Author: Andreas Petersson 2015-06-20 00:47:06
Published on: 2015-06-20T00:47:06+00:00
The author of the given context discusses the practicality of accepting Bitcoin as a form of payment in retail transactions. They argue that if Bitcoin is seriously being considered for retail use, then it might as well replace cash altogether since the risks associated with accepting Bitcoin are similar to those of accepting cash, but with much lower fraud potential and frequency. The author dismisses concerns about 0-conf and double spending, stating that they were never a problem in practice except for two-way ATMs. They argue that requiring additional measures such as co-signatures or waiting for multiple confirmations would exclude a large percentage of potential users, making it pointless to accept Bitcoin. The author also criticizes RBF (Replace-by-Fee) as implemented by F2Pool, stating that it lowers Bitcoin's utility value. Finally, they recommend that any online or automated system should wait for a handful of confirmations before considering a transaction irreversible.
Updated on: 2023-06-09T23:54:40.807938+00:00