Micro payment is the best choice to spread bitcoin

Micro payment is the best choice to spread bitcoin

After the silence in the bitcoin world for a long time ago, BitcoinCore developer Gavin? Andreason (GavinAndresen) recently appeared in the BitcoinPodcast program. The last time he appeared in public, said Craig Wright? (CraigWright) is the founder of bitcoin Nakamoto, and this time, he talks a lot about bitcoin ecosystem topic.


The chat show one of the more interesting topic is bitcoin popular problem. When asked what he views on this topic, Andresen answer:

The popularity of bitcoin is actually a chicken and egg problem: how to get bitcoin?

Why do we need coins?

Although bitcoin can bring substantial potential benefits to the user, but the user needs with the bitcoin network “deal”, so in this process most advantage will be weakened or disappeared. Andresen said:

People must have a direct way to get bitcoins. Although I do not know the specific method.

A few years ago, bitcoin enthusiasts put this P2P digital cash system low fee as a selling point, to give up businesses to accept credit cards. From a business perspective, to accept bitcoin payments indeed profitable, but the fact is that only a few people hold bitcoin. That is to say, businesses in order to profit, may require the use of bitcoin customers pay an additional exchange fees. Businesses often change it into legal tender after receipt of bitcoin, this will result in a transaction fee.

If not consider fee, want people to abandon the currency to use bitcoin is very difficult. Most people are not willing to spend a lot of time to enter personal information on a website, just to get bitcoins, then pay online.

Some users will take legal tender to bitcoin managed service providers, such as Circle and Coinbase. They can represent the users of bitcoin payment. However, this process still needs a fee, but most businesses will still be converted into currency after receipt of bitcoin. Nevertheless, with the decline of the transaction fees, even if the parties do not want to own bitcoin, bitcoin network still can become the best settlement mechanism.

Who should hold bitcoin?

At present, people receive wages distribution in the niche industry in the form of bitcoin. Can be free, drug traffickers, occupation online hackers and bitcoin employees. But let the ordinary people accept this form of wages is difficult.

On this topic, Andresen cited a number of countries. These countries do not have the perfect bank or payment system, and bitcoin is probably the best choice. He thought, the people of these countries are more likely to accept bitcoin rather than legal tender? If so, then go to these countries and tourists certainly need some bitcoin preparation beforehand.

Micro payment for bitcoin to the mainstream?

In addition to developing countries and the western world is dark market, some research projects, aimed at achieving the goal of everyone held bitcoin. Yours (sharing platform bitcoin blockchain based content) is one of them. In addition, Joystream and PopChest projects are also in development.

The use of bitcoin layer-2 protocol (micropayments) of the new micro payment application, Andresen said:

I love these services. Appreciate this kind of experiments. But for now, perhaps some act with undue haste. I’m not sure, let us wait and see.

In the Yours platform, users can publish content with earn bitcoin. Joystream to economic incentives to encourage users to spread torrent files. Another notable project is the Brave browser, which is also the founder of the inventor of Javascript. The project aims to protect the privacy of the users, by watching the browser advertising, users can get the corresponding number of bitcoin.

Andresen pointed out:

This is a tiny amount of wealth, not so high wages, but the payment of web browsing costs enough, can be used for micro transactions.

In addition, Andresen believes that 21Inc has the potential. 21 the company encourages everyone in his family mining equipment. In this way, the single mining electricity costs will be reduced, and the value of bitcoins dug is the same, but also for online transactions. Andresen said:

A little more power, you may never find. But bitcoin mining bitcoin is people get the most direct and simple way. This will solve the chicken and egg problem.

It can be said bitcoin is the best block chain or the most practical case. That is to say, as long as there is demand, the popularity of bitcoin is not a problem. From the current situation, the lightning network (LightningNetwork) implementation of the micro payment seems to be the best choice to increase bitcoin user base.

Leave a Reply

Your email address will not be published. Required fields are marked *