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Author Topic: some questions on confirmation times for taxi business  (Read 5527 times)

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Offline taxizenTopic starter

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some questions on confirmation times for taxi business
« on: October 04, 2012, 06:58:40 PM »
I have in theory started accepting bitcoins in payment for my taxi service [nofollow].  However the long confirmation times might pose a problem.  No problem for account work but for casual fares, which is the bulk of my trade, I can hardly keep a customer waiting in my cab for 30 mins or more before I know I have been paid.  My idea to get around this is to insist that I see the customer's bitcoin screen (on android phone for example) so that I can see they have enough for the fare, they have my right address (scanned through QR code), they send the right amount and that they actually hit the send button.  Assuming all that is kosher wouldn't that be all the confirmation I would need to be sure I will get the money.  Once it is definitely sent if can't be cancelled or reversed right? Is this safe enough for me?  The only way I can see that a customer could cheat me is to have a dummy bitcoin app on their phone.  Any advice from pro coiners?


Offline Gavin

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Re: some questions on confirmation times for taxi business
« Reply #1 on: October 05, 2012, 02:28:36 AM »
I think most people seriuosly underestimate how difficult it is to pull off a double-spend attack.
For taxi-fare it really wouldn't be worth the immense processing power involved.

Instead of seeing *their* bitcoin screen, it would be better to simply monitor your own wallet for incoming (unconfirmed) transactions, or look at your address on blockchain.info/address to see the transaction come in.

Offline taxizenTopic starter

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Re: some questions on confirmation times for taxi business
« Reply #2 on: October 05, 2012, 02:02:13 PM »
I think most people seriuosly underestimate how difficult it is to pull off a double-spend attack.
For taxi-fare it really wouldn't be worth the immense processing power involved.
Yeah I figure that's right. 
Instead of seeing *their* bitcoin screen, it would be better to simply monitor your own wallet for incoming (unconfirmed) transactions, or look at your address on blockchain.info/address to see the transaction come in.
Ok that's cool I never thought of that.  How long would it take typically to get an unconfirmed transaction?  Sorry if that seems a stupid question.  I have all the apps and everything set up but I haven't done any transactions yet.  Still in the process of buying my first coins.
Thanks for you help.  ;D

Offline Gavin

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Re: some questions on confirmation times for taxi business
« Reply #3 on: October 07, 2012, 03:13:24 AM »
I think most people seriuosly underestimate how difficult it is to pull off a double-spend attack.
For taxi-fare it really wouldn't be worth the immense processing power involved.
Yeah I figure that's right. 
Instead of seeing *their* bitcoin screen, it would be better to simply monitor your own wallet for incoming (unconfirmed) transactions, or look at your address on blockchain.info/address to see the transaction come in.
Ok that's cool I never thought of that.  How long would it take typically to get an unconfirmed transaction?  Sorry if that seems a stupid question.  I have all the apps and everything set up but I haven't done any transactions yet.  Still in the process of buying my first coins.
Thanks for you help.  ;D

Well, you should be able to see unconfirmed transactions almost immediately in your client.

After that, the first confirmation can take anywhere from 1 minute to 1 week; it depends on the transaction fees and other factors.

After the first confirmation, subsequent confirmations of the tx should take 10 minutes each on average.

Offline taxizenTopic starter

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Re: some questions on confirmation times for taxi business
« Reply #4 on: October 08, 2012, 10:46:58 PM »
 :D thanks for the answer. 

Offline Tuxavant

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Re: some questions on confirmation times for taxi business
« Reply #5 on: October 08, 2012, 11:38:01 PM »
Just came here to say you're an awesome taxi driver.

But since I'm here, if you use the blockchain.info wallet on your smart phone, you'll get nearly instant notifications when they pay you.
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Re: some questions on confirmation times for taxi business
« Reply #6 on: October 09, 2012, 12:12:23 AM »
I also would love to see more people like you here. :)
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Offline Gavin

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Re: some questions on confirmation times for taxi business
« Reply #7 on: October 09, 2012, 11:13:20 PM »
But since I'm here, if you use the blockchain.info wallet on your smart phone, you'll get nearly instant notifications when they pay you.

That's right even though it takes a few seconds to go right around the world, it should hit local clients almost immediately.


 

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