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Author Topic: Daily use of bitcoin?  (Read 42050 times)
dontryjustdoit
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January 18, 2017, 04:24:02 PM
 #121

The whole issue of confirmations has to be given attention if bitcoin is ever going to work like normal money. There are just no 2 ways about it.
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January 18, 2017, 04:59:14 PM
 #122

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?

I will say this issue is really a challenge because not every one will buy things of $100 at once and really if we want bitcoin to penetrate rapidly, then I have to be able to buy my doughnuts, or ice cream or even coffee as OP has stated but at the same, I am optimistic that its actually a matter of time for this to be settled because when transaction fee is too low it might take forever to confirm and at the same time what will happen if I am now buying something of say 25cents? The transaction cost might even be more than what I am actually paying for...



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January 18, 2017, 05:04:57 PM
 #123

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?

I will say this issue is really a challenge because not every one will buy things of $100 at once and really if we want bitcoin to penetrate rapidly, then I have to be able to buy my doughnuts, or ice cream or even coffee as OP has stated but at the same, I am optimistic that its actually a matter of time for this to be settled because when transaction fee is too low it might take forever to confirm and at the same time what will happen if I am now buying something of say 25cents? The transaction cost might even be more than what I am actually paying for...

This is the crux of the matter

If you set the transaction fee higher,  the whole transaction might not make sense any more. What is the purpose of buying a bucketful of potatoes with bitcoins if with just the transaction fee alone you could as easily buy two buckets full of potatoes? As I said in my post above, it makes no sense to pay for everyday things with bitcoins, now purely on economic grounds due to high fees. And what if Bitcoin price eventually skyrockets to the upper range of 4 digits?

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January 18, 2017, 05:12:26 PM
 #124

If you compare bitcoin with fiat, bitcoin almost need time to get confirm!
As we know when we paid with fiat or debit card, the process is instant  once you paid the coffee , you got your coffee

So bitcoin only may advantage when it being use for transfer globally and/or massive amount

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January 18, 2017, 05:22:44 PM
 #125

If you compare bitcoin with fiat, bitcoin almost need time to get confirm!
As we know when we paid with fiat or debit card, the process is instant  once you paid the coffee , you got your coffee

So bitcoin only may advantage when it being use for transfer globally and/or massive amount

The Lightning Network update is said to fix this issue

And allegedly lower the fees, though I'm not sure how valid is the latter claim (as to me, it sounds too good to be true). If Bitcoin gets updated to LN, it is claimed that Bitcoin payments can be made virtually instant and confirmed as fast as data is transferred between the two nodes that established a bi-directional payment channel. Whether this is really so, we can only find out when the Lightning Network update gets accepted (provided it gets accepted at all)

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January 18, 2017, 05:33:08 PM
 #126

If you compare bitcoin with fiat, bitcoin almost need time to get confirm!
As we know when we paid with fiat or debit card, the process is instant  once you paid the coffee , you got your coffee

So bitcoin only may advantage when it being use for transfer globally and/or massive amount

Yes I think as long as we provide a high enough transaction fee it won't take very long. Maybe shops and food markets csn use their very own branded currency thst enables holders to get discount prices for having invested in their coins.

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January 18, 2017, 05:34:43 PM
 #127

Sounds legit, I do that too.
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January 18, 2017, 05:39:59 PM
 #128

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?

If the Starbucks is accepted bitcoin in our time now that's totally a good news to all coffee drinkers out there. And I think it won't take long to wait for the approval for their internet data connection has a strong signal so it is surely the transaction is fast.

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January 18, 2017, 09:33:11 PM
 #129

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?
I have heard they one require first confirmation for the approval of the transaction so you will not need to wait for hours because the first confirmation often occur within a few minutes and sometime it take less than a minute.

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January 19, 2017, 01:56:58 AM
 #130

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?

Most of the time I used my bitcoin for investment of buying altcoins and do some trade in the exchange platform. Then month I convert my bitcoinBTC into a real money to use for billings payment in my electricity and water bill.

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January 19, 2017, 02:49:55 AM
 #131

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?

Actually i don't starbucks but what i can say we have store in my country where he is accepting bitcoin, till now i din't face any problems in the form of transaction in blockchain. Even yesterday also i bought some good from it went very well with in 5min, but he will keep track his block chain whether he will get bitcoin are not he will find it through block chain.


