Bitcoin Forum
November 24, 2017, 09:43:05 AM *
News: Latest stable version of Bitcoin Core: 0.15.1  [Torrent].
 
   Home   Help Search Donate Login Register  
Pages: [1] 2 3 4 »  All
  Print  
Author Topic: BITCOIN IS TOO SLOW TO EVER SUCCEED AS ONLINE CURRENCY  (Read 2493 times)
bitcoinologist
Jr. Member
*
Offline Offline

Activity: 42


View Profile
April 08, 2013, 04:19:15 PM
 #1

Hi,

Well for all the plusses, all the hype, all the talk of global change. There is ONE SMALL chink in the bitcoin Armour. For all the zero transactions, anonymity, security etc etc

IT IS TOO DAMN SLOW  !!

Unless bitcoin can match paypal/credit card for speed of use, all the pluses will be forgotten as joe public is left waiting for 10 mins, 2 hours or even the next day wondering if his/her bitcoin transaction  has confirmed.

Seriously, in light of the massive surge in bitcoin, currently driven by hype and stock broker mentality buying and speculating. IF bitcoin is ever to take over paypal and its other cronies, we need to be as quick.

Or, it will forever flounder as an experiment, great for blackmarket, some merchants will offer it but...that will be its zenith reached.

The whole concept of online transactions is INSTANT. SPEED, ONE CLICK...JOB DONE.

Bitcoin cannot offer this as the current rate of how the block chain works.

Thank you for you purchase, you might have the auction you wanted, you may have got the domain you wanted but give us a few hours or well, could be 10 mins, could be tomorrow and we will let you know if your transaction completed in time to get the purchase you wanted.

Ya righty !!....Ill use paypal or credit card.
Join ICO Now Coinlancer is Disrupting the Freelance marketplace!
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
whitetoo
Sr. Member
****
Offline Offline

Activity: 269



View Profile WWW
April 08, 2013, 04:23:14 PM
 #2

I'm only a small user thus far for BTC transfers but after 15+ transactions I cannot say I've had to wait longer than 5 mins for a confirmation.
Even using the Bitcoin-qt software which is supposedly "slow" coins arrive instantly and then make some coffee and they're confirmed.
I am a patient person however.

The only annoyance I find is the wallet sync with the blocks, I don't like to leave it running constantly but I'm sure improvements will be made.
MysteryMiner
Legendary
*
Offline Offline

Activity: 924



View Profile
April 08, 2013, 04:31:38 PM
 #3

I will tell You this: I'm waiting 6 days and counting for PayPal withdrawal to Visa card.

There is absolutely no need to wait for even a single confirmation if the sending party are unlikely to double-spend. If transactions shows up in client it already are valid transaction. The sender controls the private keys of inputs.

OP is either fool or spreading FUD.

1LEaxxAh1LKFUvDKYVhiMEVAHRM7K5o7cF
bitcoinologist
Jr. Member
*
Offline Offline

Activity: 42


View Profile
April 08, 2013, 04:32:37 PM
 #4

Agreed, I've had longer for sure.

However, my point is: 5 minutes is too long.

This is the internet, and if bitcoin wants to challenge paypal, and the credit card companies, it needs to be as fast.

Customers are by nature, impatient, and they want the one click, Job done nature. And unless bitcoin can offer that, the masses will not adapt.

I think the MAX time is 30 seconds and the network needs to consider how they can make this happen.

whitetoo
Sr. Member
****
Offline Offline

Activity: 269



View Profile WWW
April 08, 2013, 04:34:08 PM
 #5

Paypal fees vs Bitcoin fees + a few minutes wait time.... there's no contest for me.
chmod755
Legendary
*
Offline Offline

Activity: 1148


View Profile WWW
April 08, 2013, 04:36:42 PM
 #6

if bitcoin wants to challenge

Bitcoin is not a company, but a currency and some companies using Bitcoin are allowing you to do transactions instantly.
MysteryMiner
Legendary
*
Offline Offline

Activity: 924



View Profile
April 08, 2013, 04:39:18 PM
 #7

Bitcoin are easier to set up and use than PayPal.
Bitcoin are much safer against chargebacks than PayPal or Credit Card. With PayPal You must wait at least 6 months before chargebacks become unlikely.
What prevents service for accepting zero confirmation transactions? Nothing. Even if it is for shipping goods, the goods must be packaged before being sent. It takes at least some time to package items so double-spend alert system and aborting system will be excellent solution to take care of confirmation risks and delays.

