> because lets say someone went to a bar, and ordered their drinks and its time to pay. They pay, and would have to sit at the bar for 23 minutes until they even got one confirmation?
Like mentioned already, it's expensive to do a double spend, so no one in their right mind would attempt to do it in order to get a "free" drink.
95% of real-world transactions such as the one you mention aren't significant money: groceries, restaurants, day-to-day shopping, etc. There's very small risk of any fraud happening with such purchases, and if one every did happen out of the blue, then I'm sure the business could eat the ~$100 cost that one time--it's still no comparison with credit card chargebacks.
When it comes to more expensive purchases in the thousands of dollars, then there are other ways to ensure you don't get cheated, such as waiting for a few confirmations, or even simply asking the purchaser for their identification. Car dealerships allow you to drive off with their cars for test drives, don't they? They feel safe doing so because they know who you are before you take it--the same can be done with other purchases.
Just throwing some ideas around.
Exactly as you said.
And once you go to buy a car/house - you can pay "first" (20-100%) than have a test drive/walkthrough and seller will than return you - if you don't buy.
Another - if you transfer $100K in BTC - it's once a life or 5x in a year - so you can wait another hour i think.
They see you account - can check/watch for double spend, they have 2IDs of you, your name, often personally knows you ...
At least in my country "changing owner of car - even if new" is like 2-4 hours in Police station, few weeks for houses ...
Another solution - online wallets OR o.w. combined with escrow - e.g. you can't withdraw for time limited (3 hours), but you "have" them. That time can seller ask to "lock"/freeze that amount - so you have them, can't use them - go to court ...
Bitcoin escrow can go down to 0.01% if properly programmed and much used.
There are basically no costs for "no problem" escrows.
Or better to fixed amount like $10 (which is nothing if you buying car or selling house) - no problem = no costs (if problem you pay something more or all costs - but it is worth it).
Just make a difference between
"no important" transfers like $5 for Wallmart - and it takes a few minutes while u go to car, u can use the same account - which can be "verified for amount X" after Y+ buys and Z+ $ spended -- and between
"life important" like $1mil transfer for you - but that's how often? And if - you can wait (as you would do by cash or bank) 1or 2 hours or even days
Piggy Bank:
LOL, ty
