Since the BTC blockchain is distributed, confirmation of transfer is not immediate like it is with credit/debit cards.
"Usually you'll have the first confirmation within 10-15 minutes, which means the money will be available to the receiver to some extent. After 60-80 minutes, the transaction should be complete."I have money temporarily stuck in venmo and was looking for company......
You should venmo that money into something you can buy Bitcoin with, then take the Bitcoin and find a provider that takes Bitcoin.
The anonymous payment is another layer of protection for you and them.
Also worth noting, Venmo transactions are reversible, so you likely won't find many providers willing to take the risk.
i wasn't aware. thanks for the heads up
It's really the perfect payment method when you think about it.
If they can't prove that you paid for it then they don't have a case. As far as they know you're just hanging out with a lady that likes you a whole lot.
It's completely non-reversible and you can prove it mathematically. Even with cash you can still snag the envelope off the table.
Honestly, if the customers were younger and/or a little more savvy, Bitcoin would be the go-to. The problem is most are like 50, so explaining a digital currency that works via encryption is probably about as easy as explaining Mandarin Chinese to a Chimpanzee. Give it a decade or so and it'll probably be a part of this in a big way.
you sure know how to make an old guy feel REALLY old. I don't have a clue how bitcoin works. I just know how pussy works and they all still take cash. If that changes, I'm up shit-creek! Lol
I wouldn't have pegged you as old CDL
to my age on the boards. Late 50's. No escaping it.
Well hey, if you're curious, here's the best video I found for explaining bitcoin.
https://www.youtube.com/watch?v=kubGCSj5y3k
I'm thinking about starting a thread about this honestly, might be valuable to the community to know and use this stuff.
Since the BTC blockchain is distributed, confirmation of transfer is not immediate like it is with credit/debit cards.
"Usually you'll have the first confirmation within 10-15 minutes, which means the money will be available to the receiver to some extent. After 60-80 minutes, the transaction should be complete."
Yes, it's squarely in pre-pay territory if we're talking absolute transaction reliability. There are some things in the works to transact faster, but for now it's likely somewhere around half an hour before a transaction is confirmed enough to be bulletproof.
That said, it wouldn't be trivial to double spend a transaction (and thus screw the provider out of their bitcoin), and likely far beyond the technical means of most consumers. So, practically speaking, once a transaction posts on blockchain.info with 1 confirmation you're good to go, so like you said, 10-15 minutes.
I'd wager that this isn't a huge deal for most mid-high tier providers, they could get the payment started, have 10-15 minutes of chit-chat like they could normally, check the transaction and continue with the rest of the session.