You are wrong and do this for purpose.

1LEaxxAh1LKFUvDKYVhiMEVAHRM7K5o7cF
bitcoinologist
Jr. Member
*
Offline Offline

Activity: 42


View Profile
April 08, 2013, 04:39:56 PM
 #8

Don't get me wrong, I love bitcoin and I want it to take over.

I am simply saying, from 20 years in online business, that Joe Public, customers, the people we need to accept this will want instant.

I appreciate technically it is instant, suppose a lot hangs on merchants not to delay until confirmed and process orders immediately.

Eitherway, we need to find ways to make that transaction, instant.

Amitabh S
Legendary
*
Offline Offline

Activity: 1002


View Profile
April 08, 2013, 04:42:57 PM
 #9

Well if you skip fees, it may take hours or even days. So always give a fee. Otherwise, don't worry. From your side, its still click and forget, and let the network take care of it.

Coinsecure referral ID: https://coinsecure.in/signup/refamit (use this link to signup)
MysteryMiner
Legendary
*
Offline Offline

Activity: 924



View Profile
April 08, 2013, 04:45:43 PM
 #10

You are gynecologist not bitcoinologist. Stop pretending You know something about Bitcoin. There is no need for instant confirmations and it is not possible to reasonably do so technically. It is possible to do by using MyBitcoin type payment service if people will trust them not to double spend or run away with coins. But then it will be the same as VISA.

1LEaxxAh1LKFUvDKYVhiMEVAHRM7K5o7cF
bitcoinologist
Jr. Member
*
Offline Offline

Activity: 42


View Profile
April 08, 2013, 04:55:07 PM
 #11

lol whats your problem hero ?

My points are entirely valid, and just because I have not been on this forum for the past years, I have been building businesses online since 95 and you are not teaching me anything about fiat currency online, how paypal works, or how merchant facilities work. I turnover 50k a month online and have learned quite a lot in those years.

And whether you like it or not, there is much to do to improve ease of use and speed of transaction for bitcoin to take the likes of paypal down.

It's a shame someone cannot start a discussion, raise valid points regardless of "newbie" status before someone has to resort to snide attempts at put downs because perhaps they do not know enough about online commerce to see the points raised.

Whether it be, changes of behavior of merchants, new services or ways of doing things, bitcoin will "need" to compete on speed.

Arcavum
Jr. Member
*
Offline Offline

Activity: 58


View Profile
April 08, 2013, 05:43:57 PM
 #12


Have you ever tried mailing a dollar to Antarctica. *By snail mail*?

What would be faster? A dollar shipped physically to Antarctica or a Bitcoin transaction?

Your comparing a currency to services that use currency.

Paypal isn't a currency, it's a service.

Similarly to how something like Western Union isn't a currency either. 

Bitcoin is just a currency, it's only as fast as the service that delivers it.

The bitcoin network itself has been really fast for me.  Higher transaction fees equal faster delivery time.  *It's not fair* but it's not so big, a problem that it's worth caring about on my end.


Donations/tips/payments in BTC:
1JpAj4W2ioM1hMwyiipiTegRMshVXtJ7Uu

Check out Coinchat and get Bitcoin for chatting:
http://coinchat.org/r:Overian
MysticalCockFungus
Member
**
Offline Offline

Activity: 94


View Profile
April 08, 2013, 05:51:36 PM
 #13

Agreee 100%, all coins at the moment are just BETA's for something better which will come along soon. Either way doesnt mean you cants still make some quick cash with BTC and other alts.
odolvlobo
Legendary
*
Offline Offline

Activity: 1960



View Profile
April 08, 2013, 05:53:03 PM
 #14

Hi,

Well for all the plusses, all the hype, all the talk of global change. There is ONE SMALL chink in the bitcoin Armour. For all the zero transactions, anonymity, security etc etc

IT IS TOO DAMN SLOW  !!

