Review 31 – SatoshiPay For Readers

SatoshiPay For Readers

Some time ago I wrote in Education 10 – Earning Bitcoin about various ways one could earn bitcoin instead of buying it. To earn it directly, in my opinion, is yet another way one can close the circle and live on Bitcoin. One of the ways I was excited to see explored was to write posts and, instead of relying on tips or ad revenue, charge small amounts to the audience to read content. So, readers, I’m going to try an experiment.

satoshipay_1This post is about SatoshiPay, a service that allows me to charge a small amount for my content instead of relying on ad revenue. I decided that, for the second half of this post, I will remove all advertisements and allow my readers to decide: Ad Revenue or SatoshiPay.

satoshipay_2SatoshiPay is a Content Payment Solution. They compress micropayment transaction fees to process nanopayments of $0.01 US or less. It works without software download or sign-up from the user. Payments are instant and the user’s wallet balance is available on whichever site integrates their widget. Let’s see how it works.

satoshipay_3On their site, they have a demo. There’s not much in the way of instructions, but they seem to assume we’ll figure it out.

satoshipay_4I moused over the info icon next to the “Pay 2K” button. It says “Click to pay 2000 satoshis and see content”.

satoshipay_5I clicked on the “Pay 2K” button and it tells me I’m out of funds. It appears I need to fill up.

satoshipay_6I clicked on the “lets [sic] get you filled up” link and a slide-out appeared to top up my SatoshiPay wallet. The smallest amount I could put in it appears to be 50,000 satoshi, or roughly $0.21 US. There are options to pay directly using a QR code or address or to pay with Coinbase.

satoshipay_7I sent 0.0005 BTC to SatoshiPay as a test because I haven’t signed up for anything and I’m not sure how they’ll know that this 50,000 satoshi are mine. That, and because mine is the only site I know of that uses it so far.

satoshipay_8Very quickly, before I could even get a screenshot, it faded the QR code and replaced it with a green check mark. It said something about success and the slide-in went away. That’s when I noticed this little orange circle around my Google Hangouts icon in the lower right portion of my screen.

satoshipay_9It seems that this is a SatoshiPay meter, showing that I have 50K in my SatoshiPay wallet.

satoshipay_10I clicked on it and it give me a more detailed view, showing that I have an even 50,000 satoshi. There’s also an information icon to explain, “What is this?”, a settings button, and an icon to top up if my wallet is getting low.

satoshipay_11I opened up the “What is this?” link and it explains, again, what SatoshiPay does. It also explains that SatoshiPay lives in your browser, so there’s no sign up. I’m assuming this is cookie based, which isn’t really secure. It also means it can’t be used in incognito mode. I have been informed by SatoshiPay that it uses local storage, not cookies. You can use it in incognito mode, but you need to back up your wallet before you shut the window if you don’t use your whole balance. It tells you to backup your wallet, even though it’s pocket change, before you uninstall or clear your browser so you don’t loose [sic] your funds. This is good advice, so I set out to find out how.

satoshipay_12Well, that wasn’t hard. I opened up the settings button and there are two options. One to auto-pay. Not a fan here, but I may change my mind if SatoshiPay becomes more widespread. The information button says “Pay as soon as item is visible”. I don’t think I really want to do that. I can just see sites putting up random crap behind SatoshiPay in order to leech payments from people. This seems like a bad idea, removing choice. I’ll leave that off for now. In speaking with SatoshiPay I was told that they plan to introduce more granular control for this feature, like per site, maximum amount per time frame, and maximum amount per site.

satoshipay_13The setting I came to find was the wallet backup. I clicked on Back Up Wallet and it popped up a private key in wallet import format. It says that you can use this key to import your SatoshiPay Bitcoin wallet in the future. I’m not certain if they mean use it to make a new instance of SatoshiPay use this same Bitcoin wallet, or if they mean get my funds out of this old one into a new instance of SatoshiPay. Maybe it’s a feature that’s not installed yet.

satoshipay_14Either way, don’t go flashing it around. It really is a private key. I imported it into Mycelium to keep it safe.

satoshipay_15And it works just as expected. This means you could top up your wallet by transferring between wallets on your own device instead of having to pull up the SatoshiPay slide-in.

Just for reference, the Top Up button pulls up the same slide-out and wallet that I initially used to send bitcoin into my SatoshiPay wallet. As I hate the idea of using the same addresses all the time, I can see myself clearing this cookie and reloading from time to time.

satoshipay_16I went back to the demo and decided to pay 2K satoshi to the demo to uncover it. I clicked on the “Pay 2K” button again. There was a little circle wait icon that popped up and this was uncovered.

satoshipay_17My SatoshiPay icon dropped to 48K and it gave me a warning to backup my wallet.

That’s it for how SatoshiPay works for readers. I have to say I think this service is awesome. If you’re interested in the rest of the review, how it works as a publisher, set up SatoshiPay and go to Review 32 – Satoshi Pay For Publishers.

Posted in Payments, Reviews, Services

2 comments on “Review 31 – SatoshiPay For Readers
  1. Hi, great website and very useful information!!! Thanks for the nice review!!
    Where on your site can I try out paying with SatoshiPay?

    • subcypher says:

      Thank you! I’m glad you liked it. Part two of the SatoshiPay review, titled SatoshiPay For Publishers, will post 4/20. It will feature the first use of SatoshiPay by this site.

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