That was a quote from the SatoshiPay CEO when he announced today that they would no longer be using the Bitcoin blockchain for Micropayments.

Specifically, the quote from CEO Meinhard Benn reads as follows:

"We love Bitcoin for its pioneering role in the creation of our industry, but some blockchain networks it inspired have evolved faster than bitcoin itself, so we decided to move on to superior technology."

Undoubtedly, not something the Bitcoin maximalists wanted to hear...

What is this superior technology you might ask?

Well, SatoshiPay announced today that they have partnered with the IOTA Foundation.

The IOTA Foundation is a not for profit that oversees network development. It will help explore replacing Bitcoin with the IOTA chain as it's primary settlement network.

The IOTA website can be seen here:

https://iota.org/

In the past, SatoshiPay had been relying on the Bitcoin network to settle payments since SatoshiPay's inception in 2015.

At that time the average transaction fee was around $.02. Now, the average transaction fee on Bitcoin is around $2.41.