YOURS Wallet For Bitcoin Micropayments

Bitcoin Micropayments have grasped the attention of the online communities from around the globe. Several web browsers like Brave have recently rendered support for the bitcoin micropayments. Bitcoin Wallets have already become mainstream these days. There are already hundreds of wallets to choose from and the competition is getting more and more intense every passing day. But all the bitcoin wallets have been so far devoid of the micropayment options. Well, not anymore. The bitcoin-based content sharing platform, Yours lately announced the launch of its new bitcoin wallet which also supports bitcoin Micropayments. With this, Yours becomes the world’s first Micropayments web wallet.

 

Another milestone checked off the list - p2p micropayments in a web browser. First in history. https://t.co/6ilBejRBiD @YoursNetwork

— Ryan X. Charles (@ryanxcharles) October 20, 2016

The company had been working on this project for over a year and it finally made it live. The announcement was made by co-founder of the company, Ryan X. Charles who tweeted on wednesday, telling people about the launch of their new Wallet. The Micropayments Wallet is said to have been based on the Lightning Network of Bitcoin Core.

Also read How Safe Are Bitcoin Wireless Payments.

What Are Bitcoin Micropayments?

Micropayments are small payments amounting less than $1. They are generally in cents rather than dollars or euros. Micropayments are barely made by credit cards due to the transaction charges imposed by the merchants processors or the credit card companies. Owing to this reason, Micropayments stick well with digital coins. Bitcoin is generally considered as an ideal means for micropayments. That’s why Bitcoin Micropayments are creating so much buzz these days. In case of bitcoins, the payments might be in Satoshis or very low amount of BTC (somewhat around 0.0001 BTC).

The Lightning Network

As already told, the new Micropayments Wallet developed by Yours is based on the underlying structure of the Lightning Network of Bitcoin Core. But what exactly is this lightning network? Let’s find out!

Lightning is a Peer-to-Peer network based on blockchain which uses the Smart Contract functionality to enable instant payments. The lightning network uses a series of bi-directional payment channels so that the payments can be made securely over these channels. The network is also decentralized which means there is no central system governing the payments.

The Web Browsers Supporting Micropayments

The Bitcoin Micropayments have gained positive feedback from the online communities and they have already become popular among the bitcoin users. Consequently many web browsers have come forth to embrace them. The list starts off with Brave, a web and mobile browser which was the first one to offer bitcoin micropayments. Another name is BitHappy which is kind of not-so-successful name in the list. Last but not the least, Opera browser which is among the top 5 browsers of the world, is also likely to to enable bitcoin micropayments in the near future.