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Author Topic: Confirmation Time is now not a problem at local shops. Buy without any wait  (Read 2273 times)
ivanst776
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February 06, 2017, 03:56:33 PM
 #41

I think it is a bit risky to accept payments that are not yet confirmed, i would wait for at least 1 confirmation then deliver the service or stuff to the client.

I have seen that BitPay has something that calculates if the transaction can be confirmed or it will just stay in blockchain for 2 days and will be ignored.

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February 06, 2017, 04:46:25 PM
 #42

I think it is a bit risky to accept payments that are not yet confirmed, i would wait for at least 1 confirmation then deliver the service or stuff to the client.

I have seen that BitPay has something that calculates if the transaction can be confirmed or it will just stay in blockchain for 2 days and will be ignored.
as OP said if you pay a valid transaction fee for the payment the chance of delay or being canceled will 90% reduce. so infront of the shopkeeper sending payment with a good transaction fee should help in buying stuffs offline.



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ivanst776
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February 07, 2017, 08:17:17 AM
 #43

I think it is a bit risky to accept payments that are not yet confirmed, i would wait for at least 1 confirmation then deliver the service or stuff to the client.

I have seen that BitPay has something that calculates if the transaction can be confirmed or it will just stay in blockchain for 2 days and will be ignored.
as OP said if you pay a valid transaction fee for the payment the chance of delay or being canceled will 90% reduce. so infront of the shopkeeper sending payment with a good transaction fee should help in buying stuffs offline.

Sometimes it's not about the transaction fees, even if you have enough fees the transaction can not be included in block.

Why? Because there might be some other transactions that are linked to this tx and are unconfirmed so the delay can be up to 2 days or never will be confirmed.

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February 07, 2017, 08:28:13 AM
 #44

I think it is a bit risky to accept payments that are not yet confirmed, i would wait for at least 1 confirmation then deliver the service or stuff to the client.

I have seen that BitPay has something that calculates if the transaction can be confirmed or it will just stay in blockchain for 2 days and will be ignored.
as OP said if you pay a valid transaction fee for the payment the chance of delay or being canceled will 90% reduce. so infront of the shopkeeper sending payment with a good transaction fee should help in buying stuffs offline.

Sometimes it's not about the transaction fees, even if you have enough fees the transaction can not be included in block.

Why? Because there might be some other transactions that are linked to this tx and are unconfirmed so the delay can be up to 2 days or never will be confirmed.

Such issues were there as the above mate mentioned. This need to be eliminated so to make more merchants accept bitcoin. In recent days Japan is the one which has got increased number of merchants as well expected another 20000 merchants to accept bitcoin as well other altcoins that are popular in the digital currency network.


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ivanst776
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February 07, 2017, 08:34:40 AM
 #45

I think it is a bit risky to accept payments that are not yet confirmed, i would wait for at least 1 confirmation then deliver the service or stuff to the client.

I have seen that BitPay has something that calculates if the transaction can be confirmed or it will just stay in blockchain for 2 days and will be ignored.
as OP said if you pay a valid transaction fee for the payment the chance of delay or being canceled will 90% reduce. so infront of the shopkeeper sending payment with a good transaction fee should help in buying stuffs offline.

Sometimes it's not about the transaction fees, even if you have enough fees the transaction can not be included in block.

Why? Because there might be some other transactions that are linked to this tx and are unconfirmed so the delay can be up to 2 days or never will be confirmed.

Such issues were there as the above mate mentioned. This need to be eliminated so to make more merchants accept bitcoin. In recent days Japan is the one which has got increased number of merchants as well expected another 20000 merchants to accept bitcoin as well other altcoins that are popular in the digital currency network.

Look, there should be a service that can estimate if the transaction can be confirmed within an hour or few.

Otherwise manual checking is not always safe and that's why merchants are waiting and hesitating to accept bitcoin payments.

