Namecheap And Bitcoin – A Review(cryptojunky.com)
cryptojunky.com
Namecheap And Bitcoin – A Review
http://cryptojunky.com/blog/2013/05/13/namecheap-and-bitcoin-a-review-of-using-bitcoin-with-one-of-the-webs-largest-domain-registrars/
1 comments
My guess would be that BitPay requires the 6 confirmations, not NameCheap in particular. If they wanted to accept zero confirmation transactions then they'd likely need to implement their own Bitcoin wallet and associated checkout service.
The appeal of a service like Bitpay of course is that it converts that Bitcoin into fiat currencies, such as the USD, without the vendor having to deal with it. I agree that a zero or single confirmation system could be implemented by a vendor such as NameCheap. However, it would be more costly and time consuming than their current use of Bitpay.
The appeal of a service like Bitpay of course is that it converts that Bitcoin into fiat currencies, such as the USD, without the vendor having to deal with it. I agree that a zero or single confirmation system could be implemented by a vendor such as NameCheap. However, it would be more costly and time consuming than their current use of Bitpay.
Hmm, I remember seeing BitPay merchants take zero-conf just fine.
This is a very good point. Looks like vendors are just copying each other's practices, like 6 confirmations, without looking into why they need to be in place.
A lot of people mention the 6 confirmations requirement as a serious inconvenience of Bitcoin, when in reality, a lot of the time it is not necessary at all.
A lot of people mention the 6 confirmations requirement as a serious inconvenience of Bitcoin, when in reality, a lot of the time it is not necessary at all.
Fortunately, most Bitcoin vendors actually do accept transactions without waiting, and I've only heard of SatoshiDice successfully being defrauded (they've since added various defense mechanisms against unconfirmed transaction double-spending).