Micropayments on the Web are perhaps one of the first use cases of cryptocurrencies and they are widely used mainly to send “tips” on blogs and dedicated social media.
Indeed, among the articles defined “TOP” by the blogging platform Read.cash, there is an article about the debate on Bitcoin Cash, which has received over $2000 of tips.
These new platforms are still in an embryonic phase, although they can give a first indication of how the dynamics on the net will change in the coming years.
The scalability of the blockchain is a fundamental factor to allow this kind of initiatives to develop and reach a certain maturity.
For this reason, such initiatives are currently only found on BCH and BSV, though in the future it is expected that the commitments made on BTC and ETH related to Layer 2 and off-chain scalability will eventually allow micropayments even on the two blockchains at the top of CoinMarketCap.
Spam on the internet could be limited by the presence of economic microtransactions able to generate a cost linked to the information conveyed. A disincentive also to the distorted use of network communication.
The limit will also be imposed on the overwhelming power of advertising on centralized aggregation platforms, changing the economic paradigm on which content creation is based today.
Micropayments on the web: record-breaking numbers
During the last three days, there have been three articles on Read.cash setting record numbers for the platform.
There is no doubt that this is the ideal environment to develop the debate on BCH: some actors in the community have focused heavily to make some concepts known by rewarding their promoters.
The principle is interesting, albeit prone to easy manipulation. But let’s put the criticism aside and see what has become apparent:
The upvote systems on blogs are very different, Read.cash’s system is based on tips received from the producer of the article. The price is expressed in dollars and undergoes the market changes related to the underlying asset – BCH.
At the top, there’s 2200$ donated to the anonymous group of Miners that opposed the proposal of Jiang Zhuoer initially supported also by Roger Ver. It’ll never be certain if the 2000$ paid in a single transaction on the writer’s wallet didn’t come from a friend account and whether this isn’t just manipulation, but for now, we won’t deal with these dynamics.
In second place, under the pseudonym im_uname, there is an alternative proposal on the financing of Bitcoin Cash developments.
The relevance of the theme led some users to translate the text into several languages: Spanish, Arabic, French and Chinese. What is given more value is more likely to be chosen as valid content to translate or propagate a concept. The translation was probably done purely out of a desire to spread the word.
In the third place, there is an interesting point of view on the dynamics of communities that are causing division within Bitcoin Cash.
The world of blockchain micropayments is testing new forms of content enhancement. If until now we have been used to finding content pushed by the majority or by the number of views in the first positions, now it is the power of money to get content to the first places.
The most-read article was that of Peter Rizun, with 3000 views, but it did not receive the endorsement that others have enjoyed.
This is just the beginning of a radical change. At the moment these platforms are driven mainly by the community using the underlying cryptocurrency, but it seems clear that the testing will not stop here, and in the not too distant future, one of these services could reach mass adoption.