4 ms·
> 10 minutes on average, but that's only 1 confirmation. You'll need to wait 6 before you can ship the goods. Current cost is $0.50 - so both slow and expensive
by sekai 6y ago
> 10 minutes on average, but that's only 1 confirmation. You'll need to wait 6 before you can ship the goods. Current cost is $0.50 - so both slow and expensive. (source https://www.buybitcoinworldwide.com/fee-calculator/ https://www.buybitcoinworldwide.com/fee-calculator/)
Oh boy, wait till you hear about international money transfers.
- bouncycastle 6y agoYou mean those old telegraphic transfers? Why should I use that? With my PayPal/Mastercard/GooglePay/ApplePay I can do an international order in seconds.
- rodiger 6y agoProcessing != complete. A credit card transaction generally takes 1-3 days to process. Bitcoin is start -> complete in < 10 mins on average.
- bouncycastle 6y agoNope. 10 minutes for bitcoin is just 1 confirmation. Most exchanges need 3, but it may take significantly more if you don't put enough fees on the transaction. Meanwhile Credit cards/ApplePay/GooglePay/Paypal/AmazonPay provide the tap-and-go instant purchase experience, even on international orders.
- GoblinSlayer 6y agoThen it gets disputed and reverted, up to 1 month after tap-and-go.
- rodiger 6y ago"Tap-and-go" is an illusion, and like I said the payment is not fully processed for 1-3 days. Low-risk merchants (e.g. under $100) can accept crypto on 0 confirmations (just checking wallet balance) and accept the double-spend risk. This is similar to the chargeback risk merchants take by accepting credit cards (albeit with fewer protections on the crypto side). I agree BTC fees are high, but for even moderately large transactions (>$25), it is cheaper than credit card/ApplePay/GooglePay/Paypal/AmazonPay fees. Edit: and even after processing, chargebacks are often viable for up to 60 days.
- bouncycastle 6y agoas a customer, I always like that if something goes wrong, eg. product not delivered, there's always the chargeback option.
- rodiger 6y agoThere's nothing stopping trusted 3rd-parties (e.g. mastercard/visa) from building wrappers to hold the btc in the meantime and mitigate end-user risk (full circle woo!). Definitely fewer protections from bad-actors with direct btc transactions, but that's by design (e.g. no requirement for a third party)