Crypto speed for use in retail

So what is a 0-conf transaction?

A brief explanation of how transactions occur with Bitcoin, Litecoin and DigiByte: When you make a transaction, you basically broadcast it to all the peers you are connected to. For example in the Core Wallet:

What does a 0-conf transaction look like?

Well, if you have a mobile wallet, and you get sent some Bitcoin, Litecoin or DigiByte, you get a notification in about 1–2 seconds. This occurs on all of those blockchains, as well as others such as Vertcoin, Doge, and more.

So why does the speed of DigiByte matter over Bitcoin / Litecoin?

Well, two reasons:

So why do we see John Kim on Twitter / YouTube showing off 0-conf transactions? Couldn’t they just use Bitcoin?

Yes, absolutely!

I’m also going to let you in on another secret:

The Litecoin Loafwallet you see used in the demo’s is *not* special. The “instant” transactions are not unique to LTC, or even DGB for that matter. They’re 0-conf transactions that are as “instant” basically across all UTXO blockchains.

Do these two look similar to you? They sure do to me!
Breadwallet for BTC was forked to Amorecoin, FGwallet, and a ton more

In fact, I’m going to let you in on another secret

DigiByte also forked the mobile wallet from the BRD code-base!

Old vs new revamped DigiByte mobile UI

In fact, one last secret:

Vertcoin also forked DigiBytes code-base:

So what’s the deal with using any of these in retail?

Well, if you’re using 0-conf transactions, then you can use Bitcoin. It’s *the* most stable out of all the cryptocurrencies so arguably you should.

Should I just use Bitcoin then? This is all too much!

Probably not. You don’t want to use 0-conf. Don’t do it. It won’t scale and so you’re setting up infrastructure that’s going to be pointless.

But what if I just kept Bitcoin / Litecoin and atomic-swapped to something else?

Oh sweet child, I wish it were that easy. You see swaps like that are also either 0-conf (Which we’ve discussed, bad bad) or you’re going to have to wait XYZ blocks / minutes for the confirmations, which defeats the whole purpose.

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Josiah Spackman

Josiah Spackman

I write interesting things about cryptocurrency, especially DigiByte