If you could convert your paycheck into bitcoin (like automatically)

[inspiredinvestor]

Holy shit no way would I convert my paycheck.   Then what, you have to escrow each and every little thing you ever want to buy.   Fuck that.  Oh ok, you have the face to face thing so sure you can go sit in the gas station for an hour waiting for the transaction to confirm 6 times.

LOL, good piont on the petrol front.
Nah I was thinking more that you had heaps of FIAT already and could just use your paycheck for more bitcoins

At the moment converting, cashing out is such a pain I totally agree.

[notme]

Holy shit no way would I convert my paycheck.   Then what, you have to escrow each and every little thing you ever want to buy.   Fuck that.  Oh ok, you have the face to face thing so sure you can go sit in the gas station for an hour waiting for the transaction to confirm 6 times.

A bitcoin transaction is irreversible after 1 hour.  A credit card takes 6 months, but they seem to be able to make it work.

[joesmoe2012]

Or just use one of the exchanges...?

[ajw7989]

I would never want to convert my paycheck into bitcoin its too volatile and a hassle to spend on everyday items like groceries. Maybe if every place started to accept them not probably not even then.

[posormo]

Holy shit no way would I convert my paycheck.   Then what, you have to escrow each and every little thing you ever want to buy.   Fuck that.  Oh ok, you have the face to face thing so sure you can go sit in the gas station for an hour waiting for the transaction to confirm 6 times.

A bitcoin transaction is irreversible after 1 hour.  A credit card takes 6 months, but they seem to be able to make it work.

Ok, I've been using credit cards for ummmmmm... 25 years.  I've never had 1 charge back or issue.   I'll stick with credit cards, you can go wait an hour for each of your 30 to 40 purchases you do per week in an average life.   Don't know about you but I got better things to do with my time.

[BitChick]

It would be nice if Bitcoin was widely accepted enough to do that.  The problem is I cannot use Bitcoin to pay my mortgage, electric bill, water, gas, etc.  I would have to try and get cash out to do that and that is not that easy to do and there are always fees involved.  Someday though . . .

[notme]

Holy shit no way would I convert my paycheck.   Then what, you have to escrow each and every little thing you ever want to buy.   Fuck that.  Oh ok, you have the face to face thing so sure you can go sit in the gas station for an hour waiting for the transaction to confirm 6 times.

A bitcoin transaction is irreversible after 1 hour.  A credit card takes 6 months, but they seem to be able to make it work.

Ok, I've been using credit cards for ummmmmm... 25 years.  I've never had 1 charge back or issue.   I'll stick with credit cards, you can go wait an hour for each of your 30 to 40 purchases you do per week in an average life.   Don't know about you but I got better things to do with my time.

My point is for most transactions it is not worth trying to scam.  Merchants have chargeback issues all the time with credit cards, and are exposed to the risk for 6 months.  With bitcoin, they are only exposed for roughly 60 minutes (If you assume the scammer has millions of dollars worth the hardware at their disposal... the average guy with even a BFL minirig isn't going to be able to do jack shit after 2 confirms).  They will still let you walk away, but they have less to worry about with bitcoin.

[notme]

the average guy with even a BFL minirig isn't going to be able to do jack shit after 2 confirms

2 confirms [or even 1 confirm] often mean 30 minutes of waiting

However if you'd change your point to:

Code:

the average guy with even a BFL minirig isn't going to be able to do jack shit after 0 confirms

I'd agree with you completely.

I'm not sure I could agree with that.  If he was tremendously lucky and mined the next block including a spend from the same address, he could withhold it for a minute while he executed his double spend.  But, like I said, unless he's buying a car or a house, it isn't worth the effort.  And if he is buying something expensive, the seller should have his name and address anyway and can press charges, same as with credit card fraud.

[notme]

I'm not sure I could agree with that.  If he was tremendously lucky and mined the next block including a spend from the same address, he could withhold it for a minute while he executed his double spend.  But, like I said, unless he's buying a car or a house, it isn't worth the effort.  And if he is buying something expensive, the seller should have his name and address anyway and can press charges, same as with credit card fraud.

We were just thinking about different price levels.

$100 in a grocery shop -> 0 confirmations.
$30.000 in a car retailer -> 1 confirmation.
$1000.000 at a real estate broker -> 2 confirmations.

Yep.  Double spends are ridiculously expensive to pull off reliably even with 0 confirms as long as the merchant's node is properly configured.