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Author Topic: We can't buy something with Bitcoin quickly  (Read 6044 times)
stompix
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June 25, 2017, 06:26:10 PM
 #81

For exemple, I go to a coffee shop, I buy a coffee, then I pay with Bitcoin, we have to wait for a confirmation, no? or the merchant will just trust me if I show my wallet?
How can we be sure that it's not a double spent transaction or something else?

I think you don't need to wait for confirmation because when you send a bitcoin to a wallet in a minute you can see that the transaction is pending, that alone will verify that the bitcoin is sending and just waiting for confirmation. I think when businesses will do that if bitcoin will be mainstream in our generation, but I also think by that time when shops will accept bitcoin as a payment programmers will find a way to make bitcoin transactions faster like banks when you use your card and tap your card or like the apple pay or google pay were you just pay and as long as you can see that the transaction is pending your good to go.  Wink

The advantage of delayed bitcoin transactions is that transactions can't be canceled when they are sent, this has become a warranty between two parties. I keep paying attention to the development of bitcoin paper, but there has been no serious progress. I hope bitcoin can make coins/physical paper as perfect as possible because only this can make things faster.

There will be no further development.
http://www.bitnotes.org/

This is as far as we can go.
Because bitcoin design we can't and we won't have paper bills or coins.
The moment you have control over a bill you have control over those coins for as long as they stay in the address you have the privkey.
Just handing over the bill won't cancel your access to the funds located behind that privkey.

Unless we go and exchange bills and then print another set right at the moment of the transactions there will be no safe way to exchange them. And that would be pretty stupid.







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skorupi17
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June 25, 2017, 07:02:42 PM
 #82

For exemple, I go to a coffee shop, I buy a coffee, then I pay with Bitcoin, we have to wait for a confirmation, no? or the merchant will just trust me if I show my wallet?
How can we be sure that it's not a double spent transaction or something else?

That will vary depending on the merchant. If they will let you go even the transaction is not yet confirmed then you can, if not then you cannot. If they want to wait for the confirmation, you might end up adding transaction fees so that the transaction will be confirmed quickly and that is the worst. This transaction confirmation waiting time needs to be compromised as soon as possible in order for Bitcoin to be used as an effective currency.

I doubt double spent tx will occur there. Almost all wallet (if not all) displays a notification or something that confirms your tx so having a double payment is not possible otherwise the user is at fault.
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June 25, 2017, 10:29:37 PM
 #83

Well, I'd have to say it really depends on the merchant themselves if they'd want to accept an unconfirmed TX. If you're showing them you going through all the steps to pay for it and you're using a wallet that many others trust to not allow a double spend (BitGO, Blockchain.info, etc) then they MAY be ok with accepting an unconfirmed TX. But if you're doing something online they're bound to not allow for this to occur due to the simple fact that they don't know how you're going about sending it on the network.




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June 25, 2017, 11:03:02 PM
 #84

I think it is very difficult if you just pay for coffee with bitcoin why?
Because the bitcoin system when you transact will require confirmation and it takes about 5-10 minutes, while your coffee price is not more than 10 dollars,
I think for now the transaction using bitcoin to the shop or restaurant there is a minimum price of about 50 dollars.
Bitcoin is not a micropayment right now. Have you tried to see what was happening with the bitcoin network before? The raise of the transaction fees made those not able to make a micropayment transaction because the network need the more fees. Around $2 -$5. And do you want to pay over A single dollar for the fees just to pay a little transaction such as buying a coffee? That's pretty strange.  Roll Eyes

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June 25, 2017, 11:19:25 PM
 #85

Maybe in our time calculating with the help of cryptocurrencies isn't the fastest procedure but after 2-3 years no problems will arise. In particular, using a mobile purse is a real solution of this problem.
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June 26, 2017, 12:07:48 AM
 #86

If these block sizes are increase we shouldn't have any problems with that =]

Yes this soon will be resolved as segwit2x will be happen. Let's hope for this correction.

I think it is very difficult if you just pay for coffee with bitcoin why?
Because the bitcoin system when you transact will require confirmation and it takes about 5-10 minutes, while your coffee price is not more than 10 dollars,
I think for now the transaction using bitcoin to the shop or restaurant there is a minimum price of about 50 dollars.

Yes, I'd rather not to use my btc just for one cup of coffee. If the price is $10 then pay $2 for transaction fee, that would be such a waste. Plus the long waiting of confirmation. Nah! I just use my cash instead of btc. Less hassle. No double spending.
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June 26, 2017, 12:33:33 AM
 #87

I think it is very difficult if you just pay for coffee with bitcoin why?
Because the bitcoin system when you transact will require confirmation and it takes about 5-10 minutes, while your coffee price is not more than 10 dollars,
I think for now the transaction using bitcoin to the shop or restaurant there is a minimum price of about 50 dollars.

