Making financial transactions and protecting consumers online when we talk about goods and services which are of low priced value has always been a hassle. Consumers and online users always resist making micro payments online because of the fear of huge transactional fees that may be involved in making that financial transaction successful. Well to resolve this issue and help merchants to expand their product base and eventually their customer base as well as to support customers in making successful microtransactions, came the incredible generation of micropayment platforms. These platforms not only help in making successful micro transactions possible without much hassle but also provide a great level of security, privacy, anonymity as well as speed and efficiency to the users.
Using micropayment platforms, you can also create and successfully offer virtual currency and virtual coins to your website users like Bitcoin. When we say Bitcoin transactions, we mean online transactions that are made in the form of Bitcoins. These transactions are broadcasted to a network and further collected into blocks. These transactions are not encrypted and so can be easily browsed via a block explorer to view each and every detail. All the transactions that are confirmed are then included in the blockchain (a shared public ledger).
How can a micropayment system be the best payment gateway for Bitcoin transactions?
Well, Bitcoin transactions utilize the benefits of the Blockchain protocol but suffer resistance again because of the huge transaction fees that get involved while making even small transactions. But with the advancement in technologies and the latest developments in the micropayment systems market, users of micropayment platforms can now efficiently purchase low priced goods and services without thinking twice about the transaction fee that may get involved. With the new API solutions offered by some organizations, micropayments can now be successfully made by using the Blockchain protocol.
The APIs have implemented an adaptive approach to calculate a minor fee with every transaction which increases the chances of transaction completion by consumers. Along with that to support the merchants, they have also included a predictive approach to calculate the confirmation probability of a micro transaction. This eventually then helps the merchants to get the exact amount as sent by the consumer. With the Blockchain protocol, the major issues being faced by consumers while making micropayments can be resolved to a great extent.