Quote from: DarwinNexus on April 04, 2014, 03:34:32 AM

Quote from: bryant.coleman on April 04, 2014, 03:03:51 AM

Quote from: BitOnyx on April 03, 2014, 12:03:35 PM

Well whole point of bitcoin is that transactions and daily payments are much easier.

The time required for confirming a transaction is worrying me.

Blockchain can detect double-spends almost instantaneously.

Wait 2 seconds = 50% of network has the transaction.
Wait 10 seconds = 99% of the network has the transaction.

Check transaction if it has a fee, and it will likely be included in a block soon.
Check if a double-spend is detected, if none, it will likely be included in a block, but maybe later if no fee or low fee.

No need to wait for a confirmation.

Only worry if any of the following conditions are met:
1. double-spend detected.
2. no fee or low fee, and blockchain says it might take awhile to confirm.

Personally, I've had a transaction take a day to confirm, but I was not worried because there were no double spends. It took that long because the blocks ran out of space for free transactions.

Now I include a minimum fee in all my spends even if it is not required.

For most use cases where you have the option to pay by bank wire or check, that means the merchant or other party can wait 10 minutes. It may not work as well for instant purchases or very small transactions without some sort of third-party processor that "guarantees" the transaction. Or some dice site that accepts the risk of zero confirmations.

I just pretend that I paid using a check that clears in an hour.

As a merchant, I would accept as payment any bitcoin transaction that:
1. Does not seem to have any problems after 30 seconds.
2. Includes at least 0.0001 as a transaction fee.