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Author Topic: Daily use of bitcoin?  (Read 42050 times)
ReLieD
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January 17, 2017, 09:00:10 AM
 #81

It is just as other modes or ways of payment.
Bitcoin transactions are fast when it comes to paying/using it in Starbucks etc.
It takes exactly the same time as credit / debit cards take.
So it wouldnt matter.

   
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January 17, 2017, 09:07:04 AM
 #82

It is just as other modes or ways of payment.
Bitcoin transactions are fast when it comes to paying/using it in Starbucks etc.
It takes exactly the same time as credit / debit cards take.
So it wouldnt matter.
Probably the payment gateway which Starbucks and etc were using are enabling some sort of zero confirmation, therefore, you don't need to wait for some confirmation and your transaction just considered done after you're sending the exact amount to the address they were mentioned. Otherwise, it's not so fast if those merchants were requiring few confirmations

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January 17, 2017, 10:00:45 AM
 #83

It is just as other modes or ways of payment.
Bitcoin transactions are fast when it comes to paying/using it in Starbucks etc.
It takes exactly the same time as credit / debit cards take.
So it wouldnt matter.
Probably the payment gateway which Starbucks and etc were using are enabling some sort of zero confirmation, therefore, you don't need to wait for some confirmation and your transaction just considered done after you're sending the exact amount to the address they were mentioned. Otherwise, it's not so fast if those merchants were requiring few confirmations

Yup, some of the merchants prefer using a zero confirmation system if they the fees paid is around the recommended amount, as waiting for 1 or 3 confirmations is not really an option for some merchants a good example is starbucks itself.

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January 17, 2017, 10:16:23 AM
 #84

It is just as other modes or ways of payment.
Bitcoin transactions are fast when it comes to paying/using it in Starbucks etc.
It takes exactly the same time as credit / debit cards take.
So it wouldnt matter.
Probably the payment gateway which Starbucks and etc were using are enabling some sort of zero confirmation, therefore, you don't need to wait for some confirmation and your transaction just considered done after you're sending the exact amount to the address they were mentioned. Otherwise, it's not so fast if those merchants were requiring few confirmations

Yup, some of the merchants prefer using a zero confirmation system if they the fees paid is around the recommended amount, as waiting for 1 or 3 confirmations is not really an option for some merchants a good example is starbucks itself.
I think they can manually confirm the transaction if they had a miner they can include it to the next block so that the transaction can be increase the speed of the transaction.. but we are still in the stage not instant like other payment option..
Shops always waiting until 3 confirmation.. I hope bitcoin transaction can be increase the speed of the network so that the transaction speed can be increase speed transaction..

=Bitcoin is going to crash? base on other analysis so expect for huge drop=
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January 17, 2017, 10:24:31 AM
 #85

It is just as other modes or ways of payment.
Bitcoin transactions are fast when it comes to paying/using it in Starbucks etc.
It takes exactly the same time as credit / debit cards take.
So it wouldnt matter.
Probably the payment gateway which Starbucks and etc were using are enabling some sort of zero confirmation, therefore, you don't need to wait for some confirmation and your transaction just considered done after you're sending the exact amount to the address they were mentioned. Otherwise, it's not so fast if those merchants were requiring few confirmations

Yup, some of the merchants prefer using a zero confirmation system if they the fees paid is around the recommended amount, as waiting for 1 or 3 confirmations is not really an option for some merchants a good example is starbucks itself.

But does zero confirmation system can overcome double spending?
You'll say it's not worth to do it for a cup of coffee, but what if I order coffee for all the office?
20-30 cups of coffee for 1-2$ of fee is almost for free.
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January 17, 2017, 10:47:52 AM
 #86

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?
When you are paying to a store where you are present physically, you can make payment in front of shopkeeper and show him that the sent amount goes to his address with proper fee paid.
Shopkeepers would be safe to give you product after that even if they didn't receive bitcoin in their wallet.

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January 17, 2017, 11:40:49 AM
 #87

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?
When you are paying to a store where you are present physically, you can make payment in front of shopkeeper and show him that the sent amount goes to his address with proper fee paid.
Shopkeepers would be safe to give you product after that even if they didn't receive bitcoin in their wallet.

But I can easily fake the process of payment on my smartphone.
It's like accepting credit card without waiting for confirmation from the credit company. You'll get just a worthless piece of plastic.
That's why in most places you can't pay with cheques, which is just a paper if you don't validate ID and authentication.
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January 17, 2017, 11:59:10 AM
 #88

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?
When you are paying to a store where you are present physically, you can make payment in front of shopkeeper and show him that the sent amount goes to his address with proper fee paid.
Shopkeepers would be safe to give you product after that even if they didn't receive bitcoin in their wallet.

But I can easily fake the process of payment on my smartphone.
It's like accepting credit card without waiting for confirmation from the credit company. You'll get just a worthless piece of plastic.
That's why in most places you can't pay with cheques, which is just a paper if you don't validate ID and authentication.

Perhaps for now yet in the future bitcoin could work just as easily on a smartphone as a credit card can instead of cash we'd use bitcoin to purchase said goods with transaction times almost instant.

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January 17, 2017, 12:55:20 PM
 #89

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?
Pay for coffee before you get your cup of coffee, it will be approved when you will finish your coffee also there are many bitcoin wallets which make it easy for anyone to include enough fee to bitcoin transactions so that it will get confirmed within few minutes. This is better for merchants than chargebacks paypal payments can have even after 180 days of payment.

