How to do micro payments with bitcoin?

[tech72]

Wait for the lightning network. Super cheap fees, that's when Bitcoin can be used for micropayments.

[pkg_pkg]

Well at the current rate, you can't. Just hope the new forks come up with something really fast, efficient and scalable. Till then use iota.

[reliable]

Wait for the lightning network. Super cheap fees, that's when Bitcoin can be used for micropayments.

For the current transfer if you have to do in micro payment then only option left is to convert it into altcoin and transfer it . Else there is no way at present for btc to transfer as the network confirmation itself may takes days and fees will be much more expensive than your transfer itself.

[SpyX]

Yeah, that's exactly what I do actually. For micro payement, I convert my bitcoin into ETH or XRP, I think it's the best way to move between exchange for example. The only problem about micro payments, you need an other service which accepts alternative cryptocurrency.

We just need to wait a bit longer for The Lightning Network, and basically pretty damn cheap fees. I hope amazon or ebay will accept bitcoins with lightning network effects.

[fluctuations]

To pay small amounts of money from my bitcoin is not recommended, this can cost a lot. If possible you should switch to low-cost electronic currencies for payment. Also, for BTC I should not take a small payment,

[tabas]

Micro payments aren't good for transacting with bitcoin for now, yep just for now and as others are saying lightning network will solve this expensive fee that we are dealing with today. Let's just hope that everything goes accordingly and it will be implemented as soon as possible. For micro payments you can convert it to other alts for the meantime like DOGE or ETH. But if you can afford to pay the fee with bitcoin why not still continue transacting with it. That's what I do, if the fee is affordable and it is not more than the amount I send then it's fine.

[Shenzou]

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

Micro transactions with bitcoin are a thing in the past, paying fees higher that than the actual transaction it self is somthing that is crazy, as of right now many companies wbesties such as steam are considering removing it, because of this issue, the LN is promised to fix this issue but i don't think it is going to be anytime soon or at least not before all the investment that were made into these micro payments are cancaled, they need to make that if you are sending 30$ or less worth of bitcoin you don't pay such high fees.

[Oceat]

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

Micro transactions with bitcoin are a thing in the past, paying fees higher that than the actual transaction it self is somthing that is crazy, as of right now many companies wbesties such as steam are considering removing it, because of this issue, the LN is promised to fix this issue but i don't think it is going to be anytime soon or at least not before all the investment that were made into these micro payments are cancaled, they need to make that if you are sending 30$ or less worth of bitcoin you don't pay such high fees.

This is a mainstream problem now since they do raise the transaction fees so doing a micro payments would cost you a lot instead of saving a couple of bucks. Only lightning network that can solve this cases but we should wait for it until it is released because it is under in development. As for now don't just do any micro payments using Bitcoin because it will cost you a lot but rather use an alternative coin instead.

[thenachoguy]

it's almost impossible, with a fee lower than 6$ the transaction get's rejected by the network

[nc50lc]

...We also have ZERO fees when transferring bitcoins from one Wirex user to another, making it possible to some degree to use bitcoins for micro-transactions .
...

Hmm, an interesting idea and implementation.

So the BTC would go from one address (A) to a Wirex address (B).  Then the transfer occur to another Wirex address (C).  This amount then can be withdrawn to a local fiat currency.

My question is how would blockchain represent this balance of BTC address A?
Maybe BTC address A and Wirex address B could be in one account, but when some bitcoin got transferred to Wirex address C in a different account, how would A be reflected in the chainblock?

It must be the same way as Coins did, they have zero fees on trades between their users because the bitcoin addresses used by the users are not entirely owned by that user.
Their Accounts hold/send/receive the Bitcoins (displayed) but their address doesn't send or receive the btc in the blockchain.
The user doesn't have the private keys of their addresses.
Users own the account, not the addresses.
It's a clever idea on handling mainstream micro-payments.

[mpufatzis]

For the time being, you can't the fees are too high unless both addresses are segwit.

[Anti-Cen]

Then again, as LoyceV said above, Lightning Network would be the optimal solution for this problem but we just need to wait for it to go live so we can start making using of it.

Yes ye old problem-reaction-solution in nine months time, stay with us, we have a plan like Segwit again that didn't
work because you are all using it wrong.

