Bitcoin Forum
February 23, 2017, 11:36:57 AM *
News: Latest stable version of Bitcoin Core: 0.13.2  [Torrent]. (New!)
 
   Home   Help Search Donate Login Register  
Pages: [1]
  Print  
Author Topic: 0-confirmation transactions for small purchases  (Read 495 times)
DiThi
Full Member
***
Offline Offline

Activity: 157

Firstbits: 1dithi


View Profile
January 21, 2012, 07:28:54 PM
 #1

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?

1DiThiTXZpNmmoGF2dTfSku3EWGsWHCjwt
1487849817
Hero Member
*
Offline Offline

Posts: 1487849817

View Profile Personal Message (Offline)

Ignore
1487849817
Reply with quote  #2

1487849817
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1487849817
Hero Member
*
Offline Offline

Posts: 1487849817

View Profile Personal Message (Offline)

Ignore
1487849817
Reply with quote  #2

1487849817
Report to moderator
1487849817
Hero Member
*
Offline Offline

Posts: 1487849817

View Profile Personal Message (Offline)

Ignore
1487849817
Reply with quote  #2

1487849817
Report to moderator
Maged
Legendary
*
Offline Offline

Activity: 1260


View Profile
January 22, 2012, 02:10:22 AM
 #2

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]
  Print  
 
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!