How to do micro payments with bitcoin?

RGBKey

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Quote from: renbucs on April 11, 2018, 01:20:25 PM

In the mean time micro payments are impossible due to high transaction fee situation caused due to network congestion. However, Lightning Network would be the solution, we just need to wait when it happened.

Plenty of people are using the lightning network on the mainnet right now. Nothing is stopping you from joining them.

renbucs

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In the mean time micro payments are impossible due to high transaction fee situation caused due to network congestion. However, Lightning Network would be the solution, we just need to wait when it happened.

CryptoCoin8487

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I think micro payments almost imposible to do in bitcoin now that the fee is too expensive if you send a micro payments or a small amount of bitcoin you have to pay the fee is more higher than the fund that you are sending to your friends your just only lossing your money.

Thanasis

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Quote from: chibimanau on April 08, 2018, 05:38:04 AM

Currently high fees, and long transaction is still a major barrier to Bitcoin development. I think lowering the payment costs, will promote Bitcoin in the future. With a small payment, choose another coin to pay if possible.

I don't think the transaction fee is high now,because even I made a transaction of 0.1BTC but the fee is about 0.00001BTC which is very very low for that amount of bitcoin so the micro payments are possible now and the transaction time also wuite faster it will take only about 15Mins for three confirmation transactions.So here we go we can use bitcoin even for tiny transactions too.

chibimanau

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Currently high fees, and long transaction is still a major barrier to Bitcoin development. I think lowering the payment costs, will promote Bitcoin in the future. With a small payment, choose another coin to pay if possible.

RGBKey

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I've been playing around with the mainnet lightning network a lot recently. I've been paying 1 satoshi in fees for almost every transaction. Note: That's not 1 satoshi per byte, that's 1 satoshi full stop..

The lightning network is specifically geared towards micropayments, with the ability to add another 4 decimal places to Bitcoin. Try downloading the Eclair mobile wallet and go make some payments at https://mainnet.yalls.org

xraisers

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BTC value is very high so you want to pay small amounts, then I should switch to a smaller value as ETH will be easier to pay but lose less transaction fees. I usually do not trade small amounts of BTC because when trading small amounts that many times will cost me much transaction.

Oregano012

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if you got LTC or an ETH payment option go for it , BTC transaction from exchange cost 6$ each ATM and take about 20minutes to couple hour

binting

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Quote from: bitspectacle on January 10, 2018, 01:13:27 AM

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

Well micropayments still there because they continued used technology like gadgets so that its currentlyfaces like spamming.some of service is free constantly attacked spam, wpwe could use of micropayments

Betwrong

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Right now you can pay as low as 3 sats per byte, which corresponds to around $0.07 for transaction of the median size, and your transaction will be confirmed within an hour. So it's possible to do micro payments with Bitcoin these days. I suggest you to always check this site https://bitcoinfees.earn.com/ before making any transaction and set your fees accordingly.

Btw many regular people who were following the news about Bitcoin some time ago still think that tx fees are around $20 or higher. I think we should spread the good news. )

jona

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The transactions charges is becoming too heavy that i think it is violating the concept of bitcoin,cause i could remember back than transactions were micro payment but this year is like hell,i don,t think micro payment do exist any longer.Because i have done any micro transaction this year.

SerHodlot

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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.

jrian

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Quote from: ?? on ??

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

Yes, we know

about 10 cents. Too big, yeah?

ps. just sent bitcoin payment. paid 3 cents for commission.

squatter

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Quote from: lionelho on February 20, 2018, 12:56:51 AM

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

.

No.

Quote from: lionelho on February 20, 2018, 12:56:51 AM

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.

lionelho

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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.

BTCerm

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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.

atomicgroup

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Quote from: crypt0heaven on January 10, 2018, 07:03:49 AM

Quote from: bitspectacle on January 10, 2018, 01:13:27 AM

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.

drmarcobelli

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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.

rext

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Quote from: bitspectacle on January 10, 2018, 01:13:27 AM

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

darkangel

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Quote from: bitspectacle on January 10, 2018, 01:13:27 AM

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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