Why aren't we using cryptocurrencies, like bitcoin, for recurring payments like memberships and subscriptions? Because cryptocurrency payments are push systems, not pull systems. Watch this video to learn the difference between push and pull systems and why cryptocurrency recurring payments are better suited for layer 2 solutions, like the Lightning Network.

00:00 Why isn't bitcoin used for memberships, subscriptions, and other recurring payments?
00:50 Push vs pull payments
02:42 What you need to set up recurring cryptocurrency payments
03:37 Using the Lightning Network for subscription based services

One of the best things about bitcoin and most open public cryptocurrencies is that each payment has to be approved by the owner. Unlike a credit card, no one can pull payments from my bitcoin or ether account. But why? The architecture of these systems, including Bitcoin, requires the owner of bitcoin to sign a transaction with their private key, every single time. But this doesn't mean that you can never use cryptocurrency for recurring payments. In fact networks such as the Lighting Network may work very well for subscription based services.

This question is from the bonus live stream on earning crypto, which took place on Jun 13th, 2020. If you want early-access to talks and a chance to ask questions in the monthly live Q&As with Andreas, become a Community Builder on Patreon:   / aantonop  

Related Videos:
Bonus Livestream Session - How to Earn and Sell for Crypto -    • How to Earn and Sell for Crypto inclu...  
Lightning Q&A: What are the most exciting new Lightning Network features? -    • Bitcoin Q&A: What Are the Most Exciti...  

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