Monthly Automatic Payment using Bitcoin?

sakbahagiaku

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Quote from: Sithara007 on October 28, 2020, 01:09:00 AM

Quote from: sakbahagiaku on October 27, 2020, 10:25:56 PM

Bitcoin as an automatic monthly payment will be of great help, but transaction fees that change frequently (depending on transaction density) should be considered, as they can be very expensive.

Apart from the transaction fee, the volatile exchange rate is also a big concern. It is definitely possible for the exchange rates to do down by as much as 80% or 85%, as we experienced first hand during 2018. In such instances, making automated monthly payments using Bitcoin can be tricky. Because if the exchange rates go down, you need to spend more BTC to make the payment each time.

Yes, I totally agree with you. Now the question arises in my mind, how do I make bitcoin have its own value without being affected by fiat money, especially the US dollar, to be honest I want bitcoin to stand alone to be the center of the exchange rate.

The Cryptovator

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Quote from: crwth on October 27, 2020, 09:47:14 AM

Maybe if you have a custodial wallet that supports automatic recurring payments, perhaps you could set it up there. Most of the banks have that kind of feature; perhaps there are custodial wallets in your area that could do that as well.

If I am not wrong then there is no such as custodial wallet who has been offering such as payment system. Even there is, so what is the difference between using a custodial wallet and using banks for monthly payments? The only difference is, by using a custodial wallet you are directly paying via BTC, nothing else. Also, there is a question about Bitcoin price during payments it would be direct BTC or calculate in USD. So, it would be quite a complicated service for a custodial wallet.

Josefjix

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yes

Quote from: jaydencheong123 on October 26, 2020, 10:34:57 PM

Hi everyone, I am new to bitcoin.

Welcome on board, new adopter. It is nice to have you around this wonderful invention. Roll Eyes

Quote

I am wondering if Bitcoin or any other cryptocurrency supports monthly automatic payment deduction from your wallet to the designated party?

Thank you.

If you're holding your bitcoin in offline wallet, they wouldn't be deduction of any kind from your wallet however its value in USD might reduce/increase with respect to the market price at when you're checking either daily, weekly, monthly or annually.
I don't know if any other Cryptocurrency aside bitcoin was programmed to do so.

Sithara007

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Quote from: sakbahagiaku on October 27, 2020, 10:25:56 PM

Bitcoin as an automatic monthly payment will be of great help, but transaction fees that change frequently (depending on transaction density) should be considered, as they can be very expensive.

Apart from the transaction fee, the volatile exchange rate is also a big concern. It is definitely possible for the exchange rates to do down by as much as 80% or 85%, as we experienced first hand during 2018. In such instances, making automated monthly payments using Bitcoin can be tricky. Because if the exchange rates go down, you need to spend more BTC to make the payment each time.

FinneysTrueVision

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BTCPay server has a pull payments feature that allows you to pay for subscriptions or anything that requires a recurring payment. It is not completely automatic because you still have to approve the payment for the funds to be sent to the person who is requesting to withdraw from your wallet.

sakbahagiaku

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Bitcoin as an automatic monthly payment will be of great help, but transaction fees that change frequently (depending on transaction density) should be considered, as they can be very expensive.

cloirecrom

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It's very possible to use cyrpto as automatic payment
The currency itself doesn't support it. except we are talking ethereum with Smart Contract
You just need to find payment gateway that support cyrpot and have this feature.
BTw paypal have just adopted BTC

mangsitin

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bitcoin is not a bank and bitcoin is not a conventional system like fiat, every month there is no deduction for administrative fees. But you should know that bitcoin fluctuates very quickly, and it changes the value of your investment quickly. bitcoin only requires a fee for transactions if you want to send bitcoin to other people. and it's easy and safe.

sunsilk

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Even if this option was available, I don't think many people would be interested in it.

There will be for sure, the usage for this feature is helpful for those who are involved in such business. AFAIK, this what the tokens/coins that have dividends for their holders, they automatically send it with a set time that they have to distribute their holders profit.

