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Author Topic: How will global micro transactions, influence growth?  (Read 177 times)
Kprawn
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November 27, 2017, 03:35:40 PM
 #1

We are seeing innovation like never before, with cheap and affordable micro payments becoming a reality. I was wondering what kind of new

applications would become financially viable for the first time, once global micro payments becomes the standard? We saw applications like

ChangeTip going down, because it was not financially viable.... would we see similar applications, becoming common place or would that kind

of model still stay too expensive? {not centralized services.... tx's directly done via the Blockchain or side channels}  Huh

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November 27, 2017, 03:50:50 PM
 #2

Micro transactions is something that Cryptos do beautifully, sadly, BTC's transaction fee's are making this very difficult, even tho it is insanely divisible.

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November 27, 2017, 04:11:18 PM
 #3

Micro payments are a necessity in my opinion, specially for poor countries of course, and I really think that crypto will have a word to say regarding this subject. Micro payments are not new, and they usually fail because of the transaction costs associated with them, that usually make them impractical, but with the emerge of crypto they might see a new light. I don't think the blockchain will help on this, at least not until side chains are available.
IOTA on the other hand, seems to be doing well in this field, since their transactions have no fees associated. DAGs are still very recent, so let's see how they perform in this field.

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November 27, 2017, 04:22:39 PM
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Micro payments are a necessity in my opinion, specially for poor countries of course, and I really think the crypto will have a word to say regarding this subject. Micro payments are not new, and they usually fail because of the transaction costs associated with them, that usually makes then impractical, but with the emerge of crypto they might see a new light. I don't think the blockchain will help on this, at least not until side chains are available. IOTA seems to be doing well in this field however, since their transactions have no fees associated. DAGs are still very recent, so let's see how they perform.

If we wan't bitcoin to succeed as a currency, fast and reliable micro transactions are a must. There should be a fixed amount for transactions under 10$, and a % as a fee for transactions over that amount or something like that. With no doubt fee's are a major factor that's slowing down bitcoin.
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November 27, 2017, 04:45:36 PM
 #5

Being able to carry out micro payments in a feasible manner is a necessary for any sort of an entity may it be a business or the micro transactions happening between two people. With Bitcoin, this isn't feasible as the transaction is pretty high and there's no way around it.
There have been a few projects which have been trying to establish easier micro payments and all we can do is wait for things to play out to see if it works out when it releases.

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November 27, 2017, 04:58:15 PM
 #6

We are seeing innovation like never before, with cheap and affordable micro payments becoming a reality. I was wondering what kind of new

applications would become financially viable for the first time, once global micro payments becomes the standard? We saw applications like

ChangeTip going down, because it was not financially viable.... would we see similar applications, becoming common place or would that kind

of model still stay too expensive? {not centralized services.... tx's directly done via the Blockchain or side channels}  Huh

If micro transactions really do become feasible and we can get transaction costs down to cents or even less than 1 cent then one of the first options I'd like to see is a system that automatically rounds up the fee to the nearest cent say and either saves the rest or gives it to charity. For many half a cent is nothing but over time it could add up for charities with millions of people doing it.

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November 27, 2017, 05:06:33 PM
 #7

Micro transactions are really important when it comes to taking account of a big section of community, because it is really important that account of every section be taken care of also.. big transactions in Bitcoin ecosystem is very rare !
And its the microtransactions only that are making up the usage of bitcoins more viable.
But the high fee of bitcoins and the indiscriminate fee is putting it to risk.. not many people are able to use bitcoins this way...and many choose to switch cryptocurrency, thus I think it is important for the individual ecosystem of a cryptocurrency to flourish but bitcoins do need to take everything into account too..!



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November 27, 2017, 05:24:56 PM
 #8

We are seeing innovation like never before, with cheap and affordable micro payments becoming a reality. I was wondering what kind of new

applications would become financially viable for the first time, once global micro payments becomes the standard? We saw applications like

ChangeTip going down, because it was not financially viable.... would we see similar applications, becoming common place or would that kind

of model still stay too expensive? {not centralized services.... tx's directly done via the Blockchain or side channels}  Huh
I heard that too that some of the applications that support microtransactions tend to fail or disable that feature, some of our local exchanges for bitcoin have a plans to allow its users to buy grocery items from a store using their application with the blockchain technology so they need to support micropayments to buy some stuff, no wonder why it still on the soon list's for over a year now, they just can't implement that now because of the transaction fees and transfer speed, Lightning Network is still on development so we still need to wait for future improvements, Im excited to see and experience that one day it's just like spending some bucks to buy drinks.

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November 27, 2017, 05:31:02 PM
 #9

Micro transactions is something that Cryptos do beautifully, sadly, BTC's transaction fee's are making this very difficult, even tho it is insanely divisible.

That’s it,, the transaction fees is the reason why this is hard to be implemented by most.. It’s killing the opportunity and we can’t blame the miners(or we can) but they’re just so high of the reality they were one of the most important part of that process.. I think if this solved on the benefits of all concerns,, micro transactions and businesses with it will rise above the surface..

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November 27, 2017, 06:20:08 PM
 #10

If this should happen (and it must happen) then we will see a major boost in bitcoin's price maybe not just the price but in the whole bitcoin community. Sadly the amount of the transaction fees that we pay for every transaction cost a lot now , which is not good for micro transaction and which is why it is better to transact bigger amount of bitcoin than just going micro.
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November 27, 2017, 06:34:32 PM
 #11

Micro payments are a necessity in my opinion, specially for poor countries of course, and I really think that crypto will have a word to say regarding this subject. Micro payments are not new, and they usually fail because of the transaction costs associated with them, that usually make them impractical, but with the emerge of crypto they might see a new light. I don't think the blockchain will help on this, at least not until side chains are available.
IOTA on the other hand, seems to be doing well in this field, since their transactions have no fees associated. DAGs are still very recent, so let's see how they perform in this field.
Microtransactions are necessary for the development of trade with bitcoin. You don't every day buy a car!!! All trade rests at the micro and medium-sized payments. This means that they will not use bitcoin at these prices. People in poor countries try to save their bitcoins to escape poverty in the future. So they are now not very interested in the price of the transaction.
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November 27, 2017, 07:11:21 PM
 #12

I think it will influence the ones who are generally disenfranchised the most and I think it will help them because they won't need to rely on banks being their savior and ripping them off all at once. I also think that BTC will never be the coin to be used like this rather we will have tens if not hundreds of altcoins that thrive purely off smaller markets and people with less money. Crypto is changing the world radically and I think this radicalization is for the best interests of the average individual long term.

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