bitcoin account with routing #?

[Alley]

Will a exchange or bitcoin bank or whatever you want to call it, ever be able to have a routing number so you can pay monthly expenses?  Like i pay my electric bill online and the correct amount gets convirted to fiat and withdrawn.

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[Lauda]

Well I think that it is possible, however this isn't going to happen quite soon. I'm pretty sure that it could happen if the company wants to have such a means of payment.
It could also happen if Bitcoin replaces the current monetary system (unlikely). However, I do see some sort of 'Bitcoin bank' that automatically deduces your balance and does the paying for you in the future. That shouldn't be too hard to implement.

[czechkid]

I dont see the need for that. Just remember when to pay. Just the idea that someone is allowed to take money from you automaticly is nasty

[Alley]

Most company's don't accept bitcoin.  However if you had a routing # it would open up ways to almost pay for anything with bitcoin.

[dothebeats]

Will a exchange or bitcoin bank or whatever you want to call it, ever be able to have a routing number so you can pay monthly expenses?  Like i pay my electric bill online and the correct amount gets convirted to fiat and withdrawn.

It could be done but however I don't see it being implemented sooner or later because apparently there are a few to almost no services (electricity, water, and utilities) that are accepting bitcoin as payments. Well if this ever happened, it's nice to pay bills instantly without going to their service center (like what I'm doing every month.)

[unamis76]

Are you referring to something like this? Never used their service, so I can't vouch for them, but it seems really interesting.

[jonald_fyookball]

routing numbers are something that banks use.  It has nothing to do with the Bitcoin network or protocol.
Bitcoin has addresses.

[Alley]

I don't think you guys quite get what I'm saying.  Let's just say for an example your circle account has a routing number.  So you could pay for services and they wouldn't even know their accepting bitcoin.  So your circle account can act as a fiat bank as well as bitcoin bank and instantly convert.  This is just a example to illustrate what I'm trying to say.  Not saying circle should do this.   Would this even be possible?

[jonald_fyookball]

sounds like youre talking about like an ACH debit payment method... That requires also a bank account number.
It would be theoretically possible but seems like it would require the company to have a seperate bank
account or at least account number for each customer, which would be probably impractical. 

I do know there are bitcoin debit cards.

[Alley]

Ya the fees totally defeat the purpose of bitcoin imo on debit cards.

[odolvlobo]

I don't think you guys quite get what I'm saying.  Let's just say for an example your circle account has a routing number.  So you could pay for services and they wouldn't even know their accepting bitcoin.  So your circle account can act as a fiat bank as well as bitcoin bank and instantly convert.  This is just a example to illustrate what I'm trying to say.  Not saying circle should do this.   Would this even be possible?

Coinbase has a way for a merchant to do subscriptions. The customer must keep enough in their Coinbase account to cover a payment.

[pooya87]

this can be done through a third party. a service like coinbase or circle that don't give you your privatekeys and you just store bitcoin in your account instead of bitcoin address, can do this.
there can be a service that converts your bitcoin into fiat with a simple api that you can get from any exchanger yourself, and then pays the bills or whatever you want with that money.
i think bitcoin debit cards do the same process at the moment.