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Author Topic: Daily use of bitcoin?  (Read 41966 times)
Michel de Montaigne
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January 16, 2017, 09:56:32 AM
 #1

Hi friends,

As far as I know, bitcoin payments take a little time to approve. Will these approval times make it difficult to use bitcoin in our daily lives?
For example, I would get a coffee from Starbucks. Do I have to wait for approval to pay for what I have done for hours?
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January 16, 2017, 10:02:12 AM
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I heard that Starbucks already started to accept bitcoin as payment. I don't imagine how it work exactly, because of I have no place here that would accept bitcoin. But I think such transactions in place that work with bitcoin all operations provided as fast as with a card.
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January 16, 2017, 10:03:55 AM
 #3

I heard that Starbucks already started to accept bitcoin as payment. I don't imagine how it work exactly, because of I have no place here that would accept bitcoin. But I think such transactions in place that work with bitcoin all operations provided as fast as with a card.

I heard that you prepay in Starbucks when buying with bitcoin. When you have finished, usually at least 1 confirmation is already done. The time of confirmation of a bitcoin transaction is really not that long provided you pay the recommended fees or a bit more.
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January 16, 2017, 10:18:45 AM
 #4

I don't think there is a need to wait for the confirmation, if a fee recommended or little above is paid you'll get faster confirmations. Other than this once after sending the receiver end gets the transacted amount under the unconfirmed transaction list. This itself helps the receiver a hope of receiving the payment.

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January 16, 2017, 10:24:40 AM
 #5

Hi friends,

As far as I know, bitcoin payments take a little time to approve. Will these approval times make it difficult to use bitcoin in our daily lives?
For example, I would get a coffee from Starbucks. Do I have to wait for approval to pay for what I have done for hours?

As mentioned above , Starbucks is accepting bitcoin at the moment and I made a thread about it a few days back. If you are speaking about other services in general then yes , sometimes Its not really convenient to use bitcoin but I guess as long as fees are high , I see no reason why would the transaction won't get confirmed. Lightning network should fix this concern though , the alpha release was like a week ago and hopefully the development will stay as active as now so we see it implemented in the next months.

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January 16, 2017, 10:26:10 AM
 #6

Hi friends,

As far as I know, bitcoin payments take a little time to approve. Will these approval times make it difficult to use bitcoin in our daily lives?
For example, I would get a coffee from Starbucks. Do I have to wait for approval to pay for what I have done for hours?

no.
bitcoin is not yet used as a regular currency to buy day to day things like a cup of coffee! but two things can be done here. one of them is using an off-chain service that doesn't work on the blockchain and transfers bitcoin to others who use that service.
the other one is checking the transaction that receiver receives to make a risk assessment. for example if it has enough fees, does it spending any unconfirmed input, does it have flags such as RBF, and many other factors and trust the payment without confirmation because nobody is going to double spend a couple of bucks on these type of tx.

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January 16, 2017, 10:26:52 AM
 #7

I don't think there is a need to wait for the confirmation, if a fee recommended or little above is paid you'll get faster confirmations. Other than this once after sending the receiver end gets the transacted amount under the unconfirmed transaction list. This itself helps the receiver a hope of receiving the payment.

How fast is the fastest confirmation of payments? And how much to pay for quick approval?
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January 16, 2017, 10:29:26 AM
 #8

Well yeah it can be a hindrance if you will be using it for a daily transactions. I mean you have to send the payment and the cashier will have to wait for the payment confirmation which will take a while. Also it can be a lot of headache because Bitcoin prices are base on real currency. They will change every second the price of Btc change which means as a customer you will pay higher or lower it depends on what proce it is.

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Michel de Montaigne
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January 16, 2017, 10:34:35 AM
 #9

Hi friends,

As far as I know, bitcoin payments take a little time to approve. Will these approval times make it difficult to use bitcoin in our daily lives?
For example, I would get a coffee from Starbucks. Do I have to wait for approval to pay for what I have done for hours?

no.
bitcoin is not yet used as a regular currency to buy day to day things like a cup of coffee! but two things can be done here. one of them is using an off-chain service that doesn't work on the blockchain and transfers bitcoin to others who use that service.
the other one is checking the transaction that receiver receives to make a risk assessment. for example if it has enough fees, does it spending any unconfirmed input, does it have flags such as RBF, and many other factors and trust the payment without confirmation because nobody is going to double spend a couple of bucks on these type of tx.

Will we be able to be used in everyday life? Technically this is possible?
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January 16, 2017, 10:46:26 AM
 #10

Hi friends,

As far as I know, bitcoin payments take a little time to approve. Will these approval times make it difficult to use bitcoin in our daily lives?
For example, I would get a coffee from Starbucks. Do I have to wait for approval to pay for what I have done for hours?

no.
bitcoin is not yet used as a regular currency to buy day to day things like a cup of coffee! but two things can be done here. one of them is using an off-chain service that doesn't work on the blockchain and transfers bitcoin to others who use that service.
the other one is checking the transaction that receiver receives to make a risk assessment. for example if it has enough fees, does it spending any unconfirmed input, does it have flags such as RBF, and many other factors and trust the payment without confirmation because nobody is going to double spend a couple of bucks on these type of tx.

