Author: Stephane Brossier 2014-01-29 02:47:20
Published on: 2014-01-29T02:47:20+00:00
This proposal outlines a protocol to allow recurring payments in Bitcoin, extending BIP-0070. The idea is that customers can subscribe to a service and then have their wallet make regular payments without intervention as long as they match the agreed payment schedule. The proposal notes that this approach allows users greater control over their subscriptions compared to traditional payment methods. The process involves a series of steps, including initial subscription creation, ongoing payments, subscription changes, and cancellation. The proposal suggests adding usage-based billing and hints for when wallets should poll for payments. The merchant would need an entitlement system and dunning system to manage overdue accounts. This proposal is open for feedback and comments.
Updated on: 2023-06-08T01:55:08.630962+00:00