Bitcoin Forum
June 22, 2018, 09:55:12 PM *
News: Latest stable version of Bitcoin Core: 0.16.1  [Torrent]. (New!)
   Home   Help Search Donate Login Register  
Pages: [1]
Author Topic: 0-confirmation transactions for small purchases  (Read 546 times)
Full Member
Offline Offline

Activity: 157
Merit: 100

Firstbits: 1dithi

View Profile
January 21, 2012, 07:28:54 PM

I'm opening this thread to continue a discussion started in this other thread.

I think 0-confirmation transactions are safe for small purchases if the merchant have a transaction radar connected with hundreds of nodes across the globe and waits for e.g. 80% propagation with no other conflicting tx.

I've done purchases of 1-2 euros with credit card, and just the fees are far more expensive than the possible double spends undetected by a tx radar.

What do you think? Has anyone tested this thoroughly?

Hero Member
Offline Offline

Posts: 1529704512

View Profile Personal Message (Offline)

Reply with quote  #2

Report to moderator
The World's Betting Exchange

Bet with play money. Win real Bitcoin. 5BTC Prize Fund for World Cup 2018.

Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
Offline Offline

Activity: 1260
Merit: 1004

View Profile
January 22, 2012, 02:10:22 AM

What do you think? Has anyone tested this thoroughly?
Not in reality. However, it can only ever be a problem if ALL of the following are true:
1) Purchaser is anonymous. (real life isn't anonymous, since it can be recorded with a video camera)
2) Item is irrevocable/irretrievable. (you could buy a video game license instantly, without risk to the publisher, because it is revocable)
3) Transaction is instant.

As you can see, there are many cases where instant transactions have little/no risk. If all of the above are true in a specific case, however, you better make one of the statements false if you don't want to get burned.

Pages: [1]
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!