Hive Uniqueness: Making Recurrent HBD Payments

in #hive-1679223 years ago

Did you know that you can make recurrent payments on Hive? Or more importantly, did you know that you can accept them?

This important feature was added in the last hard fork and does not get enough attention. With the recent focus upon HBD, it is time to highlight this vital feature. When it comes to commerce, especially online, recurrent payments are crucial.

For those who do not understand what this means, a recurrent payment is one that is scheduled once yet happens repeatedly. With Hive, we have the ability to schedule 12 payments.

This is ideal for the subscription model. We all signed up for something via this method, only to have our credit card billed each month.

It is a feature that, as far as I know, is unique to Hive, at least at the base layer.

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A Great Way To Pay For Business Expenses

One of the powerful use cases of HBD is as a medium of exchange. The ability to pay for needs goods or services is a part of the evolution of the stablecoin. For that reason, incorporating the recurrent payments feature could be helpful.

Let us say, for example, that one has a server payment due each month. Naturally, missing this is not something that is desired. Therefore, a company might want to set this up automatically so that it is worried about.

The feature is available in the wallet in some of the front ends. Here we will show PeakD.

We start the process by hitting "SEND" HBD in the wallet. The normal transfer window pops up.

Here is the first thing we notice.

recurrencthbd.png

The last one is a something that is powerful for the user. Anyone who tried to cancel a subscription that is tied to a credit card knows the hassle it can often be. Here we simply can cancel the payment.!

To set it up, we simply fill in the information like we are sending normally. However, we see this at the bottom of the window.

recurrencthbd.png

When we turn this one, we can see how the recurrent payment portion opens up. We now have the number of occurrences we can set. We also determine how often they are to take place.

recurrencthbd.png

In this example, the payment was set low enough at .001 HBD to enable a lot of payments. However, if it was kept at 2 HBD, the system would limit it to two transactions.

Nevertheless, we can see how this is easy to set up. Please note, the first payment will be sent immediately.

The Subscription Model

This is one of the most important business models in use today. Companies such as Amazon, Netflix, Apple, Tesla, and you local gym all utilize this model.

Having this available on Hive helps to set it apart. For the moment, it is vastly under utilized along with being rarely discussed. Since the hard fork, very little was said about it. This means that feedback was non-existent.

Certainly there are way to improve the system which should be coded in. However, to do that, the core developers (@howo in this instance) require some community involvement. To get to that point, we need to get some utility going.

Even in this form, businesses can start to utilize the feature. The schedule once, pay many feature can make people's lives a lot easier. Also, increased usage will give incentive to the front ends to update things such as notifications.

There are trillions of dollars a year in commerce done around the globe using this model. If cryptocurrency is going to take into it, we are going to have to offer the same features.

Hive is starting this process. With the rising interest in HBD, this is a feature at the base layer that is worthy of expanding.

Personally, the one aspect I could see changing is the inability to schedule if the total liquid HBD is not in the account. To me, as long as the double-spend cannot take place, users should be able to program in what is needed. Of course, if the funds are not there on the day it is to be sent, we can see system tries and then records a fail.

For example, presume a 100 HBD per month server expense. To schedule 60 payments means having 6000 liquid HBD. Why is this necessary? Unless there is something inherent in the base design of the blockchain, the scheduling should take place. Under this scenario, there would have to be 100 HBD available, which is sent immediately. After that, the balance needs to be at least 100 for the transaction to go through.

Using an example in a vacuum sounds a bit trying. However, if you think about a business, having 100 HBD in an account at any given time might not be a problem. However, having a large number at the time of scheduling could be. Thus, if the company is active, once their scheduling is set up, then the money will be there from simple operations.

What are your thoughts on this? Are there some use cases that you can think of where this is a handy feature? Can you see some ways to improve this feature on Hive?

Let us know in the comment section below.


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I've not been giving attention to this detail. We need that feature combined with group/community permissions. It's actually really tremendous, but we also need the End User Software to utilize it.

There are different ways to use it I am sure. This is about tossing it out there and allowing people to be creative with what they have.

