> However, the problem is that the amount of time it takes for a transaction to become "verified," i.e. be part of the official block chain, can take up to 10 m

> However, the problem is that the amount of time it takes for a transaction to become "verified," i.e. be part of the official block chain, can take up to 10 minutes. You actually can accept transactions instantly just fine; the term "confirmation" is slightly misleading here. Try actually paying for some web service or product with Bitcoin - they all confirm the payment instantly. Sure, there is now a very slight possibility of fraud instead of a negligible one, but given that nearly all businesses still do this it's clearly not a problem.