November 27, 2022

Coinbase head patented technology for sending bitcoins by email

Coinbase head patented technology for sending bitcoins by email

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

Technology provides that the sendersubmits a request for sending funds by mail, if there are enough bitcoins on the balance, the system automatically transfers the indicated amount from the sender’s wallet to the wallet corresponding to the recipient’s email address.

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

No fees are charged for such transfers, but feesthe exchange will pay for mining on its own. The technology provides the ability to send cryptocurrency to external addresses, but an additional fee may be set for this.

The patent refers only to bitcoin and nothingIt is said about whether the system can work with other cryptocurrencies, but most likely this is not a significant obstacle. It also provides an exchange function between users, using bitcoin and a bank account associated with the mail.

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

Such technologies take us one step closer to the forecast of Deutsche Bank, according to which cryptocurrencies will supplant fiat by 2030.