Bitcoin microtransactions are it's eventual demise?

[btc_shell]

How can Bitcoin see worldwide use or even domination status when there are a relatively measly 21 million of them?


for example, who want to pay for a burger and fries by typing send 0.000000000000000000000001298374824124 into their smartphone at McDonalds?  (McDonalds friendly tip!: remember to count the zeros exactly or you send 10 or even 100 times as much! oh my, OOPS! )


does that sound easy, or practical to anyone?


Bitcoin is doomed because of this. -or is it?




Please explain.

(-or could Satoshi save Bitcoin and us all by launching Bitcoin 2.0, and assigning a more realistic 100 Trillion of them?  )

[cr1776]

Count in satoshis so you have whole numbers.  There have been countless discussions about this already.  If you really want an explanation, they are easily accessible.

[kolev]

How can Bitcoin see worldwide use or even domination status when there are a relatively measly 21 million of them?


for example, who want to pay for a burger and fries by typing send 0.000000000000000000000001298374824124 into their smartphone at McDonalds?  (McDonalds friendly tip!: remember to count the zeros exactly or you send 10 or even 100 times as much! oh my, OOPS! )


does that sound easy, or practical to anyone?


Bitcoin is doomed because of this. -or is it?




Please explain.

(-or could Satoshi save Bitcoin and us all by launching Bitcoin 2.0, and assigning a more realistic 100 Trillion of them?  )

One doesn't have to wonder why inflation is preferred to deflation and how impractical Bitcoin is in the real world. Imagine how psychologically unacceptable would be for you to get a declining salary every month? Adding trailing zeros than leading is also more practical.

[vabtc]

This is why I still support litecoin even with the ASIC drama going on.  Paying $5 in bitcoin is not really feasible right now given the $.40 fee but paying $5 in litecoin is a $.02 fee.  I think they compliment each other, for now, until the BTC devs figure out a better fee scheme than what exists today.  Their is room for a single crytpo wallet that lets people store and use the various coins that make it through this year with valid support/dev.

and if you get paid in BTC, your "salary" doesn't go down every month, you still make the same in fiat terms, bitcoin is just worth more.  Ask Andreas if he minds...

[jongameson]

why not create a Bitcoin Credit card, that is tied to a particular Bitcoin address?

So you swipe your card, and it will convert to Bitcoins and take out of your card?

[kolev]

This is why I still support litecoin even with the ASIC drama going on.  Paying $5 in bitcoin is not really feasible right now given the $.40 fee but paying $5 in litecoin is a $.02 fee.  I think they compliment each other, for now, until the BTC devs figure out a better fee scheme than what exists today.  Their is room for a single crytpo wallet that lets people store and use the various coins that make it through this year with valid support/dev.

and if you get paid in BTC, your "salary" doesn't go down every month, you still make the same in fiat terms, bitcoin is just worth more.  Ask Andreas if he minds...

Regarding salary, I'm talking about the hypothetical scenario when Bitcoin is the world currency. In inflation, you get a raise every few months. In deflation, you will get a pay cut. You're not gonna get less in either scenario, I'm saying, it's a psychological issue, not economical.

[keithers]

This is why I still support litecoin even with the ASIC drama going on.  Paying $5 in bitcoin is not really feasible right now given the $.40 fee but paying $5 in litecoin is a $.02 fee.  I think they compliment each other, for now, until the BTC devs figure out a better fee scheme than what exists today.  Their is room for a single crytpo wallet that lets people store and use the various coins that make it through this year with valid support/dev.

and if you get paid in BTC, your "salary" doesn't go down every month, you still make the same in fiat terms, bitcoin is just worth more.  Ask Andreas if he minds...

I think that LTC could very well be used in the future for day to day transactions since the confirmation speed is quick also.   I could see a day where BTC is used mainly as a store of value,  and for purchases of large items (i.e. Cars, homes, etc), and LTC used for thinks like (food, clothes, etc)

[Brangdon]

for example, who want to pay for a burger and fries by typing send 0.000000000000000000000001298374824124 into their smartphone at McDonalds?  (McDonalds friendly tip!: remember to count the zeros exactly or you send 10 or even 100 times as much! oh my, OOPS! )

We will use micro-BTC or kilo-Satoshi, or whatever is appropriate. It's a trivial issue.

The real problem with micro-transactions is that they clog up the block-chain. Fixing that will probably involve something layered on top of Bitcoin, such that not every micro-transaction is a Bitcoin transaction.

[BlockChainLottery]

The 21 million BTC supply should not be a problem. Just give it a different name and redefine it so it looks familiar in everyday life.

