Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
Isn't it time the white paper was copyrighted and 'cleansed'? Make it pay per view too. I think it's becoming an annoyance for higher minds than us.
Along with satoshi saying bitcoin is not suitable for micropayments perhaps
Bitcoin isn't currently practical for very small micropayments. Not for things like pay per search or per page view without an aggregating mechanism, not things needing to pay less than 0.01. The dust spam limit is a first try at intentionally trying to prevent overly small micropayments like that.
Bitcoin is practical for smaller transactions than are practical with existing payment methods. Small enough to include what you might call the top of the micropayment range. But it doesn't claim to be practical for arbitrarily small micropayments.
Bitcoin is practical for smaller transactions than are practical with existing payment methods. Small enough to include what you might call the top of the micropayment range. But it doesn't claim to be practical for arbitrarily small micropayments.
That's very clear, isn't it? Currently, my bank debit card (via MasterCard's Maestro network) is the means of payment to pay for short term parking (e.g. 0.50). In fact, it's currently the only way in my town to pay for that. If Satoshi said that "Bitcoin is practical for smaller transactions than are practical with existing payment methods", then he meant that payments even less than 0.50 are supposedly practical with Bitcoin. That's even quite a bit less than the evergreen example of a cup of coffee.
TL;DR: Satoshi expected coffee and parking micropayments to be paid with his peer-to-peer electronic cash, but not very much smaller micropayments (like cents or fractions of a cent).