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January 13, 2014, 05:04:13 AM |
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I Know that Bitcoin confirmation time is 10 minutes and litecoin is 2.5 minutes and other alt coins like world coin is 60 seconds.
How will that affect real world use? I mean if you at Starbucks and there is a long line of people waiting to buy coffee. If you pay with bit coins, the confirmation takes 10 minutes each usually you'll need a few confirmation before the transaction is legitimate. You would be waiting for a while and people behind would run out of patience.
Of course people could just transfer the bitcoins and not wait for any confirmation so they could go about their day and make others wait.
Will people realize that bitcoins might not be use in small everyday transactions, but make purchases like a house or a car? Maybe people will use world coin to purchase coffee because you would wait about a minute for the transaction to clear.
Of course people should have the right to pay with any major crypto currencies as you would with visa or master card.
What are your thoughts on this?
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