Deflation is only a matter of getting used to. In the eighteen hundreds people also experienced deflation, we just have never seen that before.

I don't see a real advantage of a little bit faster confirmation time. That can also be handled by companies or another layer of software or build in the business model to take the risk.

Why should micro-transactions be allowed with Bitcoin? It's not really necessary, you also don't make a bank transfers of 0.00000001 dollar.

[Meuh6879]

with 12Millions of BTC ... my McDo cost : 19mBTC.
not a big deal ... if the seller display a QR-CODE on his cash machine.




BITCOIN WORK WITH QR-CODE !

[exstasie]

with 12Millions of BTC ... my McDo cost : 19mBTC.
not a big deal ... if the seller display a QR-CODE on his cash machine.




BITCOIN WORK WITH QR-CODE !

Exactly.  You're not going to be typing in what you want to pay for.  Your transaction will be displayed in the proper format, and just scan your QR code to pay!

[DeathAndTaxes]

This is why I still support litecoin even with the ASIC drama going on.  Paying $5 in bitcoin is not really feasible right now given the $.40 fee but paying $5 in litecoin is a $.02 fee.  I think they compliment each other, for now, until the BTC devs figure out a better fee scheme than what exists today.  Their is room for a single crytpo wallet that lets people store and use the various coins that make it through this year with valid support/dev.

and if you get paid in BTC, your "salary" doesn't go down every month, you still make the same in fiat terms, bitcoin is just worth more.  Ask Andreas if he minds...

What $0.40 fee?  Average tx size is 682 bytes.  At 0.1 mBTC per KB that is $0.08 rounding up to nearest KB (current version) and $0.05 using actual size (planned for future version).

[DeathAndTaxes]

for example, who want to pay for a burger and fries by typing send 0.000000000000000000000001298374824124 into their smartphone at McDonalds?  (McDonalds friendly tip!: remember to count the zeros exactly or you send 10 or even 100 times as much! oh my, OOPS! )

Or by then everyone's wallet displays in mBTC as a default and you pay 12 mBTC.   Also nothing will ever cost as little as your example.  Nothing, not even if Bitcoin becomes the one world currency.

[vabtc]

What $0.40 fee?  Average tx size is 682 bytes.  At 0.1 mBTC per KB that is $0.08 rounding up to nearest KB (current version) and $0.05 using actual size (planned for future version).

I may have to research this a little more, I sent .00042 to a charity as an example for someone and it charged me .0005 mBTC, not sure my why tx size was so large..it was through my blockchain iphone app so i ended up paying $.40 to send $.32.

Edit: .00092 was taken out, clarifying post

[DeathAndTaxes]

The assuming no error on the part of the client your tx was 5KB which is pretty massive especially for a tx of that value. 
You get a lot of bitcoin spam payments (faucets, "free bitcoin sites", tell your mining pool to pay out every 0.1 mBTC, etc)?

[MicroGuy]

How can Bitcoin see worldwide use or even domination status when there are a relatively measly 21 million of them?

This is one reason altcoins were invented.  

[12648430]

How can Bitcoin see worldwide use or even domination status when there are a relatively measly 21 million of them?

This is one reason altcoins were invented.  

There are up to 21,000,000 BTC; each can be divided into 100,000,000 satoshis (currently). This allows for 2,100,000,000,000,000 units. If we need more divisibility than that, we can add it later; so "number of units" is not a limitation and never will be.

[12648430]

How can Bitcoin see worldwide use or even domination status when there are a relatively measly 21 million of them?


for example, who want to pay for a burger and fries by typing send 0.000000000000000000000001298374824124 into their smartphone at McDonalds?  (McDonalds friendly tip!: remember to count the zeros exactly or you send 10 or even 100 times as much! oh my, OOPS! )


does that sound easy, or practical to anyone?


Bitcoin is doomed because of this. -or is it?




Please explain.

(-or could Satoshi save Bitcoin and us all by launching Bitcoin 2.0, and assigning a more realistic 100 Trillion of them?  )

(Microtransactions are very small transactions. Buying a burger is not a microtransaction.)

You are proposing we replace the entire system rather than change the denominations we display things in to mBTC or something. You might want to reevaluate which would be easier.

[R0yalAir]

does that sound easy, or practical to anyone?

you can easily send a bitcoin microtransaction anyway it's possible.

[odolvlobo]

One doesn't have to wonder why inflation is preferred to deflation and how impractical Bitcoin is in the real world. Imagine how psychologically unacceptable would be for you to get a declining salary every month? Adding trailing zeros than leading is also more practical.

You want a loaf of bread? No problem! It will just cost you 7500 of these:




Ok. No problem. Here you go: