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Author Topic: How to do micro payments with bitcoin?  (Read 1256 times)
dietmarfritz59
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January 24, 2018, 05:40:33 PM
 #81

How to do micro payments with bitcoin? The transactions need to be verified on the blockchain, but need to minimize the fees.
Yea micropayments are hard because you will lose so much money in fees. If this is for a business I would recommend upping your prices to cover the fees.

There are several different types of Bitcoin clients. The most secure are full nodes like Bitcoin Core, but full nodes are more resource-heavy, and they must do a lengthy initial syncing process. As a result, lightweight clients with somewhat less security are commonly used.
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January 24, 2018, 07:39:16 PM
 #82

How to do micro payments with bitcoin? The transactions need to be verified on the blockchain, but need to minimize the fees.
Yea micropayments are hard because you will lose so much money in fees. If this is for a business I would recommend upping your prices to cover the fees.
yes that is correct micro payments are much expensive in btc but not in other alternative coins. You can use other alt coin that have very less fees.
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January 25, 2018, 03:21:05 AM
 #83

How to do micro payments with bitcoin? The transactions need to be verified on the blockchain, but need to minimize the fees.
Yea micropayments are hard because you will lose so much money in fees. If this is for a business I would recommend upping your prices to cover the fees.
yes that is correct micro payments are much expensive in btc but not in other alternative coins. You can use other alt coin that have very less fees.
Both of you are correct, that is why micro transaction is not recommended usually for transferring bitcoin wallet to an exchange because of the high transaction fees. For me every time i do transaction i include multiple wallet to lessen the transaction fees.
Or if you want small amount of fees used faucet because the calculation of their transaction fee is much lesser than usual bitcoin wallet.
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January 29, 2018, 01:48:46 PM
 #84

Bitcoin is a good accumulation system,Its the most secure crypto wich we can to use but why do you need to do micro transactions with bitcoin?Do you have fear that your funds will not be sent by another cryptocurrency for exampleby Bitcoincash? Today,Bitcoin is more effective for big transactions and not for micro.The whole idea of satoshi's is that there will be no centralized administrator to control big  transactions.if you have 0.0005 satoshi you don't need bitcoin,you can use another cheaper cryptos,like as i've already mentioned bitcoincash,litecoin,etc.
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January 30, 2018, 06:39:50 AM
 #85

How to do micro payments with bitcoin? The transactions need to be verified on the blockchain, but need to minimize the fees.
Yea micropayments are hard because you will lose so much money in fees. If this is for a business I would recommend upping your prices to cover the fees.
yes that is correct micro payments are much expensive in btc but not in other alternative coins. You can use other alt coin that have very less fees.
Both of you are correct, that is why micro transaction is not recommended usually for transferring bitcoin wallet to an exchange because of the high transaction fees. For me every time i do transaction i include multiple wallet to lessen the transaction fees.
Or if you want small amount of fees used faucet because the calculation of their transaction fee is much lesser than usual bitcoin wallet.
As to my experience, faucets or any kind, just making your input address in every of your transaction from an address that you're used to claim those faucets from ridiculously increasing thus, increasing the transaction size. Speaking about the fee calculation, whether from faucet or ordinary wallet there's no actual difference, they use the same blockchain, there's no way that the other one could have smaller fees while having the same transaction size and will get the same speed. At the current time, yes, micropayments is not as effective as it is back then. There's no other way instead of waiting for the further advancement of blockchain's technology to resolve scalability issues. However, the transaction fee has now seem to be gradually decreased mainly caused by the profitability ratio between BTC and BCC close to 1:1 while the difference between price is pretty high. Therefore, miner coming back to bitcoin and increasing the hash power.

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January 30, 2018, 01:11:28 PM
 #86

I think that when dealing small you should use the Altcoin. Because the processing speed and price of each transaction is quite small. With Bitcoin, the issue of price per transaction is really too large, so it is only suitable for large volume transactions. You trade $ 1000 and you have to spend $ 30 in fees. It is a huge deduction. That is the reason that ETH and CMT was born. Furthermore Bitcoin's transaction speed is rather slow due to its Blockchain platform problem. I am still waiting for a day Bitcoin will reduce this transaction fee down
shinjunobi09
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January 31, 2018, 03:52:08 AM
 #87

Usually if the transaction fee is low the time for the confirmation usually consumes a week or days for it to be confirmed, sometimes the transaction usually cannot happen, which is why we cannot avoid using the high amount of transaction fee in order for the transaction to come to fruition, we just have to wait for the lightning network to happen successfully.

ninche
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January 31, 2018, 04:17:22 AM
 #88

you can not send small amount of btc currently without paying high fees
i had to pay 11$ fees to send 10$ only
Sammylezzy
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February 01, 2018, 03:27:51 PM
 #89

I couldn't  send small amount of btc when I wanted to make the transaction  without paying high fees
i had to pay 11$0 fees to send 10$ only
pebwindkraft
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February 01, 2018, 04:37:45 PM
Merited by achow101 (3), butka (1)
 #90

I couldn't  send small amount of btc when I wanted to make the transaction  without paying high fees
i had to pay 11$0 fees to send 10$ only
you can not send small amount of btc currently without paying high fees
i had to pay 11$ fees to send 10$ only

YES YOU CAN!

