Questions about receiving payments for goods
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Hey all! I just started mining feathercoin earlier this week! I’m very new to crypto-currencies in general, so I was wondering a couple things about how to receive payments for sold goods/services. Specifically:
(1) How do you know who sent which payment? Say three customers want to buy something from me online, but only two send their payments. Since no names are attached to the transactions, how can I tell who has paid already and who hasn’t?
(2) Can you accept payments in person? Say I’m holding a garage sale and I tell people I accept feathercoin. Once they send a payment, it won’t show up until the next block is mined, and even then I’d typically want to wait for 6 or so confirms. Does that happen pretty quickly? Is the standard practice to make the buyer wait until the payment has been confirmed before handing over the goods, or do I just trust them and accept the risk of some individuals being untrustworthy?Thanks! :)
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Generally the idea is to be in contact with a person. So for instance if you have 3 people who are willing to pay for a service then you give them 3 different receive addresses. Based on the transaction record in your wallet , you will know who sent the coins. It is a good idea to label any new address you create in your wallet. This way you will have a good record of where the payments are coming from.
Regarding the garage sale, If you get someone to pay via FTC then you will most likely wait as little as 2 min to up-to 20 min (this has been my experience). FTC transactions are almost instantaneous and the confirms generally do not take long. Also since there is no charge back facility in FTC you are safe from someone pulling a potential scam.
This is how my wallet is organized right now
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[quote]I know where you are getting at but there is double spends that one has to worry about. It is not hard to pull a double spend[/quote].
I have no idea what a double spend. Could you please explain that to me.
I wait for confirmations as well and they don’t take that long. Just like you I end up chatting with the buyer for 10-15 min anyways and that is long enough most of the times to get the confirmations.
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[quote name=“mharrison” post=“55969” timestamp=“1391051618”]
Lets see if I can explain this right.You are selling me an item for 2 FTC. I create the transaction and send you the 2 FTC with no miner fee. You are happy with the 2 FTC instantly or before the recommended confirms and give me my product. I turn around and create the same transaction but adding a miner fee sending that 2 FTC back to me. The miner is almost guaranteed to mine the transaction with the highest miners fee. There for you, the buyer no longer have the 2 FTC that I sent you and I get my 2 FTC back minus the miner fee.
[/quote]Interesting, I wan not aware such a thing is possible. I guess then the best thing to do would be to wait for the confirms. Is this something that is just for FTC or can it happen on other crypto currencies. Like LTC, BTC and so on.
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[quote name=“mharrison” post=“55972” timestamp=“1391054456”]
It can happen on other cryptocurrencies.
[/quote]Hey thanks for the explanation. +1 rep to you Sir.
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And thank you both for the useful info! :D I was thinking I’d just have a few main addresses, but I guess it makes sense to have a different address for each customer.
Thanks again!