Author: Mike Hearn 2014-02-11 16:24:12
Published on: 2014-02-11T16:24:12+00:00
The email thread discusses a proposed protocol to enable recurring payments in Bitcoin, which is an extension of BIP-0070. The protocol aims to allow customers to pay for subscription-based services in Bitcoin without intervention, as long as the payments match what the customer agreed on paying. The flow of operations involves creating the subscription, ongoing payments, subscription change (optional), and cancellation of the subscription. The wallet is responsible for polling the merchant for due payments associated with the subscription, and the wallet needs to get the latest invoice balance to make sure how much it should pay. The email also mentions the need to consider data structures to define the payment schedule and whether to allow pre-submission of time-locked transactions or not. The developers have committed a prototype implementation of the protocol using bitcoinj, and they are seeking feedback before further implementation.
Updated on: 2023-06-08T01:53:31.369145+00:00