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BitCoin question on concurrency and latency

I see there are massive calculations taking place for the purpose of blocking the same BitCoin from being used twice and also to verify that the user in fact has that amount of BitCoin.

So, on this issue of the BlockCain database being the holder of the sole ledge, verified by numerous bookkeepers...

How long does it take to find out that one user tried to use the same 5 BitCoins, twice?

Is that real time? (under 25 milliseconds)?

Or does that kind of error occur seconds, minutes or hours later?

Thanks

SOLUTION

David Johnson, CD

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SOLUTION

Lucas Bishop

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curiouswebster

ASKER

I am confused...

Two people can hold up their cell-phones, transfer BitCoin instantly, but neither will know the transfer happened for a long time?

curiouswebster

ASKER

How does Crypto Note work? Is that immediate? Or is it just "less slow" than BitCoin?

Lucas Bishop

Correct. Bitcoin confirmations can take anywhere from 10 minutes to hours in some cases:
https://en.bitcoin.it/wiki/Confirmation

It's one of the main reasons that it is not a great currency for real-world (in-person) purchasing.

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Lucas Bishop

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curiouswebster

ASKER

But BitCoin sure did prove that the market is ready for the idea...

Is CryptoNote the answer?

Even Monero looks bad...

If I gave a guy a bar of gold for the agreed to Monero coins, and have no record of who he is...I lost my gold.

Does anyone measure the number of transactions getting reversed?

curiouswebster

ASKER

THANKS!