Faster transactions?

[TheCleanGame]

for store of wealth stick with bitcoin. for fast transactions, lets get merchants using litecoin for faster confirm times.

imagine bitcoin as the bank account that does wire transfers slowly and litecoin as the credit card..

This still stands out for me as the real world solution.

By its very nature, Btc is a great background wealth transfer device.  Should it take that role it's value will also increase quite a bit.



Unless your proposal can be implemented, one would do well to speculate on which coin is going to be the easiest to convert from btc and spend freely.  Quick transaction times and market integration/acceptance are some factors there.

Great thinking and hope it pays off.

Keep it Clean!

[btc_jumpnrl]

There are other methods to dealing with fast transactions, ie. fast food, restaurants, that could be adapted. As soon as a proper bitcoin credit union or bank appears, we'll see proper bitcoin debit cards. Or you could offer gift card sales online, that don't need the fast confirm time, like Gyft. Or you could be like starbucks and have a specific app or card that's balance loadable. There are ways around it that for most quick transaction businesses.

You don't have to have the protocol always adapt to the consumer. Just let PoS technology adapt to use bitcoin. Its already there, its just not widespread yet. 

[bitdude]

There are other methods to dealing with fast transactions, ie. fast food, restaurants, that could be adapted. As soon as a proper bitcoin credit union or bank appears, we'll see proper bitcoin debit cards. Or you could offer gift card sales online, that don't need the fast confirm time, like Gyft. Or you could be like starbucks and have a specific app or card that's balance loadable. There are ways around it that for most quick transaction businesses.

You don't have to have the protocol always adapt to the consumer. Just let PoS technology adapt to use bitcoin. Its already there, its just not widespread yet. 

yes, absolutely the way to go with the current implementation

thing is that it is not that sexy then - i.e. you rely on a product of a specific third party and have to trust them with your coins

but still a good way to go for common people

[dowsey14]

Bitcoin > Litecoin > Quarkcoin (either that one or some other alt.coin with a fast transaction time).

Bitcoin = Diamond
Litecoin = Gold
Quarkcoin = Silver

It's a bit like that, depending on what happens. If Bitcoin dies for whatever reason, I'm sure there is a way for Litecoin or Quarkcoin, or indeed some other crypto to take the place of Bitcoin.

But, I think Bitcoin is very safe and secure for now...until SHA256/ECDSA is broken...very unlikely but still possible and would constitute a black swan event in security protocol the world over, would be very bad for everyone if SHA256 was ever broken. RIPEMD160 would be pretty bad if that was ever truly broken as well...but honestly I can't see this happening for at least a good few years. I could be proven wrong, but I hope I'm right, as I support cryptos 100%...for one reason, that they make people accountable, especially with those with something of value, since they can't just create bitcoins out of thin air, they are finite resources, and can't be counterfeited. They can only be stolen or lost, so they are perfect for a store of value and if proven over time they will be accepted.

But security is NUMBER ONE when it comes to anything to do with the internet and finance.

And any 3rd party idea with Bitcoin is bullshit - Mt Gox proved this with aplomb that 3rd party with Bitcoin is utter bullshit, because the whole damned idea of Bitcoin in the first place was to avoid the 3rd party and the issue of requiring trust of a 3rd party, and to send money DIRECTLY to someone else without anyone else's oversight.

Of course, whether you trust the seller, is up to you, if you are buying. But the blockchain tells you EVERYTHING about the transaction and the address the money went to. If a seller uses an address, and you can connect that seller to that address then you can prosecute them quite easily since there is proof and a link to that proof, of any fraudulent activity.

I can't understand why Mt Gox wasn't being investigated more thoroughly when it first had trouble.