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January 17, 2017, 02:19:58 PM
 #90

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 believe in the transactions that I have done bitcoin transactions are irreversible and also it has been improved upon to a large extent as I witnessed in the last transfer I did with the required transaction fees, within seconds the receiver confirms receipt and moreso so far there is just one confirmation, then its settled.

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January 17, 2017, 02:22:54 PM
 #91

Yes, rightly pointed out. The transaction confirmation time is a major roadblock for the bitcoin to be accepted to the local merchants. If you want to buy something quickly, then bitcoin is not a best option.

However, bitcoin is also not backed up by any real asset. It derives its value from the market cap and the public trust. With these features, bitcoin is also not a good option for the merchants. Only the investors in bitcoin will understand that real value of bitcoin. 

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January 17, 2017, 02:27:17 PM
 #92

Actually if bitcoin is being used in paying something just like what you've mentioned, I think they should use what those that are selling digital goods, as soon as you click the send button, after few seconds, it will immediately prompt that you are paid already. Seriously it's a problem if you are paying on a establishment that has a cashier who do not have knowledge about bitcoin.

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January 17, 2017, 02:33:25 PM
 #93

Actually if bitcoin is being used in paying something just like what you've mentioned, I think they should use what those that are selling digital goods, as soon as you click the send button, after few seconds, it will immediately prompt that you are paid already. Seriously it's a problem if you are paying on a establishment that has a cashier who do not have knowledge about bitcoin.

Well most physical establishments that have cashiers do not accept bitcoins yet. So that's a problem in the physical world. However in the digital world there are quite a lot of stores accepting it already. A lot of hosting, VPNs, anti-viruses, etc are already accepting btc. I think microsoft too, I forgot if they do. I also saw Dell offer BTC as their payment method.

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January 17, 2017, 02:38:07 PM
 #94

But does zero confirmation system can overcome double spending?
You'll say it's not worth to do it for a cup of coffee, but what if I order coffee for all the office?
20-30 cups of coffee for 1-2$ of fee is almost for free.
Once you actually succeed to double spend a merchant that doesn't need a confirmation, do tell us the story.

It can't be achieved with a certain degree of difficulty. You need to 1st convince the merchant to accept your 0 conf payment, convince a miner to help you mine a replacement transaction. The first is easy, making a replacement transaction without the participation of a miner with a significant amount of hashrate is hard.

Great idea for the coffee part. But merchants will require you to wait for a confirmation. Oh come on, how much time do they need to make 20-30 cups of coffee in the first place?














 

 

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January 17, 2017, 02:38:33 PM
 #95

Using bitcoin in real life won't be a problem... Confirmations too won't be a problem if everyone would just accept the payment immediately when they see that it is already in the blockchain and just unconfirmed...

Or, if they are not comfortable with it, then they should implement that payment system that was used in buying digital goods which was said few posts above me, and just educate their personnel about how bitcoin works...  Smiley

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January 17, 2017, 03:08:12 PM
 #96

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 far as I know I have read a thread here that states that starbucks are accepting bitcoin as a payment of course through the use of a third party, You're not gonna use your bitcoin directly tho but its is still a good thing . You might wanna search it here .

If we're talking about other local shops then yes it will be quite inconvenient if the transcation time will be longer than usual however you can make it fast by paying a high miner fee. Almost wallets has a feature to adjust the miners fee . Or some hops might accept it as long as there is a one confirmation .


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January 17, 2017, 08:22:27 PM
 #97

But does zero confirmation system can overcome double spending?
You'll say it's not worth to do it for a cup of coffee, but what if I order coffee for all the office?
20-30 cups of coffee for 1-2$ of fee is almost for free.
Once you actually succeed to double spend a merchant that doesn't need a confirmation, do tell us the story.

It can't be achieved with a certain degree of difficulty. You need to 1st convince the merchant to accept your 0 conf payment, convince a miner to help you mine a replacement transaction. The first is easy, making a replacement transaction without the participation of a miner with a significant amount of hashrate is hard.

Great idea for the coffee part. But merchants will require you to wait for a confirmation. Oh come on, how much time do they need to make 20-30 cups of coffee in the first place?

Necessity is the mother of invention

You would only need to give the bartender a fiat collateral for the amount of coffee you are going to buy (you can leave your gold wristwatch or iPhone), then pay with bitcoins. And while your whole office sits at a coffee break and enjoys your smartness and wisdom, your transaction gets successfully confirmed. Later you return and take back the fiat (or whatever you left). If the transaction doesn't get confirmed eventually, congrats, you have just paid with fiat for the coffee (all the better for your bitcoins). As simple as it gets

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January 17, 2017, 08:50:33 PM
 #98

You can get priority confirmation if you pay more transaction costs but I do not know if it going on as you say whether the store is willing to wait until the transaction get confirmation or they have other policies.

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January 17, 2017, 10:07:54 PM
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in fact, by entering an appropriate fee value, payments can be approved more quickly. we can also pay with bitcoin if we don't need to stay immediately after pay an account. for example, i ate dinner at a luxurious restaurant and paid with bitcoin. i can have coffee in the restaurant until payment is confirmed Smiley
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January 17, 2017, 10:18:47 PM
 #100

Actually the confirmation time doesnt make it difficult for bitcoin to be used in daily life. If enough fee is included transaction will be confirmed  within 15 minute and there is also tools that can analyze transactions and merchants can use it to accept payments which dont have possibility of double spend.
This will depend on the merchant, since many of them certainly will not accept zero confirmation. I think that in order for things to flow better, some solutions need to be created. Probably some of the existing solutions can already bring significant improvements, such as lightning network, for example.
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