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February 07, 2017, 08:36:30 AM
 #46

Transactions with proper fees are confirmed quickly indeed but the various types of double spend attacks leave store owners without any choice when it comes to accepting bitcoin transactions other than to wait. This doesn't exactly make POS with bitcoin convenient for either party. 














 

 

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February 07, 2017, 08:40:06 AM
 #47

Realistically speaking, how many people would cheat and steal from their local grocery store by exploiting double spending?
Because I don't think it will be that much of a problem at all. There is impossible to collect data about double spending done in brick and mortar shops, unfortunately.

It's always about the amounts. If the amount to be stolen worth the hassle, somebody will do that.
Some are honest, some are not. Some are in need, some not. And some will do it just because they can.
If you buy a bread a some bananas, it's not even worth to pay in BTC because of the tx fee. But if you buy 100$ worth, hmm.. a double spend may look interesting...
Edit: you have to be quick, but it should cost you under 5$

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February 07, 2017, 08:43:13 AM
 #48

A minutes ago an idea came to my mind and I hope it will not be wrong.

Most of the people say that buying with bitcoins at local shops will be bothering as they will have to wait for longer at the local shop for the confirmation of their payment in bitcoin to the shop/store. But one thing is in my mind that if a person pay a suitable miner fee for a transaction then that transaction cannot be cancelled. So if a person will pay in front of the shopkeeper and the shopkeeper will know that the person have paid a suitable fees then he will provide the good at zero confirmation (without waiting for any confirmation).

What do you think about that idea?

There is just one problem with that. You will be paying more than what you are buying.
You bought a chocolate in a nearby convenience store for a dollar in bitcoin price. The miners fee to make ir faster is a dollar and 50 cents.
Ergh that wont work my friend.

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February 07, 2017, 08:49:07 AM
 #49

A minutes ago an idea came to my mind and I hope it will not be wrong.

Most of the people say that buying with bitcoins at local shops will be bothering as they will have to wait for longer at the local shop for the confirmation of their payment in bitcoin to the shop/store. But one thing is in my mind that if a person pay a suitable miner fee for a transaction then that transaction cannot be cancelled. So if a person will pay in front of the shopkeeper and the shopkeeper will know that the person have paid a suitable fees then he will provide the good at zero confirmation (without waiting for any confirmation).

What do you think about that idea?

You are right in your opinion but it is not the problem why shops doesn't accept bitcoin. The main reason is that some transaction are being confirmed twenty four hours later and that would affect some small shops since they cannot buy during closing to replenish their stocks. It's feasible to merchants with capital but to small vendors it is very problematic.

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February 07, 2017, 09:06:26 AM
 #50

A minutes ago an idea came to my mind and I hope it will not be wrong.

Most of the people say that buying with bitcoins at local shops will be bothering as they will have to wait for longer at the local shop for the confirmation of their payment in bitcoin to the shop/store. But one thing is in my mind that if a person pay a suitable miner fee for a transaction then that transaction cannot be cancelled. So if a person will pay in front of the shopkeeper and the shopkeeper will know that the person have paid a suitable fees then he will provide the good at zero confirmation (without waiting for any confirmation).

What do you think about that idea?
Well thinking , but here I want to tell you something different .
First of all take example of transaction made by me . I made transaction of 0.01 btc in emergency with 0.001btc transaction charge To my friend  , at that time.of transaction unconfirmation problem.was going on but after 6 hours my transaction reverse , so how can you tell that bitcoin transaction with high transaction charge is much better and no chances of reverse .
Secondly I have idea for this , To make a wallet of bitcoin to make deals directly without confirmation ( because every transaction will be written data of single wallet but multiple user And I think this is the same idea of bitcoin wallet of zebpay bitcoin wallet , since I never tried but but mist of the friends told me that zebpay to zebpay transaction needs no confirmation and without charge ).


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wavespump
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February 07, 2017, 09:13:24 AM
 #51

It's true, Bitcoin transactions with a 0.0002 fee are confirmed very quickly. And even credit card payments can be reversed many days later. So even though the transaction is unconfirmed, it's still received "instantly".

