ChangeTip CEO Nick Sullivan discusses microtransactions
J Thoendell stashed this in Cryptocurrency
In his remarks, Sullivan didn't shy away from describing ChangeTip as a centralized service, though he stressed that this is largely due to the current technological implications of bitcoin, as well as the needs of a service like ChangeTip.
"Microtransactions on the bitcoin network aren't really feasible. We have a minimum bitcoin transaction fee, 10 minutes for the average transaction and a total capacity within the bitcoin network of seven transactions per second," he said, adding:
"We felt architecturally we were going to overwhelm that in a short amount of time and we wanted to build a platform that scaled, so we're off-chain with our tips, that enables our tips to be free and instant."
He further argued that centralizing the control of certain aspects of ChangeTip accounts, including the control of user public and private keys, currently creates the most usable end product for consumers.
"It's nice to be able to send somebody money over GitHub, Reddit and Twitter, without having to think about what a public key is, what a QR code is or having to worry about cold storage. In our efforts to make it an easy onboarding process for bitcoin, I think there needs to be a little bit of a abstraction on some of the more technical pieces," he said.
The grand plan is to include grandma:
In the interview, Sullivan opened up about his vision for ChangeCoin, the parent company for which ChangeTip will be just the first product, as well as how he plans to become the "Yahoo of bitcoin", the tool that finally makes bitcoin approachable for everyday consumers.
"I'm envisioning a world where instead of a grandma sending a check in the mail for her grandson's birthday, she actually goes on Facebook and leaves a tip that says here's $5 on ChangeTip," Sullivan added.
Yesterday a hater declared that ChangeTip must die...
...and it was great to see the Hacker News community come to ChangeTip's defense: