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Author Topic: Novel way to transfer Bitcoins  (Read 566 times)
Geofflee
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March 20, 2013, 12:32:48 PM
 #1

It has always bothered me that it takes time to transfer Bitcoin. But then I realized that that's not necessarily true. You can actually transfer Bitcoin instantly by transferring your entire wallet. And just like real-world cash, you can then create many wallets, each with a certain denomination (such as 0.10, 0.05, 0.01, etc…) so that you can mix-and-match to send a specific amount of Bitcoins. Obviously, you will need a lot of "wallets", so we'll need new software to help manage its storage and facilitate this method of transferring Bitcoins. Thoughts?

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Geofflee
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March 20, 2013, 12:35:54 PM
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Hmmm, on second thought, this has the problem of double-spend, so perhaps it's not so simple. I suppose there really is no way around this problem of transfer-speed without using a trusted third-party.

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DannyHamilton
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March 20, 2013, 01:09:48 PM
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In my experience bitcoin transactions are faster than a credit card, or personal check.

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March 20, 2013, 01:57:30 PM
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Creating privatekey-wallet pair, and sending only privatekey. The problem is that receiver has to trust sender not to double spend...
So what's the point? Smiley

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March 20, 2013, 02:12:59 PM
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Hmmm, on second thought, this has the problem of double-spend, so perhaps it's not so simple. I suppose there really is no way around this problem of transfer-speed without using a trusted third-party.

Bitcoin is much faster than other transfer methods - paypal creates the illusion of immediate transfer, but they can reverse the transfer anytime within 90 days. ie a 100% confirmed paypal transaction takes 90 days.

To all intents and purposes Bitcoin transactions are immediate - a zero confirmation transaction on the bitcoin network is safer than any credit card or paypal transaction (from the merchants perspective).
For small amounts the economic risk taken by the merchant is much less than that of anyone accepting credit cards. If they are afraid of double spends they will price their product to account for the risk.

Edit - If the price of an item at POS is the same in bitcoins and $, then the saving in credit card fees more than offsets the danger of double spend (for small value transactions)
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