As of today, it is observed that up to 6 confirmations are needed in most of the places to verify that the transaction is complete. Assuming that it takes 10 mins for one confirmation, it takes up to 1 hour for 6 confirmation. This is really long time. People want real time transactions and would be reluctant to wait for such a long time. Can it become blocker for bitcoin adoption?
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Except for transactions to exchanges, every transaction I partook in so far was accepted at 0 confirmations. So, I don't think it will be an issue. Related: How secure is zero confirmations?– Murch ♦Feb 3, 2014 at 23:29
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1In some cases, e.g. buying something in-person, even 10 minutes is too long. For others, e.g. ordering something from a web site, even waiting an hour really doesn't matter. Different circumstances and different money values (e.g. do you really care if someone wants to double spend the price of a sandwich? How about a car?) need different numbers of confirmations.– Tim S.Feb 7, 2014 at 14:54
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2 Answers
To answer the question today, It really depends on the confidence level of Bitcoin's image in the business' eyes. To answer the question for the future, it's very possible that "things" built on top of the Bitcoin network will help solve this problem. Not necessary reduce the time it takes to get confirmations but instead to minimize the risk of NOT waiting for 6 confirmations. If you think about it with credit cards, businesses today completely ignore the risk with credit card charge backs and simply ship items as soon as the buyer has paid even though the buyer can issue a charge back days after the purchase.
There is no need to wait for this many confirmations unless you're an exchange or sell gift cards. If you sell a service or a shipped good, you can simply cancel the service/not ship the good if the transaction turns out to be a double spend.
