Bitcoin is the revolution the citizens of the world have been waiting for. The perfect digital currency that will allow them to break free from the shackles of the financial system they have become part of. Bitcoin is as much a boon to the virtual world as it is to the real world. Micropayments are just one small part of the problem addressed by the digital currency and this solution has the potential to change the way the internet has been working so far.
The costs associated with the conventional financial system is high. These costs can be justified while making large transactions, but when it comes to smaller transaction sizes, the cost of transactions may render the micro-transaction meaningless. For example, if a payment processor charging 2.9% per transaction plus a fixed fee of $0.30 per transaction is used to make a microtransaction of one dollar, the recipient will be receiving $0.78 instead of $1, which is only 78% percent of the total funds transferred. Whereas with bitcoin, no matter how big or small the transaction is, a small fraction is charged as miner fee and the recipient receives the complete amount in bitcoin.
Taking micropayments to the next level, while