Will we be able to be used in everyday life? Technically this is possible?

yes but there are other things preventing it from happening. most of all adoption, which means there aren't enough people spending and merchants accepting bitcoin.
second one is the TPS (transaction per second) that bitcoin can handle at the moment because of the block size restriction.

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January 16, 2017, 10:48:06 AM
 #11

I don't think there is a need to wait for the confirmation, if a fee recommended or little above is paid you'll get faster confirmations.
These incidence of preferential confirmation of transactions with higher fees isn't really in the spirit of Bitcoin, which promises very low transaction fee. If the trend is not checked, it might get to a point where the fees would be one and same with the burdens of other payment systems, we are trying to run away from.
Quote
Other than this once after sending the receiver end gets the transacted amount under the unconfirmed transaction list. This itself helps the receiver a hope of receiving the payment.
I think a transaction should be as good as done once it comes under the unconfirmed transaction list, since reversal of payment is not possible with Bitcoin.

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January 16, 2017, 11:41:54 AM
 #12

My everyday use with Bitcoin is directly related to investment. I use Bitcoin to do some day trading with alt coins and mining, which I normally buy some gigahashes in hash nest. Through Hashnest I can mine and trade the GHs at the same time. It is pretty risky but it can also generate some nice yields
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January 16, 2017, 11:54:06 AM
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I can't say how much is possible to use buttons daily in real, life because it is not well known yet, but I can use it daily online, for example, I use it in a casino, buy something online, and Im use it daily trading investments

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January 16, 2017, 11:56:54 AM
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Yes confirmation time can be a little upsetting sometimes, hopefully in the future this kind of things can be reduce, if the transaction speed being increase i am sure many store will start to adapt bitcoin and more user will be happy to used bitcoin

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January 16, 2017, 12:04:13 PM
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Yes confirmation time can be a little upsetting sometimes, hopefully in the future this kind of things can be reduce, if the transaction speed being increase i am sure many store will start to adapt bitcoin and more user will be happy to used bitcoin
it is a constraint that we face today. increasingly now the longer transaction time. one of the things we can do is to multiply the number of fees on transactions conducted. however it has violated the principle of bitcoin, because bitcoin is used to shrink the cost of shipping fee.
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January 16, 2017, 12:13:32 PM
 #16

I don't think there is a need to wait for the confirmation, if a fee recommended or little above is paid you'll get faster confirmations. Other than this once after sending the receiver end gets the transacted amount under the unconfirmed transaction list. This itself helps the receiver a hope of receiving the payment.

How fast is the fastest confirmation of payments? And how much to pay for quick approval?
Bitcoin blocks are generates every 10 minutes, so in theory as long as you are using proper fee your transaction should be included as confirmed in the next mined block.
But usually with standard fee your transaction might have a delay between 1-3 blocks.
Miners will usually incorporate transactions with the highest fee/byte ratio first so the higher your fee is, the faster your tx will be confirmed.

If you want to check which fee should you use, check this site: https://bitcoinfees.21.co/
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January 16, 2017, 12:22:27 PM
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I can't say how much is possible to use buttons daily in real, life because it is not well known yet, but I can use it daily online, for example, I use it in a casino, buy something online, and Im use it daily trading investments
Because Bitcoin is made to be use online. It is impractical actually to be used by people in a local store they will just make the Queue longer because it will take time for your payment to be confirmed. Also there is the possibility that it would be mixed up by other payments if the store only handles one wallet it could cause a lot of headache in both parties.

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January 16, 2017, 12:23:25 PM
 #18

Hi friends,
As far as I know, bitcoin payments take a little time to approve.
Yes, there are times that bitcoin's transaction hasn't been confirmed immediately. There are even transactions that are pending for days. But I don't experience that yet as most of my transactions are just for several minutes.

Will these approval times make it difficult to use bitcoin in our daily lives?
Not really, it depends on how those people that you are going to deal with needs that bitcoins you are going to pay them. It is normal that there is a waiting time before a transaction will be approved/confirmed. I don't see this as a problem.

For example, I would get a coffee from Starbucks. Do I have to wait for approval to pay for what I have done for hours?

As long as you already sent the payment to them, it will already show that you had paid them. Then that's the time of waiting for approval will enter.


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January 16, 2017, 12:24:46 PM
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I have not used bitcoin for direct payments, because in my country rarely accept bitcoin. But I think if bitcoin used as direct payments it is going to take a few minutes to confirm the payment, it is better to use a fiat because it does not require the process. Bitcoin is less suitable I think if it is used for direct payments that need development again to be used for direct payments, but for online payments bitcoin very superior because it would be more efficient.
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January 16, 2017, 12:25:24 PM
 #20

I don't have where to use bitcoins in my daily life, that's why I don't think about slow transactions. When I need something I do on time and I don't bother with confirmation.
I will need to wait few more years before bitcoin come in shops in my city, maybe more. For now there isn't even talking about it.

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