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SatoshiPay to replace Bitcoin with IOTA

17 July 2017 21:00, UTC

SatoshiPay specializing in micropayments has announced replacement of its payment means. The company uses Bitcoins for its transfers and plans to gradually replace it with IOTA innovation cryptocurrency. SatoshiPay announced its partnership with the IOTA Foundation in its blog.

SatoshiPay has been using Bitcoin for payments during the last 2 years, from 2015 to 2017. However, due to Bitcoin popularity the network load and transaction fees have increased a short time ago.

Cooperation between SatoshiPay and the IOTA Foundation is going to be beneficial for company clients as they are offered unlimited network capacity as well as low transaction fees. It matches SatoshiPay business idea in the best way possible – many payments at low cost.

According to SatoshiPay CEO Meinhard Benn, the company loves Bitcoin for its pioneering role in service development but due to a faster development of some other blockchain networks also inspired by Bitcoin, SatoshiPay has to move on to superior technology.

The new joint proof-of-concept of SatoshiPay and the IOTA Foundation is expected to be presented in August this year. Website users will be provided with free tokens in order to test instant payments for digital content.

David Sonstebo, Founder of the IOTA Foundation, commented on companies’ cooperation:

“SatoshiPay pioneered the micropayment business model, while IOTA supplies the technology that makes it a reality, therefore this collaboration is a natural fit ”.