I suspect you know by now that Lightning Network is a bankers dream and maybe your getting ready to run a
banking node to make you rich but i have looked under the table and it contains magnets so maybe this is why
you was so rude yesterday when I pointed the obvious out to you.

You know full well I am kicking up about miner rip of fees
Question
Why am I not screaming to see the Lightning Network implemented or do you think I have spotted the trap ?

[Anti-Cen]

For the time being, you can't the fees are too high unless both addresses are segwit.

I hear that all the outputs need to be Segwit so bungling up big transactions by someone
like Coinbase (spit, spit , spit) to save money is a waste of time for them so this is why they
are slow off the mark to implement Segwit

Apart from changing a "1" to a "3" in the address I have not worked out why Segwit
code brakes wallets myself or even the reason for the change to the address in the first place.

Backwards compatibility has been broken so was it done deliberately just to fill the miners pockets
because i have changed back end databases from Oracle to SQL-Server on live system and I didn't
need to tell everyone that they needed a new browser to use the web-site

Maybe someone here can explain what needed to be changed in the outbound transaction from the
wallet to the node that could not be fixed by the node please or have people stopped questioning
things these days and just do as they are told

[Anti-Cen]

If you have an unconfirmed transaction on the Bitcoin Blockchain, I will be happy to assist, just email me your transaction ID to isaacthompson997@gmail.com and I will speed up 20 requests free but on a priority basis, so please include the time frame you have been waiting. If you would like to make a donation to ensure your transaction gets sped up immediately, please send donation to wallet - 1HedbDtaacra6qDp6y5SbZ6s3fvcC8aSxD and email me the TX ID and once I have located the transaction I will speed up your requested transaction immediately. I am available all this week so just drop me an email.

Regards,
Isaac

Sounds like manual intervention is needed on the Bitcoin network and you can bribe miners to boost transactions
so I wonder what new services we will be seeing Isaac when the lightning network turns the place into a network
of banks ?

Shit it will be click this referral link and get free banking fees for a month won't it

[savushkinTA]

ightning Network would work far better in situations like this, where thousands of TX can happen very quick and almost for free.

[Anti-Cen]

Lightning Network would work far better in situations like this, where thousands of TX can happen very quick and almost for free.

You mean "almost for free" like Bitcoin use to work and now your falling for it again with LN banking hubs

I am not buying it again, sorry no way and the ones who have the know how, BTC and
hardware resources to become banking hubs are the very same people that are ripping us off today
and the development team has done naff all about it but talk and give us excuses about why
Segwit has not lived up to it name so they can forget having any of my trust

Networks come with specifications like 56k speeds and proposals contain cost annalist so where is it in the sixty
pages of the LN white-paper or does this not concern academics who's living in academia because I want to
see figures that I can take to the bank like this.

1. Up to 100 transactions per day will capped at $0.99 per day
2. No single transaction can cost more that $0.10
3. Transaction below $1 will only be charged at $0.01

[SimplyEverything]

Micro Payments with Bitcoin is not possible right now until lightning network is being implemented, Right now Transaction fees are killing people...
If Lightning network is not being implemented soon i guess Core gotta do something like upgrading the blocksize ... like BCH, if transaction fees aren't fixed i think more people would switch to LTC or BCH.

[millgates]

Wait for the lightning network. Super cheap fees, that's when Bitcoin can be used for micropayments.

What do you mean by lightning network? Is that mean internet network that faster than 4G? I heard that japan will launch 5G. But I am not sure  this has correlation with reducing bitcoin transactions fee, we actually can set the fee but if amount of fee is to small then maybe the transactions will not be confirmed.

[bosian]

Hope lightning network will be used by bitcoin soon. The current fee in way too much...

[Anti-Cen]

Hope lightning network will be used by bitcoin soon. The current fee in way too much...

I would like to agree but it's like your onion skins and the more I peel bank the more obvious it
becomes that lightning network is all about banking (Relay nodes in Tor) and the miners have
the BTC to deposit to complete the next hop plus hardware and also the skills to put themselves at an advantage
during disputes

See https://bitcointalk.org/index.php?topic=2776719.msg28395400#msg28395400

Your BTC is locked in a private ledger with the bank and does not cross over in the banks to the banks outbound
ledger so effectively your borrowing your own money during transit over the network