Paypal registers a patent to accelerate payments with cryptocurrencies

All Internet users seek to sell or buy products and services in an easy, fast and secure way, which is why a couple of years ago emerged PayPal, a platform that seeks to meet the needs of online sellers and buyers.

PayPal is an online payment method that allows you to associate your credit cards to an account, so that, in this way, you can make your payments and transfers in any online shop only logging in your Paypal account, without having to share your financial information, regardless of whether or not you have a PayPal account.

Among the many benefits offered by PayPal we can mention: speed, security, mobility, ease of configuration, international, free and also allows you to track your transactions.

It is important to mention that the US Patent and Trademark Office (USPTO) registered during the day yesterday a record by Paypal to improve transactions with cryptocurrencies.

This patent is called “Accelerated system of transactions with virtual currencies”, whose creators are Cheng Tian and Sandy Lynn Godsey.

The implementation of this payment system was an open secret since at the end of last month, John Rainey, CEO of Paypal, acknowledged in an interview to the Wall Street Journal that Bitcoin was going to be an important element in online transactions.

What will be its operation?

This system will create secondary portfolios, each of which will have its private portfolio and be associated with the main Pay Pal account. In Paypal they are aware that the decentralized nature of cryptocurrencies will mean a before and after in the international payment system, which is why they state that virtual currencies as in the cause of Bitcoin have revolutionized money transfers and also has revolutionized payment technologies.

A clear example of this