Re: Transactions speed prevent us from going to Mainstream ?
Could this be the reason , It's like 15-20mn to get at least 1 confirmation if I'am correct ?
Anyway the point is that we need some time to get transactions verified , could this actually prevent us from going to mainstream ? 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 ?
When you are buying parking tickets are you also supposed to wait few minuts ?
It wouldn't make any sense .
Honestly , I'am not even sure what controls the speed of the transactions .
Anyway the point is that we need some time to get transactions verified , could this actually prevent us from going to mainstream ? 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 ?
When you are buying parking tickets are you also supposed to wait few minuts ?
It wouldn't make any sense .Honestly , I'am not even sure what controls the speed of the transactions .
Normally it is not required to wait for the confirmation if you are using a service such as bitpay. Firstly it is not possible to cancel a legitimate btc transaction. So the payment processor can analyze the propagation of the transaction through the network, if the transaction is not being rejected by nodes and is propagating at an expected rate then it is expected to be confirmed. So the payment processor can 'approve' a payment in seconds.
In effect the payment processor is using nodes as a transaction validator, the transaction would be rejected by nodes if there was an issue. The transaction will remain at the nodes to be queued to be added to a block. The merchant will need to wait until transaction is confirmed before being able to spend the amount.
if the merchant was doing a wallet to wallet transaction with a customer then yes they might wait for confirmation as you pointed out, but in reality merchants are using payment processors - which provide other services including dynamic pricing, instant conversion etc...