This could be a legitimate concern yes... Especially for merchants doing high"er" volume wallet to wallet instead of using a merchant services provider like yes Coinbase. But Steve-I don't think all of Coinbase's transactions are off the blockchain. Maybe some of the smaller ones... But either way, the merchant and customer would want to get that transaction on the blockchain as soon as possible so that it can be authenticated by the network and so rightful ownership of the bitcoin/millibitcoin is verified. Make sense? So even if Coinbase says it's instantaneous (either by seeing the wallet has funds in it or just taking the risk associated with off blockchain transactions) they'd still throw it on the blockchain shortly after. I see this as them giving the "OK it's settled" before the roughly 10 minute miner's verification... ________________________________ From: Steve Klabnik [steve@balancedpayments.com] Sent: Thursday, March 27, 2014 12:31 PM To: Brent Shambaugh Cc: Reutzel, Bailey; Web Payments CG Subject: Re: Support Cryptocurrency in Balanced This is one reason that we only support Coinbase. Coinbase -> Coinbase transfers are off blockchain, and therefore instantaneous. "This communication is intended solely for the addressee and is confidential and not for third party unauthorized distribution"
Received on Thursday, 27 March 2014 17:16:30 UTC