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Shared open payment app for recurring payments leveraging Bitcoin

This is my first post! I worked in blockchain industry for a while now, so I might be in my niche bubble here. I'd like to ask the community if they can give me feedback on the idea that has been in my head for a while now. It is described on my mini deck of 3 slides here https://imgur.com/a/29PfT3x.

One potential scenario is (but not limited, think of co-owned domains, hosted servers, or cooperatives):

Alice Berry and Charlie live together in a shared flat. Charlie is handling the payment of rent to the landlord. However, she has to check her bank account to make sure Alice and Berry paid. Instead they could use WalletFund. Charlie is creating a subscription and adds Alice and Berry as members. Payment schedule is monthly and she adds also the email addresses of both other flat members. WalletFund will send out invoices/reminders to pay in BTC to Charlies dedicated wallet. WalletFund is tracking incoming transactions and provides maximum transparency to all members of the subscription. Charlie can then convert BTC to fiat to pay rent, or can use a Crypto Credit Card, which automatically converts.

The value proposition:

  • completely decentralized funding (no need to trust this service)
  • funding/payment cannot be censored/banned (not based on banks or payment processors)
  • it provides transparency who/when paid in a super convinient way best UX
  • sending automatic invoices/reminders through email/push
  • no data lock-in, the data is stored on blockchain and can be always retrieved
  • this idea is a UX layer on top of bitcoin payments

Thank you so much for your support!

on April 22, 2020
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    Hm, maybe some people have this issue with untimely payments of their flatmates. Never had issues with this as there are such things as scheduled payments in the centralised banking system. It may not be the case for crypto though. So I would imagine this product is limited to the crypto space. I'm not too familiar with the space and therefore can't tell if there is a need for this.
    The benefits seem mostly to be resulting from the decentralized aspect of the product. As of now I wouldn't bother collecting rent on the blockchain. As it has no tangible benefit over the conventional system.

    Crowdfunding, however, is a completely different ball game. This is basically what ICOs are, right, minus the reminder emails, lol. I would imagine that there is already a decentralised kcikstarter out there.
    Maybe refine the actual product a big crowdfunding and collecting rent from flatmates have different requirements. 🤷‍♀️

    1. 1

      Thank you for your feedback! It helps a lot, it made me clear, that the vision/differentiators were not clearly communicated. And you're right the benefits mostly leverage the blockchain technology as an open layer/infrastructure of payments. For ICOs there are lots of UX layers/supporting apps and due to the regulation issue not so attractive to work on. As a target audience here I had crypto early adopters (groups of them) in mind that want to leverage crypto currency as monetary juice to fund their ongoing projects such as shared-flats, domains, hosted servers etc. Thanks again for this fast response, I'll update my deck, and try again