Happy New Year Guys
I'm creating an infographic and would like somebody to read over the following and tell me if it's accurate.
Thank you
Bitcoin can be received instantly, but until transactions are confirmed by the network they can be easily double spent. This means somebody can send Bitcoin to a retailer they are paying and at the same time send those same bitcoins to themselves.
By the time the retailer realises they have not been paid (at least 10 minutes later), the shopper has gone.
This is why you should never trust a zero confirmed Bitcoin transaction and it's also why Bitcoin will never be used (without a centralised third party insurer) like cash at offline retailers, vending machines, train stations, taxis, Gas Stations, cinema's and anywhere else you have instant, secure validated transactions.
DASH has solved this major flaw in Bitcoin...
Don't retailers allow for the odd loss with double spending on zero confirm as a necessary evil, the kicker is that any large transactions need 1 confirmation at least, so small transactions that incur relatively high charges/user time and bloat the blockchain will be way laid due to the inevitable higher fees that must be introduced in order to counter the lack of scalability, after all when the memory pool has 20,000 unconfirms waiting to go into a block, do you really want to wait until tomorrow morning to get 1 confirmation?
The point also is that instantX is not random, it is instantly locked where as block entry into a bitcoin block is unpredictable to say the least, is that really how businesses can work?