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This is really quite interesting to know about because am just hearing this for the first time.

This is a really cool feature that I have been using for a couple of months now. I have a handful of things that I regularly send funds to and it has been a game changer not needing to remember to do it each month. I love it. The possibilities are endless!

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You've been using it? Nice.

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Yeah, it is pretty slick.

Wow. Never thought anyone was actually using this feature. This post is really an eye opener.

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We get used to holding and staking our Hive, so sending it out on a regular basis feels counterproductive sometimes, but it is a great system if you have a regular payment you need to make.

That is great that you are using it. As long as you have the money in liquid form, it works like a champ.

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Yeah, that is always the biggest problem for me. I am a typically a staking addict.

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LOL that presents a challenge of course.

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Didn’t know about this yet @taskmaster4450 that it was a possibility here.
Could come handy one day.
Thanks for the info.

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It is something for merchants to think about using.

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Yes, that’s a great thing for them.

Even for me… if for example somebody want to buy one of my original paintings via a down payment of x months.
But then on the other hand… they could stop it again without rules. And I don’t get payed. Could hold back the painting though until all is payed off. But that doesn’t make it attractive, or does it. Hhhmmm food for thought.

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That is true. There is nothing to stop them from stopping the payment. So there is a risk for that.

I think it applies more to subscriptions as opposed to a payment plan.

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Yes, you are right. Also other forms are still possible.
But subscriptions will work best.

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This is an important feature that I'm learning about for the first time which I see it will be quite useful. I have often said that in the world of Hive Learning is a must. We will miss out on a lot of things if we don't learn and constantly engage. Thanks @taskmaster4450

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It didnt get a ton of publicity on here. However, it was talking about leading up to the last hard fork.

For now, we have it so we can use it. Hopefully some are going to use this knowledge and figure ways to use it.

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I know it's a nice feature but I don't really know if there will be many services that I really want to pay for right now. Maybe when there are a few more options available. I do think the subscription model is great though because it gives people/businesses a way to generate income.

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It is the way that many businesses are set up.

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I did not know about this feature, and it sure can be very handy, although at the moment I won't use it, but with time it can be quite useful, when crypto payments become more mainstream!!

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It will be more for the merchants to employ in their applications. Hive has the ability to create subscriptions.

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Awesome Hive

I use the recurring transfer to support @combination's weekly draw in support of @papilloncharity ... It can be done right inside KeyChain which I find really handy.

This is great in premise but how do you pay a NON-hive user like a company with HBD and not $USD.

I love the thought but how do I send HBD to Netflix; does not compute

If I had a HBD based debit card then its game on

Beyond this is a feature that can be utilized by corporate organizations for management of financials of staffers.

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It sure sounds cool to me. But then it looks like a feather that only businesses would make more use of. Making recurrent transfers easily would surely save a lot of stress and like you said, it hasn't been talked about. I'm sure a lot of people don't even know that the HBD has such a feature.

Thanks for bringing it up 💪

I'd love to pay you 1HBD a month if you'd agree to comment on all of my posts P2P =)

😂😂😂

You'll have to make it 1Hbd per 3comments..that's surely good enough for me

That's not a native HIVE feature

1HBD monthly is a native Hive feature?

😏😏

sure, 2 or 3 would be too, but are you that good? Who knows...

Well I'm not that bad either...so who knows ...

Now that is innovation being applied to the different features on Hive.

Love to see it.

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It is how a lot of the online works. So it is a positive that we have it on Hive.

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The last one is a something that is powerful for the user. Anyone who tried to cancel a subscription that is tied to a credit card knows the hassle it can often be. Here we simply can cancel the payment.! — this is quite an amazing feature of Hive’s uniqueness. I can relate to the rigorous processes involved in canceling a subscription tied to a credit or debit card , sometimes it always seems like they don’t want you to let go ! One of many reasons the fiat system irks me .

Well like you said, this is not often talked about, it could be the buzz of HBD it could be that many people hasn't figured out how to go about it, I'll be looking for more posts that talks about it. Thanks for letting me know about this.

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It is an added feature that exists on Hive.

