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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