New Micropayment Service Empowers Bitcoin Transactions

Executive Brief

When it comes to online content, one of the biggest challenges many face today is monetizing it, and obviously for high quality content, getting paid for producing it is often essential for providers to be able to produce more. Micropayment solutions have been seen as a viable option for a while, but there are issues. The very small transactions are incredibly inefficient due to the relatively high cost of transactions in the fiat money system. However, Coinetize are currently beta testing their new micropayment solution that uses bitcoin as its payment structure, offering the low transaction cost and convenience of digital currencies in combination with the benefits of micropayments.

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Micropayments have long been seen as a solution to providing web services, allowing small payments per article on a website for instance is often a more attractive proposition than paying for a monthly subscription to an entire site for viewers. It is more efficient for those paying the fees, and offers more options for monetization of content for providers, something even the big media outlets are struggling with.

A new startup has launched with the intention of combining the ideas of micropayment structures with the ease of use and low transaction costs of digital currencies, with Coinetize offering payments in bitcoin. The idea behind the project is to allow monetization of web content without needing ever more intrusive advertising, or the inefficient costs of fiat money transfers when looking at the small sums involved in the typical micropayment transaction.

The system uses ‘Coinetize Credits’ as its currency, users purchase their credits using either bitcoin or via a credit card, and then those credits are spent as content is consumed. For instance, a news article may be 20 credits to read, a video could be 40 credits, the provider sets the fees applicable and adding the payment system can be done in just a few minutes by site admin. Providers can convert the paid Coinetize credits back into bitcoin in a simple, fast process.

If there was a perfect application of digital currency, something that really took all the benefits of speed, cost and convenience that digital currency brings and put it to the best use, it is perhaps this kind of micropayment system. It offers a payment solution that is workable from the smallest WordPress blog to global content providers, offering an efficient, easy to use system that can help fund the kind of content that everyone enjoys, and overcome the issues of the constant battle between ad blocking and ad delivery providers.

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Author: Thomas Moore

Thomas Moore is a writer and researcher with a love for the eclectic, family and the world we inhabit. He spends his spare time photographing the varied wildlife that surrounds us daily and contemplating why Firefly never made it past season one.

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