Why is the Micropayment System Best for Bitcoin Transaction?
Bitcoin transactions are transactions made in terms of Bitcoin value which is collected in the form of blocks. These transactions are also broadcasted to a network but are not encrypted and can be easily viewed and browsed as collected in the block. One of the major advantages of using Bitcoin transactions is its flexibility and hassle free transfer of minor to major sums of money from one place to another and that too without huge transactional fees involved.
Micropayments are very small financial transactions that are made online in return of some goods and services from an online merchant. They hold and offer a lot of advantages to not only the consumers but also the merchants. For the consumers or users, Micropayments System provides them with immense security and anonymity while making transactions from any merchant, allows them flexibility and high speed while completing the transaction successfully. Along with this, they also protect users from credit card thefts due to frequent usage of cards when making financial transactions and the ability to purchase low priced products and services using an alternative payment option. For the merchants, micropayment platforms allows them to widen their market, breakdown their products and provides them the flexibility to sell more low-priced products and services online.
Although, micropayment offers so many advantages to the consumers and merchants but there are some disadvantages attached to it as well. Most common of which is the high transaction fees that is involved while making a micro transaction, eventually making customers resistant and affecting the growth of micropayment platforms.
Coming back to the question: Why is the micropayment system best for Bitcoin transaction? Well, it is because as consumers and users of the Internet, you are able to utilize the features of making micropayments without the hassle of dealing with the transactional fees that gets involved leading to the downfall of micropayments. With the API solution offered by BillingFox, users can now make micro transactions using the blockchain. With an adaptive approach of calculating a minor fee with each transaction, they increase the chances of users to complete the transaction as soon as possible.
Along with this, they also have implemented a predictive approach to determine the probability of confirmations of a micro-transaction with about 99.9% accuracy eventually allowing merchants or people at the receiving end to receive the exact amount as sent.