See, your statements are a bit misleading, at last. Looking at the current tx fees, we are near all-time-lows: https://dedi.jochen-hoenicke.de/queue/more/#24h

You must check the service, your wallet, the provider - whatever you use. Don't generalize your problem over Bitcoin.
When you create the tx yourself, you can go with 5 Satoshi per Byte (or even lower). A std tx is roughly 227 bytes, even if it is a more complex one say 500 bytes. Then you pay ~2500 Satoshis as fees. This is 0.000025 Bitcoin, at 10'000 US$ it is 0.25 US$. I last had a tx going through with this amount. So you are only making your service provider rich...

So really, check with your service provider!  Embarrassed

Those who stay uninformed, pay the price for not willing to learn...
cryptorampage
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February 01, 2018, 09:59:07 PM
 #91

You can send multiple from one single wallet. Bitcoin transaction takes place as  sat/b. Multiple sending address dramatically decrease the fee. And now the fee is low and affordable.
darkangel
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February 03, 2018, 12:27:43 PM
 #92

How to do micro payments with bitcoin? The transactions need to be verified on the blockchain, but need to minimize the fees.
It is so long that bitcoin becomes a widely used currency. There are many people who do not know bitcoin. they still pay in cash. The value of bitcoin is quite large, it is not suitable for small payments
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February 03, 2018, 12:32:45 PM
 #93

How to do micro payments with bitcoin? The transactions need to be verified on the blockchain, but need to minimize the fees.
The price of bitcoin is very high. It is difficult to use it to pay small amounts. Bitcoin transaction fees are quite high. With small payments you should pay by cash, it will be easier
drmarcobelli
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February 03, 2018, 02:37:55 PM
 #94

No chance for micro payments.
Go use Ethereum. I just did a $1.5 transaction with $0.02 fee. It got confirmed within 10mins.
Amazing.

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February 09, 2018, 03:37:40 PM
 #95

How to do micro payments with bitcoin? The transactions need to be verified on the blockchain, but need to minimize the fees.

Lightening network takes care of that. This is how you will do micropayments or anything under 100$ with basically no fee.

Here is LN wallet, check it out https://htlc.me/


I somehow buy this idea of Lightening network, though I am not all that comfortable still. I will rather hold my micro bitcoin payments since the present upsurge charges of exchange due the available exigencies could be frightful, carry out micro transaction payment off line till the situation improves or changes.
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February 20, 2018, 03:32:28 AM
 #96

Micropayments also have the capacity to put an end to many of the problems the internet currently faces, like spamming. In the future, some of the services that are free – and constantly attacked by spam, like emails – could be replaced by making use of micropayments.
 Paying a fraction of a cent for an email wouldn’t bother most people, but for the spammers it would totally be a deal breaker.  Micropayments definitely have a huge role to play in the future, but how things will change because of this transition is not clear. In any case, in order for micropayments to prevail, adoption of cryptocurrencies needs to increase and that is only going to happen when people understand the possible applications and prospect that this technology offers.
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February 20, 2018, 05:56:51 AM
 #97

Forget about micro payment for now using bitcoin. Try IOTA for micro payments Wink. Lightening Network probably is a solution for bitcoin micro payment, but it still needs proved.

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February 20, 2018, 06:40:50 AM
 #98

Forget about micro payment for now using bitcoin. Try IOTA for micro payments Wink.

No.

Lightening Network probably is a solution for bitcoin micro payment, but it still needs proved.

True, but given the developer excitement around LN and node adoption, I'm confident that a lot of Bitcoin network traffic will migrate there. It might take a while, but the incentives to adopt LN -- cheaper and more private transactions -- are huge.

In the meantime, I've been paying < 2 sat/byte, so micropayments work fine.

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February 26, 2018, 01:13:57 PM
Last edit: February 26, 2018, 03:29:44 PM by jrian
 #99

Nowadays it is impossible.
Do you know how much fees today? It's very big amount.

Yes, we know Smiley about 10 cents. Too big, yeah?

ps. just sent bitcoin payment. paid 3 cents for commission.
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February 27, 2018, 10:30:50 AM
 #100

blockstream has also recently release a micro payment processing system... incoropration of lightning networks claim to potentially solve this issue
- otherwise better of using other coins like viacoin, etc. for micropayments.. fast reliable and dirt cheap transaction fees.
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