Quote from: Xester on April 20, 2017, 08:06:58 AM

Quote from: uchalkql on April 20, 2017, 01:07:49 AM

Quote

The root problem with conventional currency is all the trust that's required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust. Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve. We have to trust them with our privacy, trust them not to let identity thieves drain our accounts. Their massive overhead costs make micropayments impossible.
The usual solution is for a trusted company with a central database to check for double-spending, but that just gets back to the trust model. In its central position, the company can override the users, and the fees needed to support the company make micropayments impractical.

Satoshi Nakamoto, 2009

http://wayback.archive.org/web/20110926195018/http://p2pfoundation.ning.com/forum/topics/bitcoin-open-source?xg_source=activity

Though Satoshi Nakamoto wanted bitcoin to be used in micropayments but because he has left bitcoin behind many unwanted developments have occurred and micropayments will no longer be possible with bitcoin. The problem lies with the high miner fees per transaction that are being a burden to bitcoin holders. If we do micropayments it is a waste since the miner fees will be much bigger than the bitcoin you send.

I think we should be able to do a payment using Bitcoin, get it confirmed within the next 3 blocks, and pay no more than $0.10 fee.

An increase to 4MB block size would make this possible.