Post
Topic
Board Bitcoin Discussion
Re: Transactions speed prevent us from going to Mainstream ?
by
Jace
on 04/08/2015, 05:51:46 UTC
I mean if you want to buy something from McDonald are you supposed to wait 15mn while that's the time of your launch break ?
No, you're not. You're comparing apples and pears.

Maybe this clarifies things:

Transaction time (the time it takes to process a payment)
Bitcoin: 1-2 sec
Credit card: 3-5 sec

Money arrival time (the time at which the merchant actually receives the money and can spend it)
Bitcoin: 1-2 sec
Credit card: several business days

Confirmation time (the time at which the merchant can be sure the payment won't be reversed)
Bitcoin: 10 minutes
Credit card: 6+ months

So, what was the problem with Bitcoin, again?