From the time, a few years ago, when i learned about the idea of microtransactions i found it really interesting. Most cryptos currently have the same problem as fiat in implementing microtransactions. Transaction fees.
Hive fixes this, with free transactions microtransactions are a reality now. And hive tips made it possible.
Why i find microtransactions interesting and important?
We are all familiar with tips, patron, and crowdfunding. In essence, it works but there are a lot of limitations. Centralization of it is one part of the problem, for some not a big one, but, for people that got banned from using it they got cut off from one of their revenue streams.
Second is the high fees taken by the platform used to tip or send monthly donations.
Then we have a limitation of fiat not be able to do microtransactions because of how it works, and the fees charged for a transaction. Giving your favorite content creator 10-20 cents a month is not an option.
Some will say why would that be important for content creators or crowdfundings, it is just a few cents. But look at it this way. A content creator has 100.000 followers. How many of them can tip him 10-20$? Not a lot can spare few 100 bucks on several of their favorite creators. But could they spend 20 cents? I would bet the number of those people is much bigger. Let's say 10% of his followers are able to do that. 10.000 x 0.2 is 2000$. And no one is limited by the amount. You can send 1 cent or you can send 100$.
As i said Hive Tips made this possible. Using hive coin and Hive Tips app you can send your favorite creators tips or patron type monthly donations with no transaction fees, no middle man fees (everything you send goes to the creator), and in the amount that you can afford.
For this to work you will need a Hive account (it is also a wallet). If you don't have one you can use this link to make one https://peakd.com/register?ref=bil.prag
First, you need to go to the web store and look for the Hive Tips extension, add it to your browser.
Read the terms of service and if you agree check the box and continue.
go to the upper right and click on hive tips. some options will appear. if you go to the overview you will see that no accounts are connected to your hive tips app. So you need to go to the Services and connect your Hive account. Just type your user name, check that you want to use Hive Keychain to approve your transactions, click confirm and that is it.
Now click on the patron button. Here first you need to set on which day you want the transaction to occur. You need to use the arrows on your keyboard to move around the calendar.
Next you need to add Hive username of the person you want to send your monthly donations. Then you can choose do you want to send a set number of Hive coins or a value in $ that will be translated to hive. Add the amount you want to send and click Approve.
And that is it, every month you are sending your favorite creator the amount you want, with no fees and the full amount you sent goes to the creator.
▶️ 3Speak
