Getting Cryptocurrency Q&A: Can You Use Cryptocurrencies for Recurring Payments?
Why aren’t we utilizing cryptocurrencies, like bitcoin, for recurring funds like memberships and subscriptions? As a result of cryptocurrency funds are push programs, not pull programs. Watch this video to be taught the distinction between push and pull programs and why cryptocurrency recurring funds are higher fitted to layer 2 options, just like the Lightning Community.
00:00 Why is not bitcoin used for memberships, subscriptions, and different recurring funds?
00:50 Push vs pull funds
02:42 What it’s essential to arrange recurring cryptocurrency funds
03:37 Utilizing the Lightning Community for subscription based mostly companies
The most effective issues about bitcoin and most open public cryptocurrencies is that every cost needs to be permitted by the proprietor. Not like a bank card, nobody can pull funds from my bitcoin or ether account. However why? The structure of those programs, together with Bitcoin, requires the proprietor of bitcoin to signal a transaction with their personal key, each single time. However this does not imply that you could by no means use cryptocurrency for recurring funds. In reality networks such because the Lighting Community may fit very effectively for subscription based mostly companies.
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Another awesome video!
I guess you could keep most of your crypto on non-custodial cold wallets and every month have a calendar reminder to load more money into the custodial hot wallet, like loading money into a prepaid card.
This is where Trust Swap comes in
btcpay has a pull system
Trust Swap is solving this
Thanks Andreas, that's a great overview of the issues. I was expecting you to also mention ERC-948. There's an interesting discussion on github for anyone that's interested.
Could (for example) Ethereum run a periodic push system through smart contracts? Or is there still a key issue?
All doable without the need of any altcoins. It can be done with bitcoin over Lightning network ⚡
If I lose my wallet. Where do I call?
Noteblockchain," just post a content whatever it is and wait someone for the tips"
Note Social is actually in the process solving some of these issues. You should give it a look.
I'm using Note Blockchain, think like a Monacoin but with a working phone App and different algo. Social media based, you can tip users or earn tips yourself by posting content, censorship free too.
Note Blockchain, post your content, get tipped in crypto.
No need to go off platform, no fees (besides mining), no subscriptions, tip as much or little as you want, and you receive funds as soon as transactions are confirmed.
@aantonop: wouldnt Sablier solve the issue?
Hi @aantonop, you actually can mimic subscription payments with bitcoin scripting, layer 1. I don’t know why bitcoin scripting is not being used so much, but its possibilities are great.
Yes, I stand behind the philosophy of "push" systems. First it prevents any 3rd party custodial mechanisms from zeroing out your balance (or putting you in negative balance in the case of conventional bank accounts). Second, it forces the user to be more disciplined and directly involved with their own transactions, asserting best practices of handling one's crypto wealth. Opening hot wallets with open channels, is hands down the best solution for recurring payments, since one has to actually open the channel, and actually have or transfer their crypto assets into that channel.
is there any defi dapp that is doing trying to do subscriptions ?
anyone knows any ?
the only i have heard is trustswap but i dont know if its scam yet or not.
Not even btc meet up accepted it, to slow and expensive to move our kids will use xrp
trustswap
first