Bitcoin is going to disrupt many internet services. By paying in micropayments for connection to WiFi, to read an article, to send a tip after reading the article, to send remittances ; business can avoid the 2-3% that many third party payment services charge. Current payment rails do not support payments under a $1. Bitcoin enables because it is divisible to .00000001 BTC.
mBTC = mili bitcoin = 1 thousandth of a bitcoin = 0.001BTC
uBTC = micro bitcoin = 1 millionth of a bitcoin = 0.000001BTC
1 Satoshi is the lowest possible unit of bitcoin, is often used to mean 0.00000001 BTC.
Entrepreneurship is about turning what excites you in life into capital, so that you can do more of it and move forward with it.
For example using prepaid micropayments of bitcoin to connect to a Wifi hotspot can be a great service for the consumer, the enterprise venue, and the aggregator. WiFi is more power effcient with mobile devices and also doesnt use data on peoples plan.
With increasese in WiFi technololgy such as:
- wifi direct
- lte direct
- peer to peer mesh networking technology
Micropayments can be integrated into a number of services. For example paying 1 mBTC per minute to connect to a hotspot at the Olympics. Using hotspot 2.0 roaming AAA agreements between hotspot aggregators such as ipass and boingo
to : deliver data
By changing the average internet consumer’s performance expectation to 1 Gbps, more internet services will be used over a shorter period of time. More services that are used, more money that is made on advertising.
This has to be done at the enterprise level in large offices, schools, universities, hospitals, hotels, and large retail stores. The ways this can be achieved is by:
- decreasing the cost of installing such networks
- increasing bandwidth width (5Ghz)
- denser constellations
- increased integration of APs
Payment Channels are the answer to making these types of microtransaction applications work.