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Making Transactions ‘Fatter’
9 years ago
Tuesday, August 4, 2009
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Definition
Micropayments are financial transactions involving very small sums of money. PayPal defines a micropayment as a transaction of less than 12 USD,[1] and though micropayments were orginally envisioned to involve much smaller sums of money, practical systems to allow transactions of less than 1 USD have not been developed. One problem that has prevented their emergence is a need to keep costs for individual transactions low,[2] which is impractical when transacting such small sums,[3] even if the transaction fee is just a few cents.
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By 2014 money will be gone
Money as we know it will disappear over the next five years being replaced by virtual money some times referred to as electronic cash or ecash. There was a stage when people said we need the banks on board as they are the only institutions that people trust, That's all changed now, no one trusts the banks any more , Google, Paypal and Face Book have a higher trust rating than the banks. Everything you know is about to change as new trust relationships with billions of loyal users come into play leaving the banks as dinosaurs that once ruled the earth.
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