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I expect the underlying infrastructure to use about or less than 0,01% of the energy the Bitcoin network uses. It should support micropayments, i.e. should hav
by darthrupert 3y ago
I expect the underlying infrastructure to use about or less than 0,01% of the energy the Bitcoin network uses.
It should support micropayments, i.e. should have nearly non-existent payment fees in perhaps another mode. This implies no fixed portion in the payment fee.
The payment fees also in non-micropayments should be small (less than 1%) as well to make it competitive to credit cards.
A flat 0,5% for all payments would make it interesting from a financial standpoint. Probably quite challenging technically, but that's where the potential edge against current payment providers could be.
- mteam88 3y agoCrypto != Bitcoin. The leading innovative payments chain is Solana. 0.5% flat fee? I can do you one better < $0.001 for ALL payments regardless of size. It already exists today and is handling hundreds of millions of $ of volume. If you want to see a Venmo-like application on Solana that is live, see Code [0]. PS. There are other blockchains that offer similarly low ( < $0.01) transaction fees. Solana is being used by Visa [1] and other leading payment infrastructure providers. (: [0] https://www.getcode.com/ https://www.getcode.com/ [1] https://usa.visa.com/solutions/crypto/deep-dive-on-solana.html https://usa.visa.com/solutions/crypto/deep-dive-on-solana.ht...
- greenhopefully 3y agoThe MultiversX blockchain has very small fees (now it is approximately $0.0035) The network is using less than 0.01% of the energy Bitcoin uses. I believe it's carbon neutral.
- darthrupert 3y agoI'm not sure about the economics of micropayments, but it's not obvious to me if that's low enough. A percentage without a static fee would obviously work, but that of course implies that the cost of handling a single micropayment should be essentially zero.