bitcoin transactions - Slow OR Fast

[Harsh32]

is it possible that bitcoin will be accepted in local stores, shops etc. since transactions are to slow and customers have to wait until their transactions are verified. And nobody wants to wait.
 Can transactions be seeded up to save customers time or any other way to use bitcoin  at local stores.

[kennyP]

is it possible that bitcoin will be accepted in local stores, shops etc. since transactions are to slow and customers have to wait until their transactions are verified. And nobody wants to wait.
 Can transactions be seeded up to save customers time or any other way to use bitcoin  at local stores.

bitcoin via third party payment processors will be, just like c-cards now. for something large like a car, waiting 10 minutes is fine

[ImHash]

you could always use a third party as mentioned but I think we are a few years far from the wide spreads of bitcoin usage.

[Herbert2020]

is it possible that bitcoin will be accepted in local stores, shops etc. since transactions are to slow and customers have to wait until their transactions are verified. And nobody wants to wait.
 Can transactions be seeded up to save customers time or any other way to use bitcoin  at local stores.

bitcoin transaction time =/= transaction confirmation time.

transactions are super fast and it only takes a couple of seconds to reach the merchant's wallet. but the confirmation time is long and it can be from seconds to 10 minutes on average or 1 hour in the worst case scenario.

and shops can accept this based on the fact that fraud (which would be to double spend) will not happen that often and the risk would be even lower than accepting credit card as payment.

[rphk]

may need to wait for more years to transaction faster , and also so many store people are not ware of the bitcoins in some countries , but i have seen sometimes transaction on bitcoin happens faster also

[emberbekas]

is it possible that bitcoin will be accepted in local stores, shops etc. since transactions are to slow and customers have to wait until their transactions are verified. And nobody wants to wait.
 Can transactions be seeded up to save customers time or any other way to use bitcoin  at local stores.

Bitcoin can be used at a local store when combined with the goverment ID card. So, when a buyer willing to pay for groceries with bitcoin and did not get a confirmation quickly, he/she had to leave his/her copies of goverment ID card or something similar to it. And buyers should put higher fee as well!

[yubsep]

The transaction of bitcoin confirmed in 30 min on blockcahin.info and coinbase.. I think all of transactions confirming in 30-60 min...

[mirakal]

In my point of view, bitcoin transaction is fast because in less than an hour I could already received the payments sent to me. I believe that sometimes there is a problem with network by the fact that we can transact anytime we wishes will overshadowed the weaknesses noted.

[Foxpup]

ITT: Sig spammers can't read the FAQ.

[SAMKUSH]

The easiest way to avoid this is through a thrid party bitcoin wallet. This is one of the few bad things about bitcoins because the transaction times are inconsistent. Using a thrir party may even mean that fees are reduced depending on the transaction size.

[electronicfactura]

I think Bitcoin is not for local stores there are some reason what I understand like It is widely used for money transfers where you don't have problem to wait for 1-2 confirmations as this is still fast and convenient and cost effective than traditional money transfer methods in remittance market. Other use is gambling where people make a prior deposit or send directly to specific address and have enough time to let the transaction be confirmed. Bitcoin has limited supply i don't think it is made for local stores acceptance.

[helloeverybody]

Im pretty sure most cafes that accept bitcoin (not that ive ever seen one) take 0 confimation payments due to the price being just pocket change. Nowadays i dont really see bitcoin as a method of paying for micro transactions like that though. It looks like we are being steered into being more of a store of value in which case we wont need fast transactions anyway but it would always be nice to have that confimations. Maybe in the future this could be improved on but it doesnt seem to be top priority.

[ObscureBean]

If you send a Bitcoin payment from your Coinbase wallet, most of the time you don't have to wait for any confirmations, the payment is cleared the second it is broadcasted through the network which is pretty much instantly. But for this won't work if the seller/store accepts your payment directly rather than via a Bitcoin payment processor.

[iv4n]

I don't have problem with little waiting, for me bitcoin have a good speed. Who wish to be faster can pay a bit larger fee and transaction will be fast. I believe that this will not be some big obstacle for bitcoin.
Bitcoin is growing, and many problems will appear on our way. That doesn't need to discourage us, people should have patience for this things and don't lose faith. Things will get better over time and for sure we will see many changes and upgrades in the future.

[hase0278]

here in the Philippines, If the one who sends and one who receives use the web wallet coins.ph,  the receiver receives bitcoins instantly in his/her btc wallet in his/her coins.ph account regardless of the confirmations. Well this app may be good to fasten up transactions since the sent bitcoins will reflect to your wallet instantly after a refresh or two after sending.  

[john2231]

I think for now it takes 10 minutes sometimes fast and sometimes its slow.. depends of your fee.. for transaction..
Also if we use bitcoin as payment in stores .. better to improve the transaction speed for bitcoin or they can make a bitcoin ATM card that we can use to buy in stores.

[Senor.Bla]

third party service is mentioned here a lot, but could you please name some of this third party services so i could look further into i.
also how big is the risk of accepting zero confirmations? how could an attacker take advantage of this?

[ranochigo]

Transactions propagation takes literally seconds. It's the time needed before a confirmation.

Most merchants in the real world requires no confirmations unless the purchase is of a significant value. Double spending is quite hard since the reference implementation does not accept transactions spending identical input to be added into the mempool. However, merchants must take note if the transaction has opt-in RBF enabled since this would allow for the transaction to be replaced. As long as there is a decent fee, it is propagated well enough and it follows the network rule, merchants can accept the transaction with next to no risk.

[Hirose UK]

In my point of view, bitcoin transaction is fast because in less than an hour I could already received the payments sent to me. I believe that sometimes there is a problem with network by the fact that we can transact anytime we wishes will overshadowed the weaknesses noted.

yeah, probably the problem is in the network. maybe some people send payments in the same time, so miners can't confirm them fast.

I think bitcoin transactions can be done in a food/drink shop. we can send bitcoin first then get the food/drink, and we wait for the transaction while we eat/drink.

[shield132]

If you have money on bitcoin, what about to convert it in usd and than pay with your card?
It's very bad situation, it would be great if confirmations will be fast, but usually it takes 20-40 minute, but I think that transaction takes a second to register and reciever can see this, so there won't be any problem to accebt bitcoin payment in local stores.