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Author Topic: Should bitcoin have a two-tiered transaction/verification system?  (Read 1122 times)
pusle
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April 24, 2011, 05:33:32 PM
 #1


Sorry I'm a newbie here, maybe this has been discussed before.

After reading several posts here it seems there is a conflict between the need for high speed of transactions/verification and security.
I think security is the most important factor in order to make sure the big bucks  in the system are safe and resistant to various attacks.
However there is a strong need to pay at the 7/11 etc without waiting a long time, and also the use of "light clients".

In Hong Kong they have this amazing thing called an octopus card. You load it with money, and just drag it past an rfid reader when you pay. Very fast and easy to use, no code to enter etc.  It was originally made to pay for public transport but gradually more and more stores started to accept this payment method. Sure if it gets lost or stolen your money is gone. But you don't put thousands of dollars on there at once anyway. Then it's up to each user to balance risk vs convenience (money lost vs frequency of reloading)

Waiting 10 minutes (or more?) is not a problem for Transaction between banks, buying a house or a car.
The foundation must be solid.
The "quick cash" bitcoin would be like the octopus card, giving users the convenience while limiting potential damage.


 


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Unlike traditional banking where clients have only a few account numbers, with Bitcoin people can create an unlimited number of accounts (addresses). This can be used to easily track payments, and it improves anonymity.
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April 24, 2011, 06:05:14 PM
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Fees make it faster. Granted, it's not super fast though. I'm sure as Bitcoin get's popular some will choose to get credit cards/debit cards that are loaded with the local currency using Bitcoin.

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April 24, 2011, 09:32:39 PM
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Fees make it faster.

Fees don't make anything useful significantly faster. Fees make your transaction have a higher priority for inclusion into the next block. They don't make the next block arrive any sooner and under today's circumstances they don't get into blocks sooner than transactions without a fee.

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April 24, 2011, 09:37:30 PM
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Fees make it faster.

Fees don't make anything useful significantly faster. Fees make your transaction have a higher priority for inclusion into the next block. They don't make the next block arrive any sooner and under today's circumstances they don't get into blocks sooner than transactions without a fee.

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Ooops not really what I meant. I meant fees make sure you get in the next block. Now it doesn't matter, but in the future it may. Thanks.

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