Yes, I'd rather not to use my btc just for one cup of coffee. If the price is $10 then pay $2 for transaction fee, that would be such a waste. Plus the long waiting of confirmation. Nah! I just use my cash instead of btc. Less hassle. No double spending.
[/quote]
Yeah, why we need to use our bitcoin to buy a coffee when we can use our fiat money to buy things like coffee without having any problem? Bitcoin is more worth than fiat so we should not just spend it on the useless things that we like doing the same in the fiat. We should just spend our bitcoin if it is really necessary like in emergency but for normal things like buying a coffee then we should avoid doing that.
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June 26, 2017, 12:42:07 AM
 #88

I think it is very difficult if you just pay for coffee with bitcoin why?
Because the bitcoin system when you transact will require confirmation and it takes about 5-10 minutes, while your coffee price is not more than 10 dollars,
I think for now the transaction using bitcoin to the shop or restaurant there is a minimum price of about 50 dollars.

Yes, I'd rather not to use my btc just for one cup of coffee. If the price is $10 then pay $2 for transaction fee, that would be such a waste. Plus the long waiting of confirmation. Nah! I just use my cash instead of btc. Less hassle. No double spending.

Yeah, why we need to use our bitcoin to buy a coffee when we can use our fiat money to buy things like coffee without having any problem? Bitcoin is more worth than fiat so we should not just spend it on the useless things that we like doing the same in the fiat. We should just spend our bitcoin if it is really necessary like in emergency but for normal things like buying a coffee then we should avoid doing that.

For now it's true, almost no one will want to spend their Bitcoins knowing its price will increase a lot yet. But and if BTC price would be already stable, without big variations, would you still keep it stored? If it's not used to buy things, it's not a currency...

At some point it should be used to buy quickly things or it will be an asset forever.

 
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June 26, 2017, 01:03:57 AM
 #89

I think it is very difficult if you just pay for coffee with bitcoin why?
Because the bitcoin system when you transact will require confirmation and it takes about 5-10 minutes, while your coffee price is not more than 10 dollars,
I think for now the transaction using bitcoin to the shop or restaurant there is a minimum price of about 50 dollars.
For now bitcoin transactions are still slow. Certainly because the confirmation is quite long. But someday in the future this problem will surely be solved. So the confirmation will be resolved quickly. So you can shop and pay quickly
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June 26, 2017, 01:15:34 AM
 #90

In this time,bitcoin is not convenient to use for daily expense
It's like gold,you are not spend gold to buy some trivial need
Maybe in the future,after the problem of long transaction and high fees has been solved,we can use it for daily matters

I kinda agree to your opinion. This is one of the downside when using bitcoins to pay on your daily expenses. It is really a hassle that every time you pay using bitcoin there will always be a transaction fees to be paid for that is and additional to what you were going to spend. Compared to cash it is really far from bitcoins to compete in this kind of department.



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June 26, 2017, 01:50:32 AM
 #91

In this time,bitcoin is not convenient to use for daily expense
It's like gold,you are not spend gold to buy some trivial need
Maybe in the future,after the problem of long transaction and high fees has been solved,we can use it for daily matters

I kinda agree to your opinion. This is one of the downside when using bitcoins to pay on your daily expenses. It is really a hassle that every time you pay using bitcoin there will always be a transaction fees to be paid for that is and additional to what you were going to spend. Compared to cash it is really far from bitcoins to compete in this kind of department.

This fee is/was present in electronic point of sale transactions; you don't notice it because it is priced in to the products and services we purchase. See here:

Quote
Even at 1.5% on average, credit card interchange fees are higher than those charged by Interac for debit transactions. Under the proposals a merchant will pay an average $1.50 for each $100 in goods or services paid for with a credit card.

Essentially, they pay a fee per transaction as well, but I will admit it is much lower than its bitcoin counterpart.

This is why small businesses sometimes have minimum transactions.

