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Author Topic: What Micropayment Needs Can Bitcoin Fill?  (Read 1481 times)
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March 31, 2011, 06:02:29 PM

I whipped out my credit card the other day to make a whopping $0.25 purchase at a city parking meter.

I'm not sure if they have a special deal with Visa or something... but didn't the City just lose some money on that transaction? I thought credit card companies had a minimum transaction fee...

Anyways, what are some other micropayment niche needs that bitcoin can fill?

  • parking payments
  • hot dog/street meat vendors
  • fast food in general (tim hortons up in Canada refuses to take plastic because of the fees, typical orders are ~$1.50)
  • what else?
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April 01, 2011, 12:23:32 AM

Carsharing networks...

Dynamic ridesharing...

"The powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the systems was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world's central banks which were themselves private corporations. Each central bank...sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world."

- Carroll Quigley, CFR member, mentor to Bill Clinton, from 'Tragedy And Hope'
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April 01, 2011, 10:48:32 PM

  • fast food in general (tim hortons up in Canada refuses to take plastic because of the fees, typical orders are ~$1.50)

A burger, fries, and drink (or equivalent) in CT costs around six USD now
Alex Beckenham
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April 02, 2011, 04:44:47 AM

There have been cases where someone has closed an account with a utility provider and had say $0.02 still owing on the bill. Despite the low amount, this gets stuck in the system and generates multiple bills being sent out, then $20 late fees and overdue notices in the mail, eventually getting blown way out of proportion, because noone takes their initial 2c bill seriously.

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April 02, 2011, 06:22:44 PM

This is a good question. Very small payments are problematic for other payment systems such as credit cards because they cannot scale as well as a P2P system. Especially when it comes to things worth a few pennies or less. In addition to requiring a profit, Mastercard must buy it's infrastructure and pay something additional to get anything done. Because of this, the micropayment economy may be relatively untapped.
I can envision a wide range of areas for such payments:
Internet advertising: those per-click based arrangements would automate well by paying in bitcoin.
Charitable giving: Tiny and anonymous contributions could be made directly to those in need.
Consumer promotional campaigns: Pay consumers , or charge for deals.
Small fair trade items: Doesn't get more fair than buying direct.
video game point system: Maybe you have the option to bet with your friends during a deathmatch.
Metered Internet services: Advanced searches, news, large automated services.
The big thing nobody saw coming:  Huh

The gospel according to Satoshi -

Free bitcoin in ICELAND -
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