Re:Blockchain, the Solution for Almost Nothing
by godelski on Saturday August 22, 2020 @03:18PM
(#24246522)
> Do you except people to wait for the postal service to deliver an envelope before they receive whatever they've payed for?
To be fair, it might be quicker to verify cash payment by mail than a crypto payment.
Re:Blockchain, the Solution for Almost Nothing
by Acrobatic_Road on Saturday August 22, 2020 @04:47PM
(#24247144)
Definitely false. If you're using bitcoin and want to be uber-safe, then you should wait for six 10-minute confirmations. That's an extreme example though. In practice you can spend right after the first confirmation, which can be seconds to minutes for other cryptocurrencies.
Re:Blockchain, the Solution for Almost Nothing
by godelski on Sunday August 23, 2020 @01:14PM
(#24253412)
I think you missed the joke about long verification times.
Re:Blockchain, the Solution for Almost Nothing
by romanoderoma on Saturday August 22, 2020 @08:49PM
(#24248582)
> But how do I quickly and securely do a long distance transaction in cash?
Western union and other money transfer services have been doing it for decades.
Many immigrants in my country use them to send money back home
>It requires a computer with a connection, they are ubiquitous I understand it, but it's still a very hard requirement
In your example you are paying 4chan. You already have a computer with an internet connection.
>But most of all, what do I do with the crypto if the baker doesn't accept them?
You could sell the cryptocurrency for cash using localbitcoins. Or you could sell it for a gift card. Or you could anonymize the funds and give them to a trusted party to sell at a KYC exchange. Then the cash is withdrawn from the bank and delivered to your organization. As far as I'm aware, there isn't anything illegal about this.
And of course, you could just spend the cryptocurrency as is if the merchant accepts it.