Quote from: kaoD on March 31, 2013, 11:28:37 PM

Block generation averages 10 minutes and difficulty is adjusted to match that speed, right? That means that buying thing in person will take at least 10 minutes to be confirmed once. Does that mean the Bitcoin will NEVER be an in-person currency? Am I missing something? Will the protocol possibly be modified for this purpose or Litecoin is there to fill the gap?

It takes a bank what a minimum of two business days for an electronic check? Ultimately if there is internet access then you could get a clearing company to guarantee those 10 minutes. In that case you leave your spending money in with a centralized Bitcoin bank network.