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Author Topic: [2017-07-17]SatoshiPay to Stop Using Bitcoin Blockchain for Micropayments  (Read 10387 times)
btc_angela
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July 18, 2017, 04:04:27 AM
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SatoshiPay to Stop Using Bitcoin Blockchain for Micropayments

Micropayments startup SatoshiPay has announced it intends to phase out its use of the bitcoin blockchain as the underlying technology that enables its transactions.

Announced today, SatoshiPay has partnered with the IOTA Foundation, a non-profit that oversees network development, to explore replacing bitcoin with IOTA as its settlement network. SatoshiPay has been relying on the bitcoin network to settle payments since its product launch in 2015.

Still, in that time, the economics of the bitcoin network have undoubtedly changed.

According to CoinDesk's forthcoming State of Blockchain report, the average transaction fee was around $2.41 per transaction during Q2, up from below $0.02 in 2015.

http://www.coindesk.com/satoshipay-stop-using-bitcoin-blockchain-micropayments/

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July 18, 2017, 08:17:54 AM
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That basically means they have to change their name into IotaPay or IdiotaPay. Cheesy Not sure why it hasn't been stated in the article, but I wonder what will happen if they can finally make use of the Lightning Network, as their sole interest is the nano payment industry. LN is perfect in that case. Usually when it comes to people, they are more empty threatening to switch over to an alt, but in this case they at least back their words up with actions.

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July 25, 2017, 10:32:12 PM
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Isn't the lightning network still severely limited? Plus the fees.
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July 26, 2017, 10:19:29 PM
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but how? iota is still in developing?

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July 26, 2017, 11:02:24 PM
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Isn't the lightning network still severely limited? Plus the fees.

In comparison to how Bitcoin is operating right now, there is no such a thing as severly limited when it comes to the Lightning Network. However, if we look at one of the major points that might potentially be seen as a somewhat limiting factor, then it will be the block size of Bitcoin. LN requires a decent amount of block space, especially if its usage increases significantly globally. Also take into consideration that the general demand for block space has been growing exceptionally throughout the years. In that regard, larger blocks is definitely a must in order to properly run LN. Regarding the fees, since transactions will be focused off-chain, you'll be enjoying extremely cheap transactions. Exactly this is the reason LN mostly gets pointed at as being an ultimate implementation to allow micro transactions to take place. That being said, at this point we're far, far away from seeing LN become operational.

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