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Author Topic: How Bitcoin can provide Subscription Auto Renewal solution  (Read 174 times)
tranthidung
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September 22, 2023, 01:09:57 PM
 #21

When using Locktime, the transaction is not valid before it reaches a certain block (or date). No miner can change that.
When I read it, I am fearful if I use nLockTime but searching clears my fear.

Can a scheduled transaction with nLockTime be cancelled. It can be cancelled so no risk to use nLockTime for inheritance but if anything change like emergency, I can cancel it to use.
Quote
A transaction with nLockTime set cannot be spent (or even put on the block chain) until either the blockheight or time is reached. In the meantime, the transaction can be cancelled by respending any of the UTXOs that make up the transaction.

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September 22, 2023, 02:43:48 PM
 #22

I guess this can be possible if the wallet of the user is a centralized platform offering an auto debit to their accounts; like the digital wallets to today, they are offering favorite features through billing, transfer, and other transaction that adds the credentials and makes an auto debit or pay to those once the designated day occurs, but currently cant seen a platform providing this kind of offer. But if this happen its really more convenient to the people who make a transfer for payments.

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pawanjain
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September 22, 2023, 04:06:46 PM
 #23

In many cases, we keep the Auto Renewal system on at various places so that when the subscription period of this item expires, the time is instantly renewed.  This is possible because the bank is a centralized platform and has an authority team to manage it.  But if Bitcoin is accepted for payment like Debit/Credit Card everywhere around the world.  In that case how Bitcoin can provide auto renewal system where we use non-custodial wallet to hold Bitcoin.  Which has full access to us, no one can control it if they want. what to you think about it. How Bitcoin can provide Subscription Auto Renewal solution?

If you are so lazy with your money then you shouldn't be using bitcoin at first place. Bitcoin is created to own your money.
You should be the only way you are spending your money. If any automation method or central authority is doing it for you then you shouldn't blame anybody else in case of any mishappening.
Time locked transactions are  a good alternative though. So that is the only solution for the time being if you are stubborn with what you are looking to achieve.

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