Coinbase CEO patented bitcoin email technology

Coinbase CEO Email Patent Granted | Send Bitcoin Via Emai

Coinbase CEO Brian Armstrong received a patent for a system for sending cryptocurrency payments to email addresses tied to their respective wallets.

The technology provides that the sender submits a request to send funds by mail, if there is enough bitcoins on the balance, the system automatically transfers the specified amount from the sender’s wallet to the wallet corresponding to the recipient’s email address.

The system considers the transaction to be successfully completed 48 hours after confirmation of the payment by the recipient. At intermediate stages, the cryptocurrency is in a special storage, which can only be accessed by the mail address associated with the corresponding wallet.

Commission for such transfers is not charged, and fees for mining the exchange will pay yourself. The technology provides for the possibility of sending cryptocurrency to external addresses, but for this it can additional board to be installed.

The patent deals only with bitcoin and does not say anything about whether the system can work with other cryptocurrencies, but, probably, this is not a significant obstacle. There is also an exchange function between users, using bitcoin and a bank account associated with the mail..

Coinbase has not yet announced plans to launch the new service. However, earlier Brian Armstrong said that he intends to create an accessible transaction system for less experienced users..

Coinbase CEO patented bitcoin email technology

Such technologies bring us one step closer to forecasting. Deutsche Bank, according to which by 2030 cryptocurrencies will supplant fiat.

text: Ivan Malichenko, photo: fintechrising