Topic: How to do micro payments with bitcoin? - page 3. (Read 1326 times)
For the time being, you can't the fees are too high unless both addresses are segwit.
...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 This amount then can be withdrawn to a local fiat currency.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?
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.
it's almost impossible, with a fee lower than 6$ the transaction get's rejected by the network
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.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. 
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.
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,
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.
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.
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.
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. 
Wait for the lightning network. Super cheap fees, that's when Bitcoin can be used for micropayments.
How to do micro payments with bitcoin? The transactions need to be verified on the blockchain, but need to minimize the fees.
If you think of it, that was easy~ Offchain.Use or partner with a 3rd party service (Ex. Coins) that accepts bitcoin and can send and receive bitcoins between users without a fee (or just their service fee, they didn't send the funds using the blockchain anyways).
Or establish a 3rd party wallet accounts (offchain) to be used for the site that can hold (pseudo) btc balances from users to be used for purchasing products.
With this, you can even offer refunds which is impossible using the blockchain.
The process is Centralized, but micro-payments needs centralization.
Take note of the security vulnerabilities.
The only drawback is, users have to use that particular service in order to pay for your store or establishment.
Just add a different payment option and you're good to go.
It's hard to do micro payments and it also can become mini micro payment or big payment because of fluctuation in price. I suggest you to check some other alternative coins.
For bitcoin, I should not go to retail transactions, as this would cost a lot of money. To make a small payment, I should choose ETH to choose better and more effective
Based on my experienced this cannot be done right now why? Because if you pay small amount of payments for the transaction you are going to conduct needing miner's confirmation will not be confirmed because it is basically low priority you need to pay them with a huge amount coins for them to prioritize confirming your transaction.
Unfortunately with the current miners fees that bitcoin is subjected to, it is almost impossible to use BTC for microtransactions. However, With Wirex, you can transfer any amount of bitcoins to any Wirex wallet with ZERO FEES. We also give our customers segwit wallets that can reduce the transaction cost by up to 60%. For more information on what we have to offer, feel free to visit:
https://wirexapp.com/wallet/
https://wirexapp.com/bitcoin-money-transfers
https://wirexapp.com/segwit-bitcoin-wallet-update/
That is normal that doing transaction with the same wallet has a ZERO transaction FEE.https://wirexapp.com/wallet/
https://wirexapp.com/bitcoin-money-transfers
https://wirexapp.com/segwit-bitcoin-wallet-update/
Because for now if you are transferring fund to different wallet the fee was too high even you send small amount of bitcoin that is why i recommend if you want to do transaction like that much better it is have huge volume of transaction to lessen the fees imposed in your transaction.
Specially if you are using exchange site wallets.
But i heard that if you are using segwit address it will reduce the transaction fee, but i do not even try to used segwit address.
The value of BTC 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.
It is difficult to make small payments when the value of Bitcoin has increased significantly compared to before. You can switch to other coin for a cheaper deal!
Nowdays it is impossible to send a small transaction in btc to anyone else because it might be possible that the network fees would cost you more than the actual sending. So best way only eft now is to send via altcoins which is very less expensive and way quicker than the btc.
That is why i did is if i do transaction i assure that it is a huge amount of transaction and choosing small transaction fee but i need to wait for long period of time to confirmed it in blockchain it was listed in the Que.
...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 is difficult to make small payments when the value of Bitcoin has increased significantly compared to before. You can switch to other coin for a cheaper deal!
Nowdays it is impossible to send a small transaction in btc to anyone else because it might be possible that the network fees would cost you more than the actual sending. So best way only eft now is to send via altcoins which is very less expensive and way quicker than the btc.
Jump to: