Crypto exchange Coinbase has won a patent associated with the development of a new system to enable users to make Bitcoin Payments more easily. The patent, filed by Coinbase CEO Brian Armstrong, back in 2015, will allow users to make payments directly from their email addresses that are connected to their hot wallets. The proposed system makes crypto panic-inducing transactions easier for dummies as they can cryptocurrency payments to other people’s email addresses, meaning they don’t need to worry about the intimidating and long crypto address. The checkout and payment process, as described in the filing, indicates that in order to transfer bitcoin out of the wallet, the sender makes a request indicating the recipient’s email address and the amount he wants to transmit. Coinbase’s crypto patent document stated that when the user clicks the "Finish" button, the system creates a vault that looks like a wallet but has a security feature that limits the transfer of bitcoin out. In order to make BTC payments more secure, Coinbase’s filing mentioned that two notifications will be sent to the transaction parties’ email addresses, and the summary includes the phone number associated with the wallet and that the bitcoin will not be transferred out of the wallet for a period of 48 hours. The private keys of Bitcoin addresses are split and distributed to keep the transaction secure and prevent the potential exposure of keys during checkout. The system also enables fiat-to-crypto transactions through an instant exchange and thus allows for users to set prices that they are willing to sell or buy bitcoins and execute such trades. Additionally, the users will not pay mining fees, but the system charges transaction commission on transfers sent to external wallets. The administrator may suspend suspicious transactions through an automated process, which is also part of the payment system mentioned in Coinbase’s filing. After the transaction is confirmed in the Blockchain , an email is generated to the recipient. The email will tell the recipient who sent the bitcoins, pulling in his email address, and display the transaction details, including the amount of bitcoins sent. Coinbase has also won two other patents for strengthening compliance, risk management, and fraud prevention through flagging non-compliant accounts.
Crypto exchange Coinbase has won a patent associated with the development of a new system to enable users to make Bitcoin Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term more easily. The patent, filed by Coinbase CEO Brian Armstrong, back in 2015, will allow users to make payments directly from their email addresses that are connected to their hot wallets. The proposed system makes crypto panic-inducing transactions easier for dummies as they can cryptocurrency payments to other people’s email addresses, meaning they don’t need to worry about the intimidating and long crypto address. The checkout and payment process, as described in the filing, indicates that in order to transfer bitcoin out of the wallet, the sender makes a request indicating the recipient’s email address and the amount he wants to transmit. Coinbase’s crypto patent document stated that when the user clicks the "Finish" button, the system creates a vault that looks like a wallet but has a security feature that limits the transfer of bitcoin out. In order to make BTC payments more secure, Coinbase’s filing mentioned that two notifications will be sent to the transaction parties’ email addresses, and the summary includes the phone number associated with the wallet and that the bitcoin will not be transferred out of the wallet for a period of 48 hours. The private keys of Bitcoin addresses are split and distributed to keep the transaction secure and prevent the potential exposure of keys during checkout. The system also enables fiat-to-crypto transactions through an instant exchange and thus allows for users to set prices that they are willing to sell or buy bitcoins and execute such trades. Additionally, the users will not pay mining fees, but the system charges transaction commission on transfers sent to external wallets. The administrator may suspend suspicious transactions through an automated process, which is also part of the payment system mentioned in Coinbase’s filing. After the transaction is confirmed in the Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term, an email is generated to the recipient. The email will tell the recipient who sent the bitcoins, pulling in his email address, and display the transaction details, including the amount of bitcoins sent. Coinbase has also won two other patents for strengthening compliance, risk management, and fraud prevention through flagging non-compliant accounts.
