Instant Transactions

The Bitcoin system is not instantaneous. It is a very complex system, composed of the block chain, the mining system, wallet transactions and after all that, it still has to be validated. Bitcoins are not like money, cash and coins, it is a money exchange system. It is estimated that every transaction on the block chain takes about 10 minutes to complete.

When paying with Bitcoins, confirmation is only needed for expensive items and transactions. If you went to McDonalds and bought a value meal using Bitcoins, the moment they saw the transaction come through,they could sell you your food. The hashing power required to fake a transaction would require the use of quantum computers and would cost several million dollars of mining equipment. In most inexpensive transactions, the risk of losing a few dollars is worth accepting the transaction, once it has been approved, before waiting for confirmation.

Click Here for Works Cited