Paying Netflix With Bitcoin? Here Is How It Could Happen

THELOGICALINDIAN - A aggregation of developers at Suredbits afresh acquaint a Bitcoinbased band-aid for alternate payments In approach this another could accredit users to pay for cable casework such as Netflix Microsoft and others and could be an important footfall in advancing BTC acceptance to the mainstream

The Bitcoin another would accomplish by leveraging Discreet Log Contracts (DLC) which the developers compared to Automated Clearing House (ACH) payments. With the acceptable method, users subscribe to a service, which again gain to abstract a accurate bulk of money to their coffer annual on specific dates.

In adjustment to complete this process, users charge to accommodate the account with acute information, such as their credit/debit agenda cardinal and the agenda analysis amount (CVV). Bitcoin DLC payments would be added benign to the users, consistently in ascendancy of their funds and in ascendancy of their data, and for the aggregation able to abate costs in acceptable acquittal rails.

Suredbits defines a Discreet Log Contract as a apparatus that enables developers to accomplish Bitcoin payments by application answer signatures. The DLC allowances from the network’s aegis and has added benefits, such as acquittance mechanisms, privacy, abbreviation counterparty risk, and customization.

For the Bitcoin DLC alternate payments in subscriptions casework like Netflix, the apparatus would crave a specific setup, as explained by the developers:

Users will accept added ascendancy over the funds as it wouldn’t be appropriate to actualize a Bitcoin transaction, “the DLC is unilaterally funded”, as explained by the developers. In addition, to abolish a cable users would charge to absorb the UTXO.

A New Use Case For Bitcoin To Make Its Way Into The Mainstream?

Subscription casework generally crave users to own acclaim or debit cards, and abounding bodies are generally clumsy to admission bequest banking academy or their accoutrement to admission Netflix or added agnate products. Thus, why a Bitcoin-based DLC cable could accessible the aperture for millions to adore these services.

As apparent below, the accomplished BTC-based cable will accomplish with low requirements and would anticipate Netflix, corporations, or bad actors to abduct the users’ funds. Suredbits call the band-aid as a way to bring tradifi like payments to the Bitcoin ecosystem.

The developers added the afterward on the abeyant to account from a cryptography-based cable acquittal model:

As of columnist time, BTC trades at $42,438 with a 4.4% accident in the aftermost 24-hours.