What would the future of microtransactions look like?

[Abiky]

Considering how many consensus algorithms have been designed lately with the purpose of making microtransactions more effective, I've been wondering what would the future of microtransactions look like?

It's no secret that Blockchain technology has advanced in many ways that were never thought possible. With structures such as DAGs and DPoS, it's now possible to send minuscule amounts of money at the fastest rate and lowest cost possible. Cryptocurrencies like Nano, IOTA, IoTEX, and EOS make all this possible.

Nonetheless, what's your opinion on the future of microtransactions? Will they become implemented in nearly every aspect of our lives (vending machines, social media tipping, etc)?

[Abiky]

Bump 

[Tipstar]

Microtransactions are already popular around the world. Most of the people are shopping online, ordering for products and services through their smartphones.
And the sector is not led by cryptocurrencies but with the bank linked payment gateways.
Blockchain has an advantage when it comes to the Internet of things but again they can be simultaneously linked with the already prevailing payment systems.

[qazgroup]

Micro transactions is the basic service that will be taken over by crypto it is just about adoption and the solution to scalability issues we just need cheaper and faster transactions and perhaps more ways to use crypto like offline wallets, text message based payments or qr code based crypto payments by crypto.

[Abiky]

Micro transactions is the basic service that will be taken over by crypto it is just about adoption and the solution to scalability issues we just need cheaper and faster transactions and perhaps more ways to use crypto like offline wallets, text message based payments or qr code based crypto payments by crypto.

Exactly. With cheaper and faster transactions, the future of micropayments will be bright. I believe that DAG-based cryptocurrencies will fit this purpose nicely as they're instant and feeless for the whole wide world to use. Now, it's up to the people to adopt such cryptocurrencies in the mainstream world. Imagine being able to interact with vending machines, tip others without middleman, and even earn micropayments according to the number of views on your site.

It'll be all possible thanks to the latest advancements in Blockchain technology. Be aware though, that if Bitcoin's Lightning Network becomes successful, then it would make many cryptocurrencies unnecessary to use. With all the dedication and effort from the development team into Bitcoin and other major cryptocurrencies, it's hoped that microtransactions would become great again.

Nonetheless, time will tell us if microtransactions will become largely adopted in the future. Just my thoughts

[BlueStackz]

We are already seeing a good use of micro transactions in the world today and I believe we are going to see even much more companies using micro transaction as a more faster way to collect payment for goods and services without having to wait for a very long time to get confirmation on the blockchain or wasting a lot of transaction fee just to make purchase of pizza.

One of the company that has implemented the idea already to it's system is dominos pizza that now accept Bitcoin as mode of payment through the lightning network.

[baghdatis1990]

      Microtransactions are already used quite often in our society. I believe that in the future, microtransactions will have even greater success with the promotion of these types of transactions and the increasing speed of their processing. I know some types of transactions have already been adopted by some pharmacies, cinemas and pizzerias. In the future, these microtransactions will become natural.

[Red-Apple]

so far with bitcoin's Lightning Network and instant free transactions with highest security, the bar has been risen too high for the altcoins to catch up. so in the future we will first see LN grow and be adopted and then others have to come up with something that is better than it. and the only option would be having the same things (instant transaction with no fee) on chain instead of in second layer and so far with the current blockchain technology advancement that is impossible to have on chain.

[el kaka22]

I am dreaming of a world where people could just whip out their mobile phones (at which point even they are very improved) and the place I would like to buy something has sort of a tablet like ipad but better and bigger and they just show me the QR code and I make my wallet app from my mobile phone read it and pay it and I move on.

It should be that simple for paying for something, doesn't matter what it is, dinner, lunch, shoes, clothes, shows basically anything you want to buy, instead of a POS that takes the money from your credit card it should be your mobile phone reading the QR from their tablet. It already exists in today's world, this is not some far away future land I am talking about, its just quite rare and not common, I just wish it to be more and more common everyday.

[Abiky]

We are already seeing a good use of micro transactions in the world today and I believe we are going to see even much more companies using micro transaction as a more faster way to collect payment for goods and services without having to wait for a very long time to get confirmation on the blockchain or wasting a lot of transaction fee just to make purchase of pizza.

One of the company that has implemented the idea already to it's system is dominos pizza that now accept Bitcoin as mode of payment through the lightning network.

It's good to see mainstream businesses like Dominoes Pizza, accepting Bitcoin via the Lightning Network. It shows that if the Lightning Network becomes heavily adopted by many other companies and businesses worldwide, then microtransactions will be the norm within the future. With all the latest advancements in technology, micropayments and cryptocurrencies altogether could greatly replace credit cards as we know it. A fee-less and instant system where anyone can tip others without borders is largely practical for microtransactions.

Of course, the process of adoption is relatively slow these days. But as people notice the benefits of the Lightning Network and DAG-based cryptocurrencies, then microtransactions will be a big hit. The crypto economy would largely benefit from microtransactions made by anyone around the world. This expands itself to many uses such as buying a cup of coffee, tipping friends, viewing paid content, social media, and much more.

