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Where's this 5-10 minute wait for groceries or restaurants coming from? If you're talking about waiting for your transaction to be included in the next block, i
by Jach 13y ago
Where's this 5-10 minute wait for groceries or restaurants coming from? If you're talking about waiting for your transaction to be included in the next block, it could even take longer than that by chance. Those restaurant merchants should just accept on the incoming notice which is very quick. There are precautions a merchant can take to make a race attack double-spend harder, but most people are honest and the threat is similar to a person dining and dashing. For large transactions, sure, wait at least 1 confirm and preferably 6 or more, but for a $20 or less meal? If you want to bust them you have the timestamp of the bad transaction, and you can look at your security camera logs.
- drakaal 13y agoIf all this were true we wouldn't run Credit cards immediately. You'd swipe, and store, and process in bulk later which makes the transactions cheaper to run. Most merchant services accounts you can save about 50% if you process daily batches rather than authorizing each transaction instantly.
- Jach 13y agoSounds like a profitable venture for a bitcoin processing company, then. Merchant pays some sort of fee, company promises to eat any double-spends that happen due to accepting on 0 confirms. In fact BitPay already does this for over 12 thousand companies...