Like what everyone said for the feature of bitcoin, in its own, it's unlikely but if you cater to some service that offers this kind of feature. You are relying to another party but not entirely with bitcoin who will do it automatically.

Yatsan

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Quote from: mich on October 27, 2020, 01:22:57 AM

Quote from: jaydencheong123 on October 26, 2020, 10:34:57 PM

Hi everyone, I am new to bitcoin. I am wondering if Bitcoin or any other cryptocurrency supports monthly automatic payment deduction from your wallet to the designated party?

Thank you.

For your own safety of your funds I do not believe this is possible with any crypto supported wallets.

May I ask you why you need to do automatic payments in Bitcoin? It only takes you a few steps to send it.

I suppose if you are like me and might forget to make a payment it could be beneficial but the last thing you want is to lose your coins from trying to be convenient.

Same thing applies. Why bother taking such automatic payment to be convenient when you can at least take a few steps to be able to make payments done by yourself. Maybe it would be appreciated doing such automation if you are really a busy kind of person and you are forgetful about the monthly payments you must pay. But if you are having such a good time wherein you can just do manage your stuffs arranged by yourself, then just do it.

It is indeed right that it might be just possible to expect worst things to happen like losing your coins setting your wallet into automatic payment option for the price of Bitcoin is volatile and not being fixed can just cost you possible big amount to spend. So instead of dealing with automatic features, better just manage dealing it by yourself well you can at least monitor and it is just a few steps away so there will be no hassle at all.

pooya87

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Quote from: 20kevin20 on October 27, 2020, 10:01:26 AM

Quote from: pooya87 on October 27, 2020, 01:18:32 AM

create a P2SH address from this and fund it at the beginning of the month. at the end of the month the receiver can easily spend the coins in this address. the second clause above is for receiver to take back their money if it wasn't claimed after 30 days but only be able to claim it after 31 days.

I was interested in doing what OP wants a while ago, but I have some unanswered questions and I don't think they're worth a new thread:
- Is the code you provided the same thing as Timelock, or is it something different? And if it's something different.. why would Timelock not be better than your script in OP's case?
- Do Timelocked transactions get mined (confirmed) as soon as you broadcast them, or do they only get mined once the block height you set for unlock has been reached?
- Can I use RBF to cancel a Timelocked tx before the set block height has been reached, or is there no turning back?

- yes it is. it is using BIP-65 combined with OP_IF and OP_CHECKSIG
- the transactions are mined when the locktime value inside the script is passed. if it were anything else then "locktime" would have been useless.
- you can't cancel any transactions with RBF. you can only replace them. as long as a transaction is not confirmed and you can provide a valid signature script in a new tx and satisfy the RBF requirements, it can be replaced. note that the funds would be already locked up in the P2SH output and can only be spent if the locktime is reached, RBF doesn't do anything in this case.

(o)(o)ilikeboobs(o)(o)

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Quote from: mk4 on October 26, 2020, 11:51:53 PM

I'm pretty sure Ethereum has the capability of this(because smart contracts). With bitcoin though? I'm pretty sure it isn't possible by default on the main chain, though available through an app made specifically for this(as odolvlobo said), and probably through second layer platforms.

We can wrap Bitcoin in other blockchains and execute smart contracts to make bitcoin payments automatic. While it is not easy for everyone to accept payment for something other than the original Bitcoin but this is the best and easy way right now.

ethereumhunter

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Bitcoin is different than other payment processors. With the bitcoin price always change, I don't think that when the automatic payment can adjust the amount by itself. Besides that, if the bitcoin amount in the private wallet, the owner needs to verify the passcode to send the transaction, so I don't think that bitcoin can be used for automatic payment.

If you want to use automatic payment, you can select the other payment processors because it will be fixed and not change from time to time. The fluctuating price will be what we need to consider because bitcoin will change the price every day.

20kevin20

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Quote from: pooya87 on October 27, 2020, 01:18:32 AM

create a P2SH address from this and fund it at the beginning of the month. at the end of the month the receiver can easily spend the coins in this address. the second clause above is for receiver to take back their money if it wasn't claimed after 30 days but only be able to claim it after 31 days.

