A review to SatoshiPay: a Bitcoin nano-payment system for content publishers - Featured Image

A review to SatoshiPay: a Bitcoin nano-payment system for content publishers

What is SatoshiPay?

SatoshiPay is a Bitcoin payment platform founded in September 2014 by two software and web developers, Meinhard Benn and Henning Peters. The payment platform is based in London, England and was hosted by the Deutsche Telekom’s incubator, hub:raum, a company that provides seed funding to startups with great potentials in the industry.

SatoshiPay mainly offers a one-click or zero-click nano-payment service based on Bitcoin for websites. It features a widget that lets users buy an article, video or image for only one cent. Publishers need only to install the plugin to their WordPress site, register at SatoshiPay Dashboard and create their Bitcoin wallet to earn.

SatoshiPay compresses transaction fees. They process nano-payments of one cent or less and allows content providers or website publishers to monetize their digital products in whole new methods.

Website owners or content providers can earn more by charging a small amount for their content, aside from advertisements. It does not require users or readers to download any software program or to sign up an account. Readers can pay for your content in just one-click with their pre-filled wallet or they can opt to allow automatic payments so they will not have to click anymore. Payments are instant and the wallet balance of the user is available on every website that has the widget integrated.

Also, website owners can enable an ad blocker detection that request users with an ad blocker installed for a payment on every post they visit. Publishers can set the price but is recommended to be set low (like 5000 so readers are more likely to pay.

The system is stable and secure which is developed by an experienced team of Bitcoin and security experts. Money transfers, system up times and hacker-proof operation are assured safe by regular audits.

Recent and Previous Developments

In October 2014, the startup raised a $50,000 investment from Axel Springer Plug an Play, which have helped them build the first iteration of their payment platform in November 2014 and from Henning Peters.

Fintech Circle then selected SatoshiPay as their very first Bitcoin startup in March 2015. The payment platform also received support from Level39 with Nicolas Steiner joining them as a Digital Innovator.

In July 2015, SatoshiPay won second place in Coinbase’s BitHacked V2 Hackathon. The Hackathon invited developers to design new applications with the use of Coinbase API. SatoshiPay was awarded a prize of $5,000 worth of Bitcoin. Winners in the Hackathon include Mailman (1stplace), Rebittance (3rd place), BlockchainME (4th place) and BitcoinDial (5th place).

The Bitcoin startup also raised a €160,000 worth of investment from one of Britain’s richest men Jim Mellon in September 2015. Mellon is the Co-Chairman of Kuala Innovations which is now called the Fast Forward Innovations Limited. SatoshiPay is the very first Bitcoin-related startup of the investing company.

In January 2016, SatoshiPay raised €360,000 worth of investment in another seed funding round from Coinsilium and Fast Forward Innovations Ltd. Coinsilium has also helped the company in implementing nano-payments as the main focus of their payment service.

In July 2016, Visa Europe collaborated with the Bitcoin micro payment startup for a concept that involves the integration of SatoshiPay to Visa’s card payment structure.

Recently this year, the startup nets a €640,000 which is nearly $700k worth of investment mainly from Blue Star Capital, an investment company based in the UK that focuses on technological innovations within media and gaming.

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