     
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January 19, 2017, 02:52:31 AM
 #132

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. 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 19, 2017, 02:56:35 AM
 #133

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. 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.

Confirmation in transaction is not a problem anymore, just take a look at how we bought digital goods. As soon as we send the amount to the address provided by the site, it immediately mark our transaction paid after a few seconds. If that's what the stores in real life will use, then transaction confirmation won't be a problem.

But if we will use the traditional confirmation waiting, then that will really slow down the transactions in the stores or if you want it fast then you pay high transaction fee.

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January 19, 2017, 03:12:37 AM
 #134

Not all online purchases take approval time. For example, I purchase Steam games on my PC using bitcoin and have no approval time. But in in real life purchases, yes I could see how that is an issue. Over time, once bitcoin is more mainstream, I could see the delay going away.
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January 19, 2017, 03:21:46 AM
 #135

Not all online purchases take approval time. For example, I purchase Steam games on my PC using bitcoin and have no approval time.
Nope, in online stores, that's not a problem, they don't wait for the confirmation when you bought something in their shop...  Smiley

But in in real life purchases, yes I could see how that is an issue.
Nope, that's not going to be a problem if what they will implement is the same as what was done in online shops, it's going to be fast, but if they are into waiting confirmation, then that's going to be a problem, both the merchant and the buyer will waste time waiting for the confirmation...

Over time, once bitcoin is more mainstream, I could see the delay going away.
Actually, what I think when bitcoin becomes mainstream and being used by many, there will be a lot of delays in confirmation since the network will be loaded with transactions... I do believe that the best solution to that is to use the bot that is used in online shops for faster transactions...  Smiley



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January 19, 2017, 07:04:45 AM
 #136

If you compare bitcoin with fiat, bitcoin almost need time to get confirm!
As we know when we paid with fiat or debit card, the process is instant  once you paid the coffee , you got your coffee

So bitcoin only may advantage when it being use for transfer globally and/or massive amount
actually bitcoin is in its early stage and therefore it need some improvement that we can expect in future. most of the time people are complaining about the transaction period, but most of the time it happen in seconds while sometime when there is more traffic then it take some extra time. we cn hope that very soon this problem will be solved on priority basis.
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January 19, 2017, 08:54:28 AM
 #137

The whole issue of confirmations has to be given attention if bitcoin is ever going to work like normal money. There are just no 2 ways about it.

Confirmations is not a big issue. Transactions can be confirm on single confirmation and no need to wait for 6 confirmations. also if you have live system, you can check the hash which is instantly generated and conclude the transactions. Perhaps we can get much easier and faster way in future.
One thing for sure, Bitcoin will be the next Global currency of the world.

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nelson4lov
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January 19, 2017, 10:28:34 AM
 #138

The whole issue of confirmations has to be given attention if bitcoin is ever going to work like normal money. There are just no 2 ways about it.

Confirmations is not a big issue. Transactions can be confirm on single confirmation and no need to wait for 6 confirmations. also if you have live system, you can check the hash which is instantly generated and conclude the transactions. Perhaps we can get much easier and faster way in future.
One thing for sure, Bitcoin will be the next Global currency of the world.


Confirmations could be a problem at the moment except Stores use some kind of single confirmation method, I have seen single transaction confirmations being implemented by gambling sites so I don't see a reason why stores accepting Bitcoin as payment method won't implement it. Either way, When the Lightening Network (LN) is introduced, I'm sure confirmation will be an issue of the past.


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January 19, 2017, 10:51:18 AM
 #139

If you compare bitcoin with fiat, bitcoin almost need time to get confirm!
As we know when we paid with fiat or debit card, the process is instant  once you paid the coffee , you got your coffee

So bitcoin only may advantage when it being use for transfer globally and/or massive amount
You are right that payment to the local shops are more faster than bitcoin but if someone will have patience and will pay with bitcoin then he will take more benefits as the shop will give the discount which it will save from banking system and the person will also not need to pay the bank fees and taxes etc.

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January 19, 2017, 10:59:19 AM
 #140

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.
I don't have many problems with the confirmation time. If it were something faster, the experience would indeed be more satisfying, but I think safety should come first. I also think we need to find solutions to avoid delays and, if possible, make transactions faster without compromising security, and keeping the aspects that make transactions continuing to occur in a decentralized way.

There are possibilities to make things better, such as lightning network, but there needs to be a consensus in the community to make this possible.

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