Re:402 Payment Required, and why micropayments are doomed
by zozbot234 on Tuesday May 19, 2020 @05:11PM
(#23240250)
Crypto currency does not have "low" transaction costs: it takes a lot of energy to commit a BTC transaction to the blockchain. Crypto can only ever be viable for non-trivial (large, or unusually valuable) transactions where trust cannot be provided by common mechanisms, such as a stable government or a private escrow agent. This clearly doesn't match the typical use case for micropayments.
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Re:402 Payment Required, and why micropayments are doomed
by gruez on Tuesday May 19, 2020 @07:51PM
(#23241735)
>it takes a lot of energy to commit a BTC transaction to the blockchain
This is a misunderstanding of how mining works. It takes virtually zero energy to create a block (ie. commit a transaction). However, it takes massive amounts of energy for your block to be considered valid. This is because each block also comes with a block subsidy (currently 6.25BTC), which many miners are competing for.
Re:402 Payment Required, and why micropayments are doomed
by littlestymaar on Wednesday May 20, 2020 @04:17AM
(#23244536)
I don't think the OP is misunderstanding anything, but you seems to be: the proof of work occurs at the creation of the block (which doesn't really mean “commit a transaction” but instead “acknowledge a bunch of transactions requested by users”), the “validation” comes from other miners adding more blocks to yours (the “chain” thing).
Re:402 Payment Required, and why micropayments are doomed
by doomslice on Tuesday May 19, 2020 @05:13PM
(#23240276)
Bitcoin (and other proof of work coins) are not suitable for the job. But there are cryptocurrencies out there that are almost purpose-built for it! Stellar, on which https://satoshipay.io/ is built, is one of those.