Dodd Frank limited these fees, I think they were like .25-.30 cents. We are currently repealing Dodd Frank, so there's that Wink

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June 26, 2017, 01:52:57 AM
 #92

For exemple, I go to a coffee shop, I buy a coffee, then I pay with Bitcoin, we have to wait for a confirmation, no? or the merchant will just trust me if I show my wallet?
How can we be sure that it's not a double spent transaction or something else?
If you send the bitcoin it will be unconfirmed but the status that you will see is the "receiving" so by that I think that is possible to get coffee in an instant because they will receive the bitcoin no matter what. And you can trade your bitcoin into fiat to lessen the hassle of the bitcoin transactions before spending it.
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June 26, 2017, 03:35:29 AM
 #93

For exemple, I go to a coffee shop, I buy a coffee, then I pay with Bitcoin, we have to wait for a confirmation, no? or the merchant will just trust me if I show my wallet?
How can we be sure that it's not a double spent transaction or something else?
If you send the bitcoin it will be unconfirmed but the status that you will see is the "receiving" so by that I think that is possible to get coffee in an instant because they will receive the bitcoin no matter what. And you can trade your bitcoin into fiat to lessen the hassle of the bitcoin transactions before spending it.

Even if you trade it into fiat first you are still going to spend time to get it confirmed so it's not going to be that simple. There's just the pressing need to get the delayed confirmation issues solved as soon as possible. As for the merchants it's upto each one of them to accept unconfirmed or pending transactions without worrying about double spending.
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June 26, 2017, 03:42:17 AM
 #94

For exemple, I go to a coffee shop, I buy a coffee, then I pay with Bitcoin, we have to wait for a confirmation, no? or the merchant will just trust me if I show my wallet?
How can we be sure that it's not a double spent transaction or something else?

All up to the merchant's intelligence, some people are just idiots and will double spend a 5 dollar coffee. Usually, if you are buying something big with bitcoin, the merchant may ask for you to remain there for a little bit before it gets confirmed, since no one wants to get scammed by 10k. This is why using fiat is better when purchasing items in real life and that is why bitcoin is most effective when used online.

 
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June 26, 2017, 03:43:32 AM
 #95

Depends on the merchant, the guy in my city(a baker) is fine with an unconfirmed tx.  For sure there will be people that double spend as people are serious piles of shit, but that is just like the losers that dine and dash, steal from vending machines,  etc.  Business just eat the costs of human bile.

I agree, it really depends on the merchant if they are okay if the transaction is unconfirmed yet because there are some who really waits for them to get confirmed. Before you buy anything with bitcoin, I think it's better to ask first before buying just to make sure you wouldn't cause traffic in lining up just o buy coffee and paying with bitcoin.
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June 26, 2017, 04:25:44 AM
 #96

For exemple, I go to a coffee shop, I buy a coffee, then I pay with Bitcoin, we have to wait for a confirmation, no? or the merchant will just trust me if I show my wallet?
How can we be sure that it's not a double spent transaction or something else?
You can get fast confirmations with high fees, but who would want to give a $2.5 fee for just a cup of coffee. Pay low fee and wait for ages to get your coffee? No thanks. Not worth at all. But we can expect a lightning fast network confirmation soon.

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June 26, 2017, 04:48:36 AM
 #97

For exemple, I go to a coffee shop, I buy a coffee, then I pay with Bitcoin, we have to wait for a confirmation, no? or the merchant will just trust me if I show my wallet?
How can we be sure that it's not a double spent transaction or something else?
Maybe you can show your wallet that you already sent your payment with their store but the confirmation is still ongoing maybe they can accept it because it is already sent to them but still been waiting for the confirmation. Or if you really want to get your coffee immediately, you can sent them your payment the day before you go to their store so can get your coffe immediately.  Grin
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June 26, 2017, 05:47:11 AM
 #98

You cannot double spend Bitcoin. Once it is sent, it is sent. In other words, Bitcoin transaction cannot be reversed. There are no possible chargebacks. But this is only applicable once the transaction is confirmed by a miner. So yeah, like you said the vendor would have to wait for the confirmation, which takes a long times these days, or be content with visual confirmation that the purchaser has sent the desirable amount to the correct address. Most vendors are chill and don’t mind, but many are extremely meticulous. It really depends on the vendor. But if Bitcoin is to be used in everyday life, this is going to be a hurdle that we must overcome.
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June 26, 2017, 07:00:19 AM
 #99

For exemple, I go to a coffee shop, I buy a coffee, then I pay with Bitcoin, we have to wait for a confirmation, no? or the merchant will just trust me if I show my wallet?
How can we be sure that it's not a double spent transaction or something else?

That's true, I agreed that most of the time the confirmation using bitcoin as payment is not that quick or fast to confirms, it takes time to get the confirmation first before it done or finish. So, check the tx id first that's the basis for us not to experience the double spend.
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June 26, 2017, 07:16:14 AM
 #100

I agree with your concern on real time usage of bitcoin we can make sure by paying high transaction fees even it will take time. I recommend convert into fiat currency in exchanges and use it .
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