Bitcoin is not viable for small transactions, and this needs to change.

[9kv]

For Bitcoin to be accepted as a reliable and convenient currency by the average consumer, it needs to become much more open to smaller transactions (such as paying for groceries, bar bills, or school supplies).

Right now I wouldn't even dream of paying with Bitcoin for anything but large transactions online.

Bitcoin will never grow into a usable currency unless this changes. It will continually be a place for speculators and investors to place money and play with the market.

Thoughts?

[Somekindabitcoin]

What are you talking about? Bitcoin ain't even taxed (in many countries). It's only a small .09 cent fee for anything. I think you would like taxes better at a 4% plus bottle taxes and all that other shit.

[9kv]

There is no simple way to pay with bitcoins for a $4 purchase at a convenience store.

[Somekindabitcoin]

Bitpay. Easily send the coins within 5 seconds and done.

[9kv]

Take my phone out of my pocket, navigate, log in using secure password, send bitcoin, wait, wait, wait, txn complete, vendor waits, waits, waits, shows up in blockchain, waits, waits, waits, waits, confirmations, leave store 15 minutes later.

Alternatively - use fiat credit card, 30 seconds, out of there.

Confirmations need to be quicker as well. I understand this will come with time if more people start mining, but still - if more miners appear, more users will appear and the load will be the same.

[Somekindabitcoin]

Take my phone out of my pocket, navigate, log in using secure password, send bitcoin, wait, wait, wait, txn complete, vendor waits, waits, waits, shows up in blockchain, waits, waits, waits, waits, confirmations, leave store 15 minutes later.

Alternatively - use fiat credit card, 30 seconds, out of there.

Confirmations need to be quicker as well. I understand this will come with time if more people start mining, but still - if more miners appear, more users will appear and the load will be the same.

It's 0 confirms actually.

[btcguys]

If customer and vendor are on same gateway then process could be expedited. For example sake: retrieving btc-e code on btc-e is instantaneous. Right now, it seems like Bitpay is focused on merchants only. May be if they integrate customers then that may expedite transaction process.

[9kv]

You could still walk out of the store after double spending with 0 confirms, and they could not "charge back" or persecute you at all.

[QuestionAuthority]

You could still walk out of the store after double spending with 0 confirms, and they could not "charge back" or persecute you at all.

Who's going to double spend a small transaction?

Oh, look sweetie, I made $3 on a double spend of Bitcoins today. lol

[9kv]

I've shoplifted smaller items in the past than $3... 

[BurtW]

I've shoplifted smaller items in the past than $3... 

My hero.

[9kv]

I've shoplifted smaller items in the past than $3... 

My hero.

I'm simply stating - if people CAN double spend, they WILL double spend.

[franky1]

9kv

if your admitting your a thief then shouldnt you be loving bitcoin, which in your words means that when you pay and walk out with 0 confirms you have 10 minutes to try scamming the system..??

shouldnt you be loving it?

oh wait your on a rant because you cant mess with the system and your just stating as issues which are not issues because you're mad that you cant game the system, thus you want to hate it.

so how about you go back to credit cards and go chargeback scam them, you crazy thieving idiot.

the other possibility is that your trying to cause negative vibes in the hope people pnic sell for you to buy in cheap.. which i find as investment savvy, but just as immoral

[Ron~Popeil]

I've shoplifted smaller items in the past than $3... 

My hero.

I'm simply stating - if people CAN double spend, they WILL double spend.

People can and do all kinds of illegal things now. Why is bitcoin different in that respect?

[Soros Shorts]

I've shoplifted smaller items in the past than $3... 

My hero.

I'm simply stating - if people CAN double spend, they WILL double spend.

I bet it would take you more than $3 worth of resources to double spend $3 after 30 seconds.

[Bejkn]

Miners fee is least 0.0001btc, < 0.0001 transaction won't be comfirmed

[Nagle]

For Bitcoin to be accepted as a reliable and convenient currency by the average consumer, it needs to become much more open to smaller transactions (such as paying for groceries, bar bills, or school supplies).

Music tracks. Bitcoin should have become the primary method of payment for music tracks. No need for a central authority like iTunes. Indy bands could sell from their own servers and get paid 100% of the revenue. Load up your music player with a few Bitcoins and start listening.

For music track sales to work, transactions under $1 must be cheap and fast. They have to be protected against double-spending, or people will buy tracks from multiple sources simultaneously using the same Bitcoins.

(Someone is doing this. Unfortunately, most tracks cost 0.01BTC.  One costs $0.999 BTC. The cheapest ones are crap techno. None of the music is above garage-band level. To make this work as a business, you need a better catalog than CoinDL.)

[chennan]

If customer and vendor are on same gateway then process could be expedited. For example sake: retrieving btc-e code on btc-e is instantaneous. Right now, it seems like Bitpay is focused on merchants only. May be if they integrate customers then that may expedite transaction process.

I think the Bitcoin processing companies can make more profit from merchants than from customers. As the customers' base is increasing to as big as enough which will make them pay attention on customers.

[wasserman99]

If customer and vendor are on same gateway then process could be expedited. For example sake: retrieving btc-e code on btc-e is instantaneous. Right now, it seems like Bitpay is focused on merchants only. May be if they integrate customers then that may expedite transaction process.

I think the Bitcoin processing companies can make more profit from merchants than from customers. As the customers' base is increasing to as big as enough which will make them pay attention on customers.

You need to remember that any expense that the merchant incurs will ultimately be passed onto the consumer. Even if the company does not directly impose some kind of charge for the added expense they will rise their prices a little bit to cover merchant services fees.

[evanito]

I wish these micro-transactions were more friendly, what happens to the .09 cent fee when bitcoin is worth 1 thousand dollars? 20 cents, and if bitcoin ever hits 1 million? 200 dollar fees. Now, I doubt it will hit the big mil, but IF. If it does, we will be paying 200 dollar transaction fees.