Nonetheless, with everything on the Blockchain industry improving each day, the future looks bright for microtransactions. Just my opinion

[fullhdpixel]

It's good to see mainstream businesses like Dominoes Pizza, accepting Bitcoin via the Lightning Network. It shows that if the Lightning Network becomes heavily adopted by many other companies and businesses worldwide, then microtransactions will be the norm within the future. With all the latest advancements in technology, micropayments and cryptocurrencies altogether could greatly replace credit cards as we know it. A fee-less and instant system where anyone can tip others without borders is largely practical for microtransactions.

Of course, the process of adoption is relatively slow these days. But as people notice the benefits of the Lightning Network and DAG-based cryptocurrencies, then microtransactions will be a big hit. The crypto economy would largely benefit from microtransactions made by anyone around the world. This expands itself to many uses such as buying a cup of coffee, tipping friends, viewing paid content, social media, and much more.

Nonetheless, with everything on the Blockchain industry improving each day, the future looks bright for microtransactions. Just my opinion

Yes of course, with this great news of dominos pizza adopting bitcoin lightening network for purchase of pizza it would spark more companies to come into the space and implement same features into their system too. I know it might take a while, but micro transactions will soon be the norm for making payment for transaction since it is faster and cheaper.

Though a lot of persons are still against lightening network saying that it is decentralized and against satoshi initial vision, but I personally see nothing wrong with it, let's just take it as an upgrade.

[Tulen1990]

I would say use side chains with different types of consensus and then bring it back to a main chain to complete for larger consensus. MOAC does this already with their dual layer technology by giving developers the freedom to choose their consensus mechanism on the side chains and then have a POW on their main or mother chain.

You can read more about their technology here: https://www.moac.io/resources/resource_whitepaper.html

[Abiky]

Yes of course, with this great news of dominos pizza adopting bitcoin lightening network for purchase of pizza it would spark more companies to come into the space and implement same features into their system too. I know it might take a while, but micro transactions will soon be the norm for making payment for transaction since it is faster and cheaper.

Though a lot of persons are still against lightening network saying that it is decentralized and against satoshi initial vision, but I personally see nothing wrong with it, let's just take it as an upgrade.

I don't see nothing wrong on it either. The Lightning Network is just a Layer-Two solution to help Bitcoin scale for the masses. It's not an on-chain solution (unlike Bitcoin Cash's high block sizes), which could compromise the decentralization of the Blockchain. Which means that if the LN were to fail, only that Layer of the BTC blockchain will become disrupted. The rest of the BTC blockchain (main chain) will remain intact, allowing Bitcoin to remain as intended.

We've seen how Domino’s Pizza has been adopting Bitcoin's Lightning Network for micropayments. But, as other companies join the cause, the future of microtransactions will a bright one for sure. It's all a matter of adoption whenever people would use microtransactions at a large scale within the mainstream world. With major companies on this, there's nothing stopping microtransactions from becoming extremely viral in the future. Just my thoughts

[Outlander]

Considering how many consensus algorithms have been designed lately with the purpose of making microtransactions more effective, I've been wondering what would the future of microtransactions look like?

It's no secret that Blockchain technology has advanced in many ways that were never thought possible. With structures such as DAGs and DPoS, it's now possible to send minuscule amounts of money at the fastest rate and lowest cost possible. Cryptocurrencies like Nano, IOTA, IoTEX, and EOS make all this possible.

Nonetheless, what's your opinion on the future of microtransactions? Will they become implemented in nearly every aspect of our lives (vending machines, social media tipping, etc)?

I believe that decentralized exchanges will be the future trend. The application of new technologies allows most people to own and use cryptocurrencies.

[crenfrosck]

Making it affordable for the smallest payments. I doubt that someone would pay for a single item in shop using crypto today. However, with LN coming in play, the possibilities of payments methods will be absolutely borderless. And that is what we need the most  .

[talkbitcoin]

i have only seen stats of some altcoins (based on DAG) that report capability of processing ridiculously large number of transactions per second (TPS), some of them only report it as a theory but some others claim they have actually performed this test in their testnet.
the problem is that i have never seen any of them actually do this in real life and that matters most not theory. because in reality the problems show themselves.

[Abiky]

i have only seen stats of some altcoins (based on DAG) that report capability of processing ridiculously large number of transactions per second (TPS), some of them only report it as a theory but some others claim they have actually performed this test in their testnet.
the problem is that i have never seen any of them actually do this in real life and that matters most not theory. because in reality the problems show themselves.

That's certainly true, mate. Many of the cryptocurrencies which make use of a DAG only display a theoretical throughput instead of actual results. They haven't been tested intensively under real world conditions using the main chain. While there's no doubt that DAG is far superior than Bitcoin's blockchain, it's still questionable whenever it could process a huge amount of TPS. The fee-lees structure of this algorithm makes it ideal for microtransactions.

Right now, there's potential for microtransactions to take the world by storm in the future. The most popular implementations of DAG-based cryptocurrencies are Nano and IOTA. If successful, they could make microtransactions great again for the whole mainstream world to adopt them. On the other hand, Bitcoin's Lightning Network will achieve nearly the same purpose enabling a full-fledged crypto economy in the future that will change our society in many ways.

In the end it'll be much easier to tip others, send minuscule amounts of money to view content, and even pay for a cup of coffee without spending a fortune on fees. But of course, this will take time to happen as people are still not ready to make use of this when they've relied on Fiat and credit cards for a very long time. Just my opinion