[2019-06-19] Automatic Bitcoin Micropayments Are Coming to Lightning Network

[Jgilpulg]

Technical innovations such as Lighting Network and SegWit are easing network congestion, particularly in terms of scalability and reduced transaction fees.

https://bitcoinist.com/bitcoin-streaming-money-joule-automated-payments/

[1715362275]

1715362275

[1715362275]

1715362275

[Block Blocks]

According to Bitcoinfees.earn.com, as of this writing, the fastest and cheapest transaction fee is 72 satoshis/byte. And for the median transaction size of 225 bytes, the charge is 16,200 satoshis. (One bitcoin equals 100 million satoshis.)

However, technical innovations such as Lighting Network and SegWit are easing network congestion, particularly in terms of scalability and reduced transaction fees. Now, the advent of automated payments such as Joule Allowances gets Bitcoin one step closer to become a viable micropayment option as well...."

Very brief article, an interesting update on crypto micro-payments.

[CryptoBry]

Technical innovations such as Lighting Network and SegWit are easing network congestion, particularly in terms of scalability and reduced transaction fees.

The infrastructure allowing for micropayments that will not add more congestion to the bitcoin network can be so critical in making bitcoin a real currency that people anywhere can use to buy anything anytime. While bitcoin is more of a store of value, the main vision for bitcoin is to make it a peer-to-peer electronic cash and now as it is evolving there are now ways for people to do so and for merchants to adopt the bitcoin ecosystem. The only remaining hindrance (though many also take it as an advantage actually) is the volatility of bitcoin which enticed many people to continue on speculate and hold and not using their bitcoin...but a time will come when this too can be changing. Let the evolution of bitcoin continue for the benefits of the people who are continually believing on its current use and future potential.

[Kemarit]

Looks like this is just a promotion for their app, Joule allowances. Although this is a welcoming news as developers are rushing in to make LN compatible apps, I think users need to understand first how everything works before jumping to the so called solution, Lightning Network. A good visual as to how far LN is doing, (https://bitcoinvisuals.com/lightning).

[1Referee]

Not bad at all.

It's a glimpse of what we can expect when it comes to data consumption we pay for by the second or minute and stop paying when we no longer consume a specific form of data. It's a bummer when you pay in advance for video content and you later regret having bought it because it's shit. This way you only end up 'losing' a tiny chunk and can use the rest of the funds to purchase something you really like.

We're like 6% away from having $10 million in liquidity available, which is pretty cool. Bitrefill is my favorite place to spend my Lightning satoshis.

[Kakmakr]

Not bad at all.

It's a glimpse of what we can expect when it comes to data consumption we pay for by the second or minute and stop paying when we no longer consume a specific form of data. It's a bummer when you pay in advance for video content and you later regret having bought it because it's shit. This way you only end up 'losing' a tiny chunk and can use the rest of the funds to purchase something you really like.

We're like 6% away from having $10 million in liquidity available, which is pretty cool. Bitrefill is my favorite place to spend my Lightning satoshis.

It is a much better solution to pay per view for streaming content, than paying for the full movie and not liking it like it is being done with some video content providers in my country. Here you pay a fixed amount for the movie and you are allowed to watch a small preview and then you hire the video for 24 hours.

It is a nice option, and much cheaper than taking the whole family to the movies, but most of the content is older releases. I think if people could get micro payments for per second billing, then they can watch a portion of the movie and if they do not like it, they can stop watching and also stop paying for the content that they did not watch. 

The Lightning Network is perfect for that.