25 Jun '13, 8pm

Solving the Slow In-Person Transaction Problem #bitcoin

One of the crucial features for a digital transaction medium to be viable for payments made in person is that it should be reliable, and nearly instant. A transaction, once created by the sender, should appear on the receiver’s device within one to three seconds. Even five seconds may be acceptable, but from the point of view of an average user requiring a customer and merchant to awkwardly wait for fifteen seconds while a transaction makes its way over the network is an embarrassment – especially when competing platforms like Square can accomplish the same (albeit without Bitcoin’s low fees and universality) in less than three. And yet, in practice, that is all too often the state of in-person Bitcoin transactions right now. A transaction sent with Blockchain may take as long as twenty seconds to reach a nearby client running Bitcoin Wallet for Android and if the transact...

Full article: http://bitcoinmagazine.com/solving-the-slow-inperson-tran...

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