Not really, once my friend paid me 0.5 btc with 0.0009 btc fee, but I waited 15 hours to get 1 confirmation, so the confirmation time sometimes not short any more, maybe there were too many transactions in the same time?  Undecided

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dihari
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February 07, 2017, 09:22:09 AM
 #52

Bitcoin is created to destroy any Internet money's that make a dominate for Internet payment transactions with high fee, many rules, requiring identity, bank account, long time, and any others rule.
Bitcoin is simple, cheap, instant, and easy. If sending bitcoin to an address need more than an hour, it is not an instant payment.

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February 07, 2017, 09:41:52 AM
 #53

Bitcoin is created to destroy any Internet money's that make a dominate for Internet payment transactions with high fee, many rules, requiring identity, bank account, long time, and any others rule.
Bitcoin is simple, cheap, instant, and easy. If sending bitcoin to an address need more than an hour, it is not an instant payment.

Bitcoin is not cheap if we are talking about local transactions. For example, I can pay any merchant in my city for his services or products with 0 fees. Why do I need Bitcoin if I'm using instant payments method with 0 fees? Another thing if we are considering international transactions. Bitcoin is considerably cheap but also it depends where do I want to transfer. In EU I pay 0.12-1 EUR per transaction. So, it is also cheap. Payment to USA is about 3 EUR. Also not very expansive. What we are left? Speed. Bitcoin transactions arrive the same day. But recipient needs to cash out from BTC to his local fiat currency. It is very disturbing. Cashing out Bitcoins also means fees, volatility etc. It means if I sent 1000 USD to Ben in New York he, actually, gets less. That is not business model for digital cash. I see the only niche for Bitcoin - banking for undocumented and unbanked. Because in developed countries we have all access to financial system and I still can use the most secure and anonymous transactions with cash.  

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hajimasan
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February 07, 2017, 11:27:12 AM
 #54

Minutes ago an idea came to my mind and I hope it will not be wrong.

Most of the people say that buying with bitcoins at local shops will be bothering as they will have to wait for longer at the local shop for the confirmation of their payment in bitcoin to the shop/store. But one thing is in my mind that if a person pays a suitable miner fee for a transaction then that transaction cannot be canceled. So if a person will pay in front of the shopkeeper and the shopkeeper will know that the person has paid suitable fees then he will provide the good at zero confirmation (without waiting for any confirmation).

What do you think about that idea?

what if the transaction gets reversed after waiting for confirmation. which I am suffering since last night. Paid 0.0001 fees also but still, My transaction is on pending and not even a single confirmation was done. and many of my friends had encountered the problem of reverse transaction if that happen then really the shopkeeper will see nightmare


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February 07, 2017, 12:10:45 PM
 #55

It's true, Bitcoin transactions with a 0.0002 fee are confirmed very quickly. And even credit card payments can be reversed many days later. So even though the transaction is unconfirmed, it's still received "instantly".

High fees would process the transaction quickly but since many items are available at the price of bitcoin fees then why would someone use bitcoin to pay (I mean, if he is getting the goods at a price of transaction fees then he will go for cash instead). Paying high fees is suitable for big purchases but I am unable to understand that how is it beneficial for smaller priced commodities?

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February 07, 2017, 03:20:04 PM
 #56

Bitcoin is created to destroy any Internet money's that make a dominate for Internet payment transactions with high fee, many rules, requiring identity, bank account, long time, and any others rule.
Bitcoin is simple, cheap, instant, and easy. If sending bitcoin to an address need more than an hour, it is not an instant payment.

No bitcoin is not going to destroy the internet and online payment system but its just will add simplicity and add an option for those users who cant afford bank and online payment through other mode of payment. like me who use to buy domains with bitcoin because I don't have a credit card and debit card of VISA so its better for to pay with bitcoin. it's how we look and use certain technology that makes its quality good or bad.
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