There’s a new application for Bitcoin users called Peanuts that allows users to set up recurring payments through its protocol. The platform is a system built on top of Liquid, iCalendar and Bitcoin Uniform Resource Identifier (URI.)
It’s kind of a replacement for recurring PayPal donations. It’s not automated, so you still have to confirm the transaction (though you don’t have to remember when, to whom, and how much to send every week/month/year, etc.).
Peanuts: The Recurring Bitcoin Button
Peanuts stands for “P and E for payments, A and N for donations, U for recurring, and T and S for tips.” says the creator who introduced the new program. He adds that it works with the Liquid protocol and its “reference implementation should work with any engine compatible with the original one created by Shopify.” When a user goes to Peanuts.Iq they are directed to a form that allows people to create a recurring transaction button, and it can be placed on any website. The application is also secure as the developer claims it is entirely decentralized stating:
The developer says making a recurring payments /donation/tip button on your website is a simple task with Peanuts, and the form is fairly self-explanatory. As soon as you fill out the form with a Bitcoin address, summary, and all the information required a code is created to apply to your website. After you copy and paste the code, the button will be available to use. Then anyone can press the button and they can also tether it to their calendar application.
“It should create a recurring event in the calendar and based on the settings, the user will be regularly notified by the calendar application together with a Bitcoin URI,” explains the developer. “Clicking on it should fire up default Bitcoin wallet on the device with a pre-filled address, suggested amount, etc.”
Some of the code is located on Github for people to view and the developer says there will be additional features added later. The creator adds:
We’re in the process of creating a ‘Recurring transaction’ button builder though it might take some time.
What do you think about this application? Let us know in the comments below.
Images courtesy of Shutterstock, and Peanuts.Iq