, 6 tweets, 1 min read Read on Twitter
1/ So I think a lot about the limitations of Bitcoin. Bitcoiners tend to have trouble seeing them. But I think that giving fiat it's due credit, credit cards their due credit, and online services like Venmo and Paypal their due credit is important.
2/ So here we go. One of the things that Bitcoin is terrible at is monthly service payments. It is internet cash so it's not like I can set it up for monthly pulls without a bank. But I do think there is a schema in which you could use it for monthly payments without a bank.
3/ A company could require a credit card on file for the purpose ensuring continued service, but through email or text or some other communication medium, they could invite Bitcoin payments from customers to pre-fund the coming credit card payment.
4/ If a customer pre-funds their account, there would be no credit card withdrawal. If a customer does not, the system would fall back to the credit card. This sort of dual system is a bit like a gas station offering a discount for cash.
5/ And while I don't think that Bitcoins are necessarily cheaper (generally takes a percentage or 2 to get in and out), it moves the burden of the cost of the payment mechanism to the consumer, not on the vendor.
6/ I know that this isn't a revolutionary idea. But take it from someone steeped in subscription payments, this would be an elegant method of incorporating Bitcoin into subscription payments w/o requiring traditional escrow. It's Bitcoin with an insured credit card backup.
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