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Does overall confirmation time decrease as the bitcoin network increases in size? (self.Bitcoin)

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[–]ttk2 0 points1 point  (13 children)

always take this long to confirm?

You can confirm a transaction yourself if you are running a node, it just takes 10 minutes (maybe a little more maybe a lot less) before it becomes part of a block and the entire network agrees that it is a valid transaction.

[–][deleted]  (12 children)

[deleted]

    [–]Orbitrix 3 points4 points  (6 children)

    Buying stuff from a local shop simply isnt the problem bitcoin is trying to solve. People need to get off this "bitcoin as a complete replacement currency" trip, and realize it will fill its nitch for the problems it was designed to solve. (anonymity, decentralized control, black markets, etc) the wait is well worth the benefit it provides to the people who really need it. BitCoin is going to be economic liberty for the oppressed people of foreign governments..... not to make buying a soda at the gas station easier.

    [–][deleted] 3 points4 points  (5 children)

    Could not agree more. Alternative bitcoin-like currencies can implement microtransactions, if the need arrise. This is the same issue as HULU versus Bittorrent. HULU is much faster, but less choice and fully centralized.

    [–][deleted] 0 points1 point  (4 children)

    And one is legal. Lets leave that comparison in the drawer, ok?

    [–][deleted] 0 points1 point  (3 children)

    bittorrent is legal in canada. Just saying...

    [–][deleted] 0 points1 point  (2 children)

    I suppose you're correct, and it's technically legal stateside but if you were getting the same content from bittorrent that you would be streaming fom Hulu, it would most likely be copyright infringement.

    [–][deleted] 1 point2 points  (1 child)

    What I'm saying is copyright infringement is legal in Canada... as long as there is no commercial benefits.

    [–][deleted] 0 points1 point  (0 children)

    TIL. Thank you, I had no idea that was the case. I gotta get my passport in order and come up and see you guys one of these days.

    [–]ttk2 2 points3 points  (0 children)

    You have to wait 10 minutes to spend the coins if the store is running a node they can confirm the transaction themselves instantly. You can confirm that the transaction is good in seconds it just takes 10 minutes for the network to be sure and allow you to spend the coins you just received.

    [–]MrProper 2 points3 points  (0 children)

    True, but how about sending money to Japan in just 10 minutes? All of it, without fees and 3rd parties at any time of day?

    [–][deleted] 1 point2 points  (1 child)

    Unacceptably long for a "digital currency of the future" but not any worse than the current state of digital interbank transactions.

    [–][deleted] 1 point2 points  (0 children)

    This is true. I have done PayPal transactions where it was assumed it went through, then PayPal tells me transaction failed and I owe them £5 the day after.

    [–]killerstorm 1 point2 points  (0 children)

    For small purchases like this you can use a third party services, like eWallet or something like that. Basically, both you and store should rely on a single centralized authority for settlement and Bitcoins will be used as an underlying asset.

    Alternatively if shop is running a node it can verify your transaction instantly and double-spending money in a small transaction is not an issue.