We always accepted Bitcoin payments as we believe in new digital Internet payment platforms and technologies. Sadly, we have noticed that not only Bitcoin payments are less attractive for smaller payments but the increased transaction time is now usually hours long. Bitcoin like with any blockchain technology has its limitations, and as such, it cannot replace in its current form traditional payment systems like credit cards or PayPal. Internet users require instant micro transactions with equally micro small fees.
We believe IOTA can solve those problems. IOTA has zero fees which make it automatically a viable option for Internet payments where micro transactions are required. Since IOTA does not rely on a traditional blockchain technology, it also means it is built to scale both in speed and size. While our payment provider BitPay solves the problem of instant payments through Bitcoin, they recently have introduced several changes, not only raising the minimum amount but also fees and imposing more limitations on business accepting Bitcoins. This is not a problem with BitPay itself but rather the Bitcoin technology which forces companies to adapt. This year 2017 Bitcoin has reached its peak limit on transactions. After much research and following the IOTA project we trust the organization and people behind it as well the fundamental core technology on which its built and have confidence that it will work as a mature platform for micro token digital transactions and direct web payments.
The IOTA design also avoids centralization as it is happening with Bitcoin since there are no transaction fees or miners. To summarize IOTA resolves all the problems that Bitcoin should have addressed from his initial concept. Starting from July 1, we are going to accept IOTA payments for our services.
Since IOTA was only recently introduced to open trading markets like Bitfinex, please note that we are accepting it as an experimental payment method, and as such we take risks with currency fluctuations. In the case for example for domain name registrations/renewals, since the total net profit is a few cents a year per domain, accepting cryptocurrencies that fluctuate in price is a risk for us. This means that in order to receive IOTA directly we need to charge a surplus to protect ourselves from financial loss. As such an extra 10% will be added to all IOTA payments and a limit of a maximum 100 USD can be currently paid with IOTA per customer account. Please note that these will be only temporary limits and they could be modified in the future per account or individual request.
On July 1, a new payment option called IOTA will be viable for payment both on invoices and in the cart system. Once selected, an IOTA address will be available for token payments.
A few differences between Bitcoin:
- IOTA is not based on blockchain but tangle so it can scale on transactions per second
- IOTA has no mining, no block, no difficulty which is leading to current Bitcoin centralization
- IOTA has no transaction fees which make it perfect for micropayments
- IOTA scales almost unlimited, unlike blockchain which gets slower as the network grows
- IOTA is not only a currency but a protocol and can be used for IoT devices or almost any other use
- IOTA was created to enable machine to machine digital economy
- IOTA was heavily tested for years before being released
- IOTA is led by the IOTA Foundation, a nonprofit in Germany
- IOTA developers and founders are well known as opposed to Bitcoin which is a mystery
- IOTA is completely open source, and all tokens were released to the public
- IOTA is already working today, and transactions are fast and free
If you want more information about IOTA, please visit https://iota.org
If you have any questions, please contact firstname.lastname@example.org for more information.
Tuesday, June 27, 2017