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Author Topic: bitcoins and there functions  (Read 303 times)
user3088
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May 10, 2013, 10:17:55 PM
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I find this currency quite intrigueing and i wish i had found about it alot earlier then 5 months ago. The way its created , used , stored. the list goes on.... but will it be possible to pay at a cash register with bitcoins ? EFT (electronic funds transfer ) its called that in australia or like card transactions are approved within 30seconds at most bitcoins take approx 5-10mins at the quickest to confirm if im correct?
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Transactions must be included in a block to be properly completed. When you send a transaction, it is broadcast to miners. Miners can then optionally include it in their next blocks. Miners will be more inclined to include your transaction if it has a transaction fee.
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DannyHamilton
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May 11, 2013, 03:40:47 AM
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card transactions are approved within 30seconds at most

And it takes hours until "settlement" occurs with the card processing company that that merchant had contracted with so that the merchant has the money in their bank account, and then it takes months before the transaction is irreversible.  Meanwhile, with bitcoin the merchant has their money within seconds, and the transactions are usually irreversible in less than 15 minutes.


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May 11, 2013, 03:57:27 AM
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Yeah, and if the person is buying a pack of gum woop ta do if it ends up not getting confirmed. 99% of the time once the transaction hits the network it will be confirmed eventually, and the POS machine would be able to see that the transaction made it from the sender to their POS machine. (POS is Point Of Sale, also known as a cash register).

There's also litecoin that confirms in just 2.5 minutes. Still a bit long to be waiting in a store to pay for something but not the end of the world.
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