Home CryptocurrencyBitcoin Bitcoin Micropayment Service Launched For Android Devices

Bitcoin Micropayment Service Launched For Android Devices

by Pragati Shrivastava
, Bitcoin Micropayment Service Launched For Android Devices

Bitcoin is the most popular peer-to-peer electronic cash system in the crypto community and it not only allows the transfer of value but also the execution of “smart contracts”. Payments on the Bitcoin network are faster, cheaper and more efficient compared to traditional methods like credit card or bank transfers. Companies are now exploring Bitcoin micropayments for driving adoption and enabling a crypto-fostered financial ecosystem. Micropayments were devised in a way that allows for the aggregation of many small transactions into a single transaction, turning many fees into a single fee. This feature makes Bitcoin well suited for micropayments.

How do Micropayment Channels work?

Micropayment channels use multisig technology and lock time. Multisig is a feature of the Bitcoin protocol that enables control over a specific amount of Bitcoins to be divided between multiple persons. Lock time is the feature that enables multiple users to spend from a multisig address. A locked transaction will spend the coins it uses as inputs at a certain time in the future unless those coins are first spent by a prior transaction.

Tippin’s Micropayment Service for Android Devices

A Twitter tipping service, Tippin announced the launch of an alpha Android version of a micropayments service for Bitcoin payments. The service will be launched for both iOS and Android devices soon. The announcement came through their official Twitter handle with an attached demo video showing how easily users can tip in Bitcoin on Twitter via their Android devices. The app comes with a mobile Lightning Network-enabled wallet as well. Though crypto Twitter has always been critical of Lightning Network, Jack Dorsey has always supported it.

Tippin started as a browser extension back in February 2019 as a personal project from Spanish architect and designer Sergio Abril. It gained popularity right after Jack Dorsey tweeted about it, and in no time its user base swelled to 14,000. With this launch on mobile devices, users can now tip people on Twitter in micro Bitcoin payments from their mobile devices.

The trend of tipping services on social media is becoming mainstream and leading browsers like Brave have integrated utility tokens for the same.

Other Bitcoin Micropayment Services

In June 2019, Lightning Labs took one step closer to bringing Lightning Network payments to mobile with the launch of the Lightning App for iOS and Android in alpha on the Bitcoin main net. It followed the launch of the Lightning App on desktop, bringing the total number of operating systems supported by the program to five.

Lightning Network Payments aims to reduce the number of transactions burdening the Bitcoin blockchain and seeks to provide almost instant, free transactions and once fully tested, the launch of the mobile-facing application will allow more users than ever to get to grips with the technology.

We can conclude that Bitcoin enables the automation of many risk-reduction and cost-saving strategies and implementations used in conventional finance for large transactions because of the overhead they incur. Micropayment services might be the best solution to make everyday transactions faster and more secure, enhancing fluidity in the economy.

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Cryptocurrency News Highlights: Week of September 8, 2019 - Crypto Trader News September 8, 2019 - 11:03 am

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