For the last 6 years it has been a normal part of bitcoin to wait 6 confirmations (about one hour) before you could truly trust a transaction.
This was always pointed at by naysayers as to why “bitcoin will never be taken seriously or used in mass if everytime someone buys a coffee you have to wait an hour before you can drink it.”
We at Vaultoro have been in the game for a long time and knew that technically it’s possible to feel confident about a transaction with 0 confirmations. If you could monitor relay nodes on the network and you could see that enough of the relay nodes have the transaction propagated, then the possibility is very low that this is a double-spend. Add that with a heap of other metrics like transaction fees and you have yourself a very high confidence level that a transaction will go through.
But how do you do that? How do you check how many full nodes have propagated your transaction? How do you calculate risk? We have been trying to figure out quicker confirmation models for Vaultoro. It turns out that the good folks at Blockcypher have already done all the hard work and have developed an elegant API to help anyone ditch the 6 confirmations problem to go with near real-time instead! Blockcypher has some really cool functions in their API. If you’re a bitcoin business then do yourself a favour and check it out.
On Vaultoro the user does not notice anything different, apart from saving massive amounts of time. They will also be able to take advantage of trading opportunities faster because they will not have to wait for an hour before trading.
Mix this with 50/50 split, instant orders and you have yourself a beautifully elegant way of hedging the bitcoin volatility risk. Physical gold has been money for thousands of years. There is no other currency on earth that has been used that long.
Try out the 0 confirmation deposits today!
Simply log into your Vaultoro account, click on deposit and transfer some bitcoins to the deposit address, instantly and eligantly!
Note: This also works with shapeshift and instant orders!