Author: gb 2015-07-25 02:18:11
Published on: 2015-07-25T02:18:11+00:00
Vincent Truong, a member of the Bitcoin-dev mailing list, expressed his thoughts on the terminology used in Bitcoin transactions. He believes that using terms such as "confirmation" and "0 conf transaction" are arbitrary concepts and can be misleading to merchants and consumers alike. He suggests using finance terminology such as "settlement" instead of "confirmation," which implies finality and safety. Truong also suggests using a percentage-based system for showing transaction confidence rather than displaying a meaningless number of confirmations. For example, "settled with 92% confidence." He believes this would be more easily understood by merchants and consumers. Truong also touched on the perception of Bitcoin's speed compared to traditional payment methods like Visa. While Bitcoin transactions may take longer than Visa, he argues that Bitcoin is still very instant because wallets send notifications when transactions are first seen, not when they go into a block. He suggests avoiding misleading language that implies a transaction takes ten minutes to travel the globe. Overall, Truong encourages redefining Bitcoin terminology to better align with finance terminology and improve understanding among merchants and consumers.
Updated on: 2023-06-10T03:55:22.029266+00:00