The Emerging Crypto Micropayments Industry

In 2015, I wrote a column, “ Going Beyond Micro-Payments to Nano-Payments ” where I talked through some of the possible uses for bantam micropayments far smaller than anything possible today. Like others, I assumed blockchain engineering would be the keystone to getting the transaction costs first gear adequate to support micropayments a low as fractions of a penny .
Micropayments are indeed on the horizon but we ’ re getting there with a slenderly different road than many envisioned. The want is more apparent than always, though .
How much have you clicked a link to an article in a premier journal that seemed like it could be matter to, only to be informed that you ’ ve run out of “ absolve views ” of the articles from that daybook ? Your merely option to read the objet d’art is to agree to their test offer. If it ’ s not worth the prison term, harass, or future subscription costs, you ’ ll move on .
But a erstwhile, digital micropayment of 3 cents, processed through a Blockchain crypto account could give you access to that article and compensate the publisher 2 cents, with 1 cent covering the transaction tip. A win-win solution.

The Cost of Transactions

early cryptocurrency enthusiasts were affirmative about the possibility of making these kinds of near-zero-cost transactions using the Bitcoin blockchain. They were confident that blockchain technology would not only enable batten transactions but would allow for cost-efficient march of extremely small-value transactions – micropayments – for purchasing goods and services in hour amounts .
These early micropayment enthusiasts were about right. We ’ re not there yet, though, because the price of a Bitcoin transaction is nowadays about $ 2.00, although it ’ second been angstrom broken as 5 cents in the late past .
Continuing with that model from above, no publisher, of course, will pay $ 2 to collect 2 cents, so for now, they ’ ll continue to lure us with basic offers they ’ ra hop will transition us into long-run, full-price subscribers. News services will continue to bundle the offerings of multiple publishers and charge a monthly fee that ’ sulfur anything but “ micro. ”
so, if high blockchain transaction fees are precluding micropayments, what ’ s the alternative ? As it turns out, some new distributed ledger technologies have far lower transaction fees and could even get us to the point of fee-less transactions.

How could that change our lives ? here are merely a few examples .

Access to Content

This kind of micropayment system will give us each the opportunity to purchase small experiences and items we wouldn ’ t otherwise be able to buy – a unmarried daybook article for example .
On the other hand, it might besides require us to buy something that previously we had access to for detached – a limited issue of articles in Fortune for model or access to video clips we presently only “ purchase ” with our meter as we wait for the opportunity to bypass the commercial that precedes it.

But soon we ’ ll have the opportunity to have ad-free, full access, on-line experiences no topic what newspaper or daybook we click on. Research, browse, determine, and growing will be easier than ever .
In fact, there ’ ll be therefore many content micropayments in this area of our daily lives that the situation could become a pain if it ’ s not handled well. For some, the prison term price of authorizing numerous micropayments could outweigh the value as we endlessly click “ Approve. ” To get around this, we ’ ll enable wide levels of approvals, so our message consumption can be seamless with no interruptions – either for ads or for authorizations .
and read … not and read. It makes a difference

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