Can you buy a cup of coffee with Bitcoin? If so, how would this work (it takes more than 1 second for a bitcoin transaction to get confirmed)?
You can check the answer of the people under the question at Quora “buy a cup of coffee“
Can you buy a cup of coffee with Bitcoin? If so, how would this work (it takes more than 1 second for a bitcoin transaction to get confirmed)?
You can check the answer of the people under the question at Quora “buy a cup of coffee“
Forget about the time. If there is an actual transfer between two wallets the fee will be far more expensive than thecoffee. Bitcoin is quite far now of being used for small payments.
You come up to the barista and order your coffee. You make a transfer of requested amount of bitcoins (or sathoshis), which sits in mempool and awaits confirmation. You are lucky, the last block was mined about 7 minutes ago, so next confirmation should be on the line any moment. Two minutes pass, with you and the barista occasionally quietly exchanging a look and a smile. Ah, new block confirmed… but bad luck, your transaction, being small and having no fee attached, was not in it. So you both just shrug your shoulders and smile – this was to be expected. You spend another ten minutes quietly reflecting on your life. Another confirmation is in, and this time your payment is there. Great! The barista gives you a nod and a big smile, and proceeds to brew your coffee. They are a kind and homely place, and don’t wait for multiple confirmations – up to six as sometimes recommended. So barely 15 minutes pass, and there you are, sipping at your ristretto.
Just a joke obviously… for such small items they simply do not wait for confirmation.
A ctually, bitcoin is the only accepted currency in this cafe. Prague’s cryptocurrency cafe: perfect brew of beans and bitcoins .
Both you & the vendor would have to wait for the transaction to be confirmed, meanwhile the coffee queue just gets longer and people are starting to get impatient.
“I’ll just pay in fiat! Bitcoin is taking too long and it still charges transaction fees!”
On the other hand, the owner could trust that you have se…