BitShares

Back in <a href="https://github.com/bitshares/bitshares-ui/commits/develop/app/components/Showcases/DirectDebit.jsx" rel="noopener noreferrer nofollow">2019</a> the Bitshares blockchain implemented decentralized direct debit functionality, enabling automated periodic payments to the payee.<h2 id="header-0">Where to find the direct debit function?</h2>Navigate to the <a href="https://bts.exchange/#/direct-debit" rel="noopener noreferrer nofollow">direct debit</a> page located in the Bitshares <a href="https://bts.exchange/#/spotlight" rel="noopener noreferrer nofollow">spotlight</a> page, you&#39;ll see a blank direct debit table:<a href="https://images.hive.blog/1536x0/https://academy-public.coinmarketcap.com/optimized-uploads/0bdf8d5369804e579b81b25b6dc26e90.png" rel="noopener noreferrer nofollow"> </a><img src="https://academy-public.coinmarketcap.com/optimized-uploads/0bdf8d5369804e579b81b25b6dc26e90.png" />To proceed to create a direct debit, click the create authorization button:<a href="https://images.hive.blog/1536x0/https://academy-public.coinmarketcap.com/optimized-uploads/a9e7a86b1a774fdcaa5888ea93d6c6ce.png" rel="noopener noreferrer nofollow"> </a><img src="https://academy-public.coinmarketcap.com/optimized-uploads/a9e7a86b1a774fdcaa5888ea93d6c6ce.png" />So let&#39;s fill it out with a direct debit of 1 BTS per minute for 5 periods, which should produce 5 individual payments for a total of 5 BTS to the payee:<a href="https://images.hive.blog/1536x0/https://academy-public.coinmarketcap.com/optimized-uploads/082322ae12b14a229eaaf950cf1ebb32.png" rel="noopener noreferrer nofollow"> </a><img src="https://academy-public.coinmarketcap.com/optimized-uploads/082322ae12b14a229eaaf950cf1ebb32.png" />Let&#39;s ignore that the fee is 7.24 BTS which is more than the example total 5 BTS being sent, in a normal direct debit the debit amount would far exceed this fee.Now that we&#39;ve created the authorized direct debit we see the following in the direct debit table:<a href="https://images.hive.blog/1536x0/https://academy-public.coinmarketcap.com/optimized-uploads/704731d52fa443a68bd89e06a0698cfe.png" rel="noopener noreferrer nofollow"> </a><img src="https://academy-public.coinmarketcap.com/optimized-uploads/704731d52fa443a68bd89e06a0698cfe.png" />And from the payee&#39;s perspective:<a href="https://images.hive.blog/1536x0/https://academy-public.coinmarketcap.com/optimized-uploads/06f48fbed9894f528e2e3f5037478532.png" rel="noopener noreferrer nofollow"> </a><img src="https://academy-public.coinmarketcap.com/optimized-uploads/06f48fbed9894f528e2e3f5037478532.png" />As the payee, let&#39;s claim one of BTS from the passed payment periods by clicking on the Claim button next to the direct debit table entry:<a href="https://images.hive.blog/1536x0/https://academy-public.coinmarketcap.com/optimized-uploads/d82bd0f6cce34ca49accb2af31cb1656.png" rel="noopener noreferrer nofollow"> </a><img src="https://academy-public.coinmarketcap.com/optimized-uploads/d82bd0f6cce34ca49accb2af31cb1656.png" />Once the claim button is clicked, the collected amount of BTS is placed in the payee&#39;s portfolio.User would like the security of this direct debit mechanism, there&#39;s no way for the payee to adjust the terms of the direct debit without authorization, potentially unlike traditional bank direct debits.<h2 id="header-1">For More Information</h2>Official GitHub Website: <a href="https://bitshares.github.io/" rel="noopener noreferrer nofollow">https://bitshares.github.io</a>Official GitHub Repositories: <a href="https://github.com/bitshares" rel="noopener noreferrer nofollow">https://github.com/bitshares</a>Official Telegram Group: <a href="https://t.me/BitSharesGroup" rel="noopener noreferrer nofollow">https://t.me/BitSharesGroup</a>Official Development Telegram Group: <a href="https://t.me/BitSharesDEV" rel="noopener noreferrer nofollow">https://t.me/BitSharesDEV</a>BitShares Reference Wallet: <a href="https://bts.exchange/" rel="noopener noreferrer nofollow">https://bts.exchange</a>

Decentralized (Built-In) direct debit on Bitshares blockchain

Table of Contents

BitShares

Other articles published on Dec 3, 2022

Top 9 Ways for Finding Your Life Purpose

Future of Technology: How Happiness Technology is Affecting Our Everyday Lives

We Launch RAX Private Community Sale #1 is Live!

Punk Knights on GhostMarket

Will Apecoin's Upcoming Major Launch Revive NFTs?

Algorand Can Be Dead If Not Reached A Certain Point: Experts

Join our free newsletter for daily crypto updates!