Can Bitcoin be used for micropayment?
Credit card providers and payments platforms such as PayPal have traditionally defined a micropayment as a transaction that is valued at less than USD$5 . However there has been some speculation that the Bitcoin currency could reshape our understanding of micro-payments. A Bitcoin unit is divisible into 100 million smaller units (called Satoshis). One scenario is that divisible Bitcoins could facilitate micropayment that are valued at less than USD$1, transforming content monetisation on the internet, with some analysts putting the value of this market at USD$925bn.
Unfortunately it appears that we are some way off the Bitcoin monetisation revolution as the economics of Bitcoin don’t enable stasis to be sent or transferred at an affordable price, with fees estimated to be at around 200 per cent of your actual payment. There is however quite a bit of research and development being invested to try and find ways to make Bitcoin micropayment a reality, so there is still some potential in this idea.
Hardware wallets boost perception of Bitcoin value
New Bitcoin wallets have been developed that enable users to store your Bitcoin currency securely while still carrying them around for use in physical locations as well as using them for online transactions on https://casinofair.com/. In general, these new types of wallets include multi-signatory security, fingerprint recognition, and network connectivity. The wider value of these new types of wallets is that they increase trust and confidence in Bitcoin as a sustainable payments currency.
Bitcoin moves into Point of Sale
One of the challenges that is currently preventing Bitcoin from becoming a sustainable currency or digital form of payment is increasing the number of people who wish to use Bitcoin to pay for transactions, and the number of suppliers who will accept Bitcoin for payment. Giving this journey a big boost is BitPay who have now partnered with payments provider Ingenico to enable stores to accept Bitcoin via their point of sale card transaction terminals.
Ingenico is a major player in the world of payments – based in France, Ingenico employs over 5,000 people around the world, and in 2013 generated over EURO1.37 billion in revenue.
Where in the world is Ross Ulbricht?
It’s always interesting to keep an eye on what’s happening with Ross Ulbricht – the founder of the Silk Road site on the dark web. Latest news is that US Marshals will be auctioning off his Bitcoin fortune (thought to be around USD$11 million. The Bitcoins were seized by US authorities as part of the investigation and arrest of Ulbricht.
Are you saving your Bitcoin or spending it? Is Bitcoin here to stay or is it simply another step in the continuing evolution of our international payments systems. While it may be too early to have many answers to these questions, it is clear that Bitcoin remains a fascinating experiment to watch.
Investigate the cases that organizations advancing digital money are making. If you are pondering utilizing cryptographic money to make an installment, know the significant contrasts between paying with digital money and paying by conventional techniques. Quest online for the name of the organization, the digital currency name, in addition to words like “survey,” “trick,” or “grievance.”