Bitcoin Forum

A SOLUTION FOR TRUSTLESS BITCOIN MICROTRANSACTIONS IS HERE

https://www.cryptocoinsnews.com/solution-trustless-bitcoin-microtransactions/

I won't even click ccn links anymore because their stories are trash. If there is a legitimate business, it will be covered by better news sites.

Bitcoin can be used for micro-transactions. Not exactly a mind-blowing revelation. Looks like someone needed a bunch of filler to write up an article, because the only "news" is this part:


So, just some guy who wants to create a centralized server platform for microtransactions. How cutely anachronistic. And this is "news" to these people.

I think you are being hasty ... it is worth a look and it could even be something big.

It is the first working implementation of "micropayment channels" (awfully non-descriptive) that use some of the scripting functions of bitcoin for contracts. It demonstrates how off-chain transactions can be "hooked" into the blockchain to leverage blockchain level security.

Note trustless server ... James has done some great work here imho.

(NB: I don't know anything about cryptocoinnews quality)

A micropayment channel is minimum counterparty risk, but I would rather see the risk shared by a pool created by a multisig group similar to dark wallet. Micro-payment fees can accumulate as a credit rather than a debit since the risks are so small.