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Doesn't this mean paying with bitcoin in the real world is now broken? Merchants will either have to make people wait for up to 10 minutes for the transaction t
by TimJRobinson 13y ago
Doesn't this mean paying with bitcoin in the real world is now broken? Merchants will either have to make people wait for up to 10 minutes for the transaction to confirm or risk that person reversing the transaction after walking out the door.
- mpyne 13y agoNow broken? It was always broken in this manner. Merchants have always had to account for the risk of unconfirmed transactions in one way or another (and if they were ignoring that they were negligent). With online shopping it's relatively easier in that you can wait until the payment posts to the network before you complete the transaction, but this definitely would interfere with brick-and-mortar types of activities, ATMs, etc.
- hrrsn 13y agoWorking as intended. Zero confirmation transactions are exactly as they described.
- erichurkman 13y agoMerchants already have to understand and factor in risk with credit card reversals – merchants will need to learn what their risk is with bitcoin and factor that risk into their price just as they already do (or should do) with the risk from non-cash txns.