tibdit is about to launch the world’s first digital bitcoin based micropayment system. This company has designed a new kind of micropayments service based on cryptocurrency technology, specifically designed for online service providers, online content and online shopping in a way that appeals to the general public.
The tibdit platform app is designed to allow anonymous micropayments that are rechargeable using card payments in national currencies such as GBP, EUR and USD.
A sheer number of companies already attempted to present a solution for casual online micropayments but no one until now resolved the issue. There is a growing need for a viable solution to “the micropayments problem” and tibdit has found the perfect solution for a significant number of publishers and consumers of online content and services. tibdit uses the bitcoin protocol to transfer the micropayments, taking just a minimal fraction of each “tib” as a service charge to ensure that virtually all of the payment is kept by its intended recipient. tibdit handles the transactions in-house, making the service a rather simple approach to cryptocurrency.
Founders Justin Maxwell and Pauline Hunter explained:
“tibdit is pocket change for the Internet. It rewards content and service providers with the deserved funding they need to continue producing quality material, whilst allowing individuals to show their appreciation for the things they like online. Created using bitcoin to combat the declining practice of paying for quality online content and services, tibdit provides service users with an easy, logical method of transferring very small amounts of money from one entity to another.”
Founded in September 2013 by entrepreneurs Justin Maxwell and Pauline Hunter, tibdit is a London-based innovative micropayments service, based on extensive experience in the professional solutions and business management sectors. Since then, a diverse and capable team has come together out of an enthusiasm for the concept, and a confidence that the purpose of the company really introduces some game changing solutions to financial market. tibdit intends to bring a micropayment solution that is strikingly different from those that have come before or any other current competition.
The internet is a perfect niche currently in need of service facilitators such as micropayments. tibdit can be used to show appreciation, in a way much like tipping or even to unlock access to content or to pay for subscription services on the web. It is also able to provide an ease of use and simple one click button action to confirm payment.
The Company points out that the main reason non-subscription, non-niche micropayment platforms have so far failed to succeed was effectively the relative-complexity and cognitive processing costs, rather than technology and transaction processing costs. By trying to boost these two intrinsic aspects of micropayments the company has finally come up with a perfect solution for certain types of web based services and businesses while having the potential to transform the entire tipping industry.
tibdit Founder and CEO, Justin Maxwell considers that:
“Micropayments have long been contentious in the financial, publishing, and online worlds, but tibdit takes the biggest causes for concern – inconvenience, the need for mental arithmetic, and lack of control over the value of the payment – and solves them all. Micropayments have never been so simple, or so widely applicable.”
So how does it work?
The platform app is based upon two main actions, sending and receiving: sender – tibber or receiver – tibbee; within the platform users can send or receive “tibs”. Unlike other bitcoin tipping services on the market, tibdit requires only the recipients to have a Bitcoin address, taking all the complexity of Bitcoin transactions away for tibbers. This makes it more appealing to tibbees, since the base of potential tibbers is much larger.
senders – tibees, will have the chance to have some winnings from their content or service, by charging a tib per item provided, or by creating a “tibjar” to encourage donations from fans. Either method provides tibbees with the chance to bring in some earnings that they previously did not have, or to augment their current revenue generated by advertising.
How to use the service?
To use the tibdit new micropayments platform service, users simply need to generate a Bitcoin address; after this they only need to install the tibdit button on their webpage, in a fashion similar to a social media button. Users can create a tibdit account and purchase a bundle of “tibs” (payments) by selecting the value for their tibs and depositing the required value of money in EUR, USD or GBP.
For now, it is only available as a test pilot but the service is scheduled to launch in London, UK – On the 19th of January 2015.
To test the tibdit bitcoin-only pilot and to find more information about the tibdit service and its founders, please visit tibdit
How can micropayments influence the web financial system?
Photo source: tibdit
Nuno Menezes is a Portuguese Bitcoin Entrepreneur and a crypto currency’s enthusiast supporting the Bitcoin Portuguese Community. He is an Anthropologist and a Writer and his current field of work is virtual currencies. Complementing his Social Sciences Master degree with a Professional background in telecommunications along some experience in Computer Science, he intends to bring knowledge and understanding about the impact of crypto currencies in society.
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