Instead of complaining, why don't you do something about it? Set up a company that guarantees 0-confirmation transactions. If it is really as necessary as you say, merchants and consumers will flock to your service and your company will make a killing.

Buy bitcoins with cash from somebody near you: LocalBitcoins
Join an anti-signature campaign: DannyHamilton's ignore list
dancupid
Hero Member
*****
Offline Offline

Activity: 956



View Profile
April 08, 2013, 05:55:14 PM
 #15

Paypal takes 90 days to confirm a transaction - they can reverse it anytime in the interim.
Bitcoin takes 1 hour.
jabetizo
Full Member
***
Offline Offline

Activity: 122


View Profile WWW
April 08, 2013, 05:59:18 PM
 #16

actually, bitcoin transactions are faster than paypal/credit card transacrions.

you can count a CC/PayPal transaction roughly as final as a bitcoin 0-confirmation, the speed here is the same (instant). however, PP/CC can be reversed for months after the transaction, bitcon transactions cannot be reversed after a few confirmations.

Severian
Sr. Member
****
Offline Offline

Activity: 476



View Profile
April 08, 2013, 06:00:04 PM
 #17


Unless bitcoin can match paypal/credit card for speed of use....

The choice as I see it:

1. Use a depreciating currency on a system that tracks and monitors your every move and might even report a transaction to the government. For everyone's safety, of course.

2. Use a system that has instant transactions and variable confirmation times but allows for far greater flexibility in storage, sending and identity protection. It's also gaining in value.

Which one would a rational person use?

Quote from: bitcoinologist
Ill use paypal or credit card.

chmod755
Legendary
*
Offline Offline

Activity: 1148


View Profile WWW
April 08, 2013, 06:06:37 PM
 #18

actually, bitcoin transactions are faster than paypal/credit card transacrions.

you can count a CC/PayPal transaction roughly as final as a bitcoin 0-confirmation, the speed here is the same (instant). however, PP/CC can be reversed for months after the transaction, bitcon transactions cannot be reversed after a few confirmations.

Yep, just require customer data (email, name, address, etc.) and blacklist the customer / don't ship / stop service if it doesn't confirm later.
Luckybit
Hero Member
*****
Offline Offline

Activity: 714



View Profile
April 08, 2013, 06:31:56 PM
 #19

Hi,

Well for all the plusses, all the hype, all the talk of global change. There is ONE SMALL chink in the bitcoin Armour. For all the zero transactions, anonymity, security etc etc

IT IS TOO DAMN SLOW  !!

Unless bitcoin can match paypal/credit card for speed of use, all the pluses will be forgotten as joe public is left waiting for 10 mins, 2 hours or even the next day wondering if his/her bitcoin transaction  has confirmed.

Seriously, in light of the massive surge in bitcoin, currently driven by hype and stock broker mentality buying and speculating. IF bitcoin is ever to take over paypal and its other cronies, we need to be as quick.

Or, it will forever flounder as an experiment, great for blackmarket, some merchants will offer it but...that will be its zenith reached.

The whole concept of online transactions is INSTANT. SPEED, ONE CLICK...JOB DONE.

Bitcoin cannot offer this as the current rate of how the block chain works.

Thank you for you purchase, you might have the auction you wanted, you may have got the domain you wanted but give us a few hours or well, could be 10 mins, could be tomorrow and we will let you know if your transaction completed in time to get the purchase you wanted.

Ya righty !!....Ill use paypal or credit card.


Try using Paypal to make micropayments. Try paying websites cents on the dollar to access them or fractions of a cent and see how those websites feel about their long term profits from that.

Bitcoin is a different story. You pay a site fractions of a cent in Bitcoin and at the end of the year it's dollars.
Come-from-Beyond
Legendary
*
Online Online

Activity: 1778

Newbie


View Profile
April 08, 2013, 06:33:03 PM
 #20

Agreee 100%, all coins at the moment are just BETA's for something better which will come along soon. Either way doesnt mean you cants still make some quick cash with BTC and other alts.

Take a look at http://qubic.boards.net/index.cgi?board=theconcept&action=display&thread=1. Estimated transaction confirmation is less than 1 minute.
Pages: [1] 2 3 4 »  All
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!