I was interested in doing what OP wants a while ago, but I have some unanswered questions and I don't think they're worth a new thread:
  - Is the code you provided the same thing as Timelock, or is it something different? And if it's something different.. why would Timelock not be better than your script in OP's case?
  - Do Timelocked transactions get mined (confirmed) as soon as you broadcast them, or do they only get mined once the block height you set for unlock has been reached?
  - Can I use RBF to cancel a Timelocked tx before the set block height has been reached, or is there no turning back?

crwth

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Maybe if you have a custodial wallet that supports automatic recurring payments, perhaps you could set it up there. Most of the banks have that kind of feature; perhaps there are custodial wallets in your area that could do that as well.

To be safe, I suggest a to-do list app or a reminder every time you need to pay that designation and make sure you have control of your funds.

nelson4lov

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Quote from: ?? on ??

Even if this option was available, I don't think many people would be interested in it.

I'm quite sure we would have people who would prefer such features / compatibility on Bitcoin. Part of the reason why Ethereum got really popular since it's release is because of its smart contracts that allows for automatic settlements if certain conditions are met.

Even if individuals won't appreciate such features, I'm sure orgs and companies that pay their employees with BTC will appreciate it. They can just load it at the beginning of the year and let it recurring till the end of the year. So it'll come in handy.

Darkelf11

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I haven't encountered any of cryptocurrency's automatic deduction from wallets. It can be a good feature in a wallet because less hassle and more convenient for you because you will not make payments every now and then. But, my only concern here is how sure are we that there will be no problem that we may encounter if we choose the automatic payment like some glitch in the system? For example, you enable the automatic monthly payment and the next day when you woke up, you lost all of your bitcoins. Transactions in bitcoin are irreversible so, I think it is better to choose the manual payment because it is safer.

YOSHIE

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Quote from: mich on October 27, 2020, 01:22:57 AM

May I ask you why you need to do automatic payments in Bitcoin?

Yes I want to ask the same thing to: OP, good you ask first.

So, another question for the OP.
• In what form do you pay monthly.
Is it credit, loan, or goods.
• whether the other party, has a monthly payment terms with Bitcoin.

Why don't you just choose to pay with money in your country through the bank, you will be charged very cheap shipping costs and you can consult with the bank if there are problems.

OP, if you make transactions with Bitcoin like others say, there is a reduction in shipping costs by the wallet company that you use, it applies every time you make a transaction, it doesn't have to be monthly, it applies anytime if you make a transaction.

mich

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Quote from: jaydencheong123 on October 26, 2020, 10:34:57 PM

Hi everyone, I am new to bitcoin. I am wondering if Bitcoin or any other cryptocurrency supports monthly automatic payment deduction from your wallet to the designated party?

Thank you.

For your own safety of your funds I do not believe this is possible with any crypto supported wallets.

May I ask you why you need to do automatic payments in Bitcoin? It only takes you a few steps to send it.

I suppose if you are like me and might forget to make a payment it could be beneficial but the last thing you want is to lose your coins from trying to be convenient.

pooya87

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Quote from: odolvlobo on October 26, 2020, 11:44:08 PM

The Bitcoin protocol itself does not have that capability, however there is no reason why that functionality couldn't be implemented in a wallet.

we could bend over backwards a little bit and implement it using the bitcoin smart contracts.
but since bitcoin scripts don't have the option to access the "amount" field of input or output the payer has to make deposits into the address with the amount they want to pay at the beginning of the time and the receiver can spend it at the end of the time. it woks something like this:
Redeem script:

Code:

OP_IF
   OP_CheckLockTimeVerify OP_DROP 
OP_ELSE
   OP_CheckLockTimeVerify OP_DROP 
OP_ENDIF
OP_CHECKSIG

create a P2SH address from this and fund it at the beginning of the month. at the end of the month the receiver can easily spend the coins in this address. the second clause above is for receiver to take back their money if it wasn't claimed after 30 days but only be able to claim it after 31 days.

Topic: Monthly Automatic Payment using Bitcoin? (Read 320 times)