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.

This query is from the bonus reside stream on incomes crypto, which happened on Jun thirteenth, 2020. In order for you early-access to talks and an opportunity to ask questions within the month-to-month reside Q&As with Andreas, grow to be a Group Builder on Patreon:

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Lightning Q&A: What are probably the most thrilling new Lightning Community options? –

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  1. 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.

  2. 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.

  3. 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.

  4. 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.

  5. 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.

  6. 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.

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