We have many things that are setting us apart.

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Another cool feature that eases the need to do any recurring payment manually.

There are a lot of them. LOL

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Recurring payments such as subscription based is HUGE for business and adding that into HBD I think can be a powerful thing. It's just going to need some better UI and less manual inputs such as a subscribe or membership button on 3speak would be pretty dope or added into some of the front ends.

It would be interesting for the front ends to add it to their own services. That could create a host of new possibilities.

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Learning about stuff on here all the time and is great to see this being possible. I can see this having it's advantages especially if you are all in crypto.

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There are a lot of features that are unique to Hive. It is just a matter of getting the word out there.

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Very well, I think I do see that anytime I wanted to send some HBD to another person. It works like autovote or something like that. For now, I do not use it but like you said, it would be okay for business purchases that may be performed constantly.

Wow how interesting, I am surprised by the level of progress we have made in hive, the truth is that I did not know about this function of scheduled payments, I appreciate the information, I see that every day the use of cryptocurrencies comes to make processes easier for us than in traditional systems They are so complicated and Nothing beneficial, what I would like to know is about the providers that accept payment on hive, I will still be attentive to start experimenting at any time, thanks!

Yeah it was something added in the last hard fork.

It works for both HBD and HIVE.

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How much ownership can we ever have if not for Hive paving a way to help see things in a whole new way.

I was just thinking about how much this can impact in a lot of ways, either to support a family weekly or a friend every month.

I'm going to find ways to get the best out of this feature, been overlooking it for a while now.

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Same, we should utilize that!

There are a lot of use cases. I write a lot of these articles so make people aware of what is available.

The community can then innovation and share their experiences/ideas.

That is how we get things going and discussions taking place.

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We sure need to keep talking about all these things.

Most are new to us and it takes time to get used to everything that's going on.

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Yes we do need to keep talking about them. If not, people do not understand what is available.

Hence we are looking at spreading the word so more are understanding of the different aspects of what are taking place here.

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We sure need to spread the word, it's not easy to catch up on everything that going on here talkless of newbies just getting by.

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I had no idea this was an option. It's awesome being part of this growing expanding blockchain! Well done blockchain developers!!! Go Hive!!!

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Whoever is directly controlling the V2K told me to kill myself.
They told me if I killed myself now it would save the lives of countless others.
Saying the longer I wait to kill myself the more people will suffer.


They are reckless and should have shown the proper media what they had before taking me hostage for 5 years. I know there are many in prison that dont deserve to be there because of this. Your stay in prison will not be fun @battleaxe and friends. People are going to want you dead when they find out what you did. I hope you die a slow painful death. You sick mother fuckers.

https://peakd.com/gangstalking/@acousticpulses/electronic-terrorism-and-gaslighting--if-you-downvote-this-post-you-are-part-of-the-problem

Its a terrorist act on American soil while some say its not real or Im a mental case. Many know its real. This is an ignored detrimental to humanity domestic and foreign threat. Ask informed soldiers in the American military what their oath is and tell them about the day you asked me why. Nobody has I guess. Maybe someone told ill informed soldiers they cant protect America from military leaders in control with ill intent. How do we protect locked up soldiers from telling the truth?

Worth mentioning that recurrent_transfer is totally different type of operation and there is no exchange that supports it. So everyone, please be aware that you could lose your assets if you decide to periodically transfer your funds using this operation to the exchanges. Please don't. It might change in the future but it requires a lot of work with exchanges' devs.

good point, you clearly a dev :D

;)

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Good point. Best to stick with this internally and for on chain activity.

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Yup, that's how I lost a couple of 100 Hive, last year, when I tried this out to send Hive to Binance, three weeks in a row ( to automate things when on holidays ). I then found out the Hive hadn't arrived and soon learnt this recurring transfer didn't work to send to exchanges.

Luckily, I only lost the first payment and I could cancel it.

I like the idea to use it to send HBD for some kind of subscription but would be more tempted to do so if there was a reward for keeping HBD liquid. These days I am way to tempted to move my HBD to savings immediately after receiving it.