bitcoin to credit cards is the wrong comparison. Compare a credit card processor to a payment processor that runs on bitcoin like BitPay. With BitPay, you do get instant confirmations without the fraud risks or massive fees.

[RodeoX]

There is no question that bitcoin is faster, safer, and cheaper than a credit card. I got rid of ALL my credit cards when I switched to BTC. If you are an online business and want my money then you are going to have accept bitcoin.

[n0ne]

The current 10 minutes confirmation time is fine but what will be the confirmation time when all coins are mined?I guess most individual miners would be out of mining and with less miners and increased difficulty,would confirmation time be same?

I believe the confirmation time will get reduced when the advancement in the processor used gets high config. Right now only based upon the hashrate the transactions were calculated.

[eyeknock]

There is no question that bitcoin is faster, safer, and cheaper than a credit card. I got rid of ALL my credit cards when I switched to BTC. If you are an online business and want my money then you are going to have accept bitcoin.

even with the current transactions times is much faster than lot of current money transfers, obviously much more safer, is there someone who still believe in banks? and again, obviously much more cheaper, banks are taken our money for digital transactions, what the...?; what i want to say with this is, WELL done my friend, more people will do the same as you, soon...

[Wendigo]

There is no question that bitcoin is faster, safer, and cheaper than a credit card. I got rid of ALL my credit cards when I switched to BTC. If you are an online business and want my money then you are going to have accept bitcoin.

I beg to differ. I was checking out different Bitcoin debit cards because I wanted to use one but apparently they have higher fees than bank debit cards. I don't completely agree Bitcoin is safer and cheaper with all the Bitcoin scams running amok and exchanges getting breached. At least if something happens to your bank account you can hold the bank accountable and get everything back while a bad Bitcoin transaction is irreversible. And how do you pay for your things every day with no cards? Are you using cash?

[Carlton Banks]

There is no question that bitcoin is faster, safer, and cheaper than a credit card. I got rid of ALL my credit cards when I switched to BTC. If you are an online business and want my money then you are going to have accept bitcoin.

I beg to differ. I was checking out different Bitcoin debit cards because I wanted to use one but apparently they have higher fees than bank debit cards. I don't completely agree Bitcoin is safer and cheaper with all the Bitcoin scams running amok and exchanges getting breached. At least if something happens to your bank account you can hold the bank accountable and get everything back while a bad Bitcoin transaction is irreversible. And how do you pay for your things every day with no cards? Are you using cash?

Do you even Bitcoin?

Why should a bank be held responsible when you make the mistake of choosing a disreputable merchant? Where does the bank magic the money up from when they reimburse foolish or reckless users of that system? People like you are the problem: ignorance

[Boosterious]

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.

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

it can be true,no more good describe about bitcoin,the only mater mentioning by opwas about transaction,its major problem for bitcoin to conquer payment system,but i'm sure developer will not let this always happen.

[countryfree]

Is this important to have 5-seconds confirmation time?
I guess it is if you're interested in online strip-teases, but it doesn't matter much if you use BTC to pay for a flight ticket or to order a laptop. The seller will need much more than the standard 10 minutes confirmation time to fulfill your order, so BTC's fine.

[Wendigo]

There is no question that bitcoin is faster, safer, and cheaper than a credit card. I got rid of ALL my credit cards when I switched to BTC. If you are an online business and want my money then you are going to have accept bitcoin.

I beg to differ. I was checking out different Bitcoin debit cards because I wanted to use one but apparently they have higher fees than bank debit cards. I don't completely agree Bitcoin is safer and cheaper with all the Bitcoin scams running amok and exchanges getting breached. At least if something happens to your bank account you can hold the bank accountable and get everything back while a bad Bitcoin transaction is irreversible. And how do you pay for your things every day with no cards? Are you using cash?

Do you even Bitcoin?

Why should a bank be held responsible when you make the mistake of choosing a disreputable merchant? Where does the bank magic the money up from when they reimburse foolish or reckless users of that system? People like you are the problem: ignorance

Actually I have dealt with scammers before and if you go to your bank and explain what's going on and provide evidence that you are the one getting scammed they can retrieve your money because as you know or maybe you don't know your money isn't permanently lost once you have made a transaction.
Good luck achieving that next time you get scammed by a Bitcoin merchant or an exchange getting breached.

I am not ignorant but my answer to you is :  The pot calling the kettle black