This is the lemmy community of Monero (XMR), a secure, private, untraceable currency that is open-source and freely available to all.
Wallets
Android (Cake Wallet) / (Monero.com)
iOS (Cake Wallet) / (Monero.com)
Instance tags for discoverability:
Monero, XMR, crypto, cryptocurrency
It is NOT a benefit. It's a huge impediment to adaptation as digital cash.
Oh you paid a bill? Now you have to wait 20 minutes to pay the next bill....
Going to the market to buy multiple things? Better have a coffee between each store. Forget something and need to add one more item? Sucks to be you
The trade-off is reasonable, but it is not a strict benefit,
Personally consider it a small price to pay for direct payment no middle men
I don't think it's so bad tbh. If you look at BTC/BCH they have 10min block time so if you wait for at least 1 confirmation you have around 3 XMR confirmations on average. But for bigger sums you most likely want at least to wait for a second or third which brings you close to or close above 20min. (For really small sums you can just accept 0-conf. Monero does NOT have RBF (replace by fee), so the other person can NOT betray you.) And that is only IF you get into the next block (which is a problem for BTC).
In reality, if you start using Monero, vast majority has more than a single output, so you can buy a few things in quick succession. Also you can just use Cake as a receiving wallet and then Monerujo as your spending wallet, which has the feature named Pocket Change (that makes sure you always have a bigger amount of outputs available). That's why I'd argue that the 10 block lock isn't really a big hindrance in reality.
Coolest reply. I'm stealing your mindset. Thanks!
Thanks and sure, no Problem :)