{"id":15,"date":"2016-05-31T17:21:00","date_gmt":"2016-05-31T17:21:00","guid":{"rendered":"http:\/\/blog.holytransaction.com\/ethereum-micropayments-better-than\/"},"modified":"2022-01-27T15:47:45","modified_gmt":"2022-01-27T13:47:45","slug":"ethereum-micropayments-better-than","status":"publish","type":"post","link":"https:\/\/holytransaction.com\/blog\/2016\/05\/ethereum-micropayments-better-than.html","title":{"rendered":"Ethereum Micropayments: better than the Bitcoin ones?"},"content":{"rendered":"<div style=\"text-align: justify;\"><b>Micropayments <\/b>are one the most useful and important use-cases for bitcoin, but a similar system could arrive from <b>Ethereum<\/b>, a decentralized mining network and cryptocurrency created by <b>Vitalik Buterin<\/b> back in 2013.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">Since the creation of Internet, micropayments have been impossible due to high fee costs and a lack of payment systems that could allow payments in decimals.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">But with the invention of Bitcoin &#8211; so thanks to <b>Satoshi Nakamoto<\/b> &#8211; today there is a way to do micropayments, as the bitcoin has 8 decimals and payment fees are low; so it is now possibile to pay for digital contents and give a tip on the web.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">In a study, the <a href=\"https:\/\/www.wedbush.com\/\">Wedbush Securities<\/a> company predicted that bitcoin micropayments could be a $925bn market within the end of 2025.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\"><\/div>\n<h3 style=\"text-align: justify;\"><b>Ethereum Micropayments<\/b><\/h3>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">One of the first project to use the <a href=\"https:\/\/holytransaction.com\/blog\/2017\/05\/ether-price-wallet-store.html\">Ethereum network for micropayments<\/a> was developed by the <b>Heiko Hees<\/b>, already CEO of <b>BrainBot<\/b>, a German startup that works in the smart contract and blockchain consulting sector.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">His new project is called <b><a href=\"https:\/\/github.com\/brainbot-com\/raiden\">Raiden Network<\/a> <\/b>and could increase the Ethereum capacity.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">Hees explains that his<i> \u201cRaiden network will scale up the Ethereum network from 25 transactions per second to more than 1 million transactions\u201d.\u00a0<\/i><\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">According to him, in fact, <a href=\"https:\/\/holytransaction.com\/blog\/2015\/10\/microsoft-to-sponsor-ethereum-devcon1.html\">Ethereum could be the biggest provider of micropayments<\/a> because of its speed and because the transactions would cost less than with bitcoin.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">A current problem for the bitcoin users is that blocks take up to 10 minutes to be processed.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">Conversely, the Ethereum blockchain needs about 15 seconds for each block.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<h3 style=\"text-align: justify;\">Bitcoin Lightning Network<\/h3>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">In bitcoin there is a similar project called <a href=\"https:\/\/lightning.network\/\">Lightning Network<\/a> that was released in 2015 by <b>Joseph Poon<\/b> and <b>Thaddeus Dryja<\/b> &#8211; but this project is not live yet.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">Thanks to off-chain transactions- the developers explained &#8211; Bitcoin could become easier to use and bring the technology&#8217;s capabilities to the next level &#8211; also <a href=\"http:\/\/www.coindesk.com\/could-the-bitcoin-lightning-network-solve-blockchain-scalability\/\">it could be solve the blockchain scalability solve, they said.<\/a><\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">However, users can move the off-chain transactions back to the blockchain anytime they want, giving them the ability to end every interaction.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<h3 style=\"text-align: justify;\">Multicurrency Wallet<\/h3>\n<div class=\"separator\" style=\"clear: both; text-align: center;\"><a style=\"clear: right; float: right; margin-bottom: 1em; margin-left: 1em;\" href=\"https:\/\/3.bp.blogspot.com\/-JrNqe9Ufa_I\/Vw5xWCp-4uI\/AAAAAAAAAX0\/ewYa_sJ1mD4ybIYjXMRYkneGId0Sd_RPACKgB\/s1600\/HTBannerOrange.png\"><img loading=\"lazy\" decoding=\"async\" title=\"\" src=\"https:\/\/holytransaction.com\/blog\/wp-content\/uploads\/2016\/05\/HTBannerOrange.png\" alt=\"&lt;img src=&quot;\/images\/ethereumwallet.jpg&quot; alt=&quot;Ethereum Micropayments&quot; height=&quot;264&quot; width=&quot;350&quot; \/&gt;\" width=\"200\" height=\"166\" border=\"0\" \/><\/a><\/div>\n<div style=\"text-align: justify;\">Normally, if you want to store several different cryptocurrencies (Bitcoin, Ethereum, Peercoin, etc.) you need to have ten different wallets, which is difficult to manage.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\"><a href=\"https:\/\/holytransaction.com\/blog\/2017\/06\/easy-bitcoin-exchange.html\">HolyTransaction<\/a> want to solve this problem, unifying everything in a single account.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div>So, do you want to store Bitcoin and Ethereum ? \u00a0<a href=\"https:\/\/holytransaction.com\/\" target=\"_blank\" rel=\"noopener noreferrer\"><b>Open here your wallet for free.<\/b><\/a><\/div>\n<p>Open your free digital wallet <a href=\"https:\/\/holytransaction.com\/app#!\/signup\">here<\/a> to store your cryptocurrencies in a safe place.<\/p>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>Micropayments are one the most useful and important use-cases for bitcoin, but a similar system could arrive from Ethereum, a decentralized mining network and cryptocurrency created by Vitalik Buterin back in 2013. Since the creation of Internet, micropayments have been impossible due to high fee costs and a lack of payment systems that could allow [&hellip;]<!-- AddThis Advanced Settings generic via filter on get_the_excerpt --><!-- AddThis Share Buttons generic via filter on get_the_excerpt --><\/p>\n","protected":false},"author":2,"featured_media":361,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[37,76,270,326,428,533],"tags":[764,944,1003,1090,1192],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v19.6 (Yoast SEO v22.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Ethereum Micropayments: better than the Bitcoin ones? -<\/title>\n<meta name=\"description\" content=\"Micropayments are one the most useful and important use-cases for bitcoin, but a similar system could arrive from Ethereum.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/holytransaction.com\/blog\/2016\/05\/ethereum-micropayments-better-than.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ethereum Micropayments: better than the Bitcoin ones?\" \/>\n<meta property=\"og:description\" content=\"Micropayments are one the most useful and important use-cases for bitcoin, but a similar system could arrive from Ethereum.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/holytransaction.com\/blog\/2016\/05\/ethereum-micropayments-better-than.html\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/facebook.com\/holytransaction\" \/>\n<meta property=\"article:author\" content=\"facebook.com\/ameliatomasicchiomarketing\" \/>\n<meta property=\"article:published_time\" content=\"2016-05-31T17:21:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-01-27T13:47:45+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/holytransaction.com\/blog\/wp-content\/uploads\/2016\/05\/HTBannerOrange.png\" \/>\n\t<meta property=\"og:image:width\" content=\"200\" \/>\n\t<meta property=\"og:image:height\" content=\"167\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Amelia Tomasicchio\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@ametomasicchio\" \/>\n<meta name=\"twitter:site\" content=\"@holytransaction\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Amelia Tomasicchio\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/holytransaction.com\/blog\/2016\/05\/ethereum-micropayments-better-than.html\",\"url\":\"https:\/\/holytransaction.com\/blog\/2016\/05\/ethereum-micropayments-better-than.html\",\"name\":\"Ethereum Micropayments: better than the Bitcoin ones? 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