Author: Mark Friedenbach 2014-03-22 16:55:18
Published on: 2014-03-22T16:55:18+00:00
There are many places around the world that do not have local internet access for one or both participants and it can be difficult to secure transactions where both parties lack access to the Bitcoin network. However, using a telephone-based system to connect to a centralized double-spend database, as VISA does, could still make these transactions possible. In fact, it is very common for one participant (usually the merchant) to have internet access while the other does not. Even in Silicon Valley, the majority of daily transactions happen under this scenario. However, Jeff Garzik argues that such locations without internet access are unsuitable for Bitcoin transactions since the receiver cannot verify double-spending or anything else about the transaction.
Updated on: 2023-06-08T01:09:40.826018+00:00