BitUndo – Double Spending as a service

Re:BitUndo – Double Spending as a service by eiliant on Wednesday April 16, 2014 @07:30AM (#7597115)

Won't that be a big problem for everyday transactions though, to have to wait 10 mins for a confirmation instead of immediately like swiping a credit card when say you go out to eat or go grocery shopping?

Won't that then hurt the usefulness of bitcoin and adoption rate?

[ Parent | on HN ]

Re:BitUndo – Double Spending as a service by wcoenen on Wednesday April 16, 2014 @11:22AM (#7598324)

Bitcoin was never designed for instant confirmation. The sooner everyone involved realizes this, the better.

[ Parent | on HN ]

Re:BitUndo – Double Spending as a service by goblin89 on Wednesday April 16, 2014 @11:56AM (#7598535)

Perhaps there's a place and need for certain supporting infrastructure around Bitcoin—similar to what we have with bank cards. In the latter case payment doesn't necessarily happen immediately as you swipe the card (the transaction can be pending authorization for a few days afterwards).

Some service could provide instant payments with Bitcoin and handle chargebacks, disputes, credits, etc. I guess if Bitcoin is successful, the big players would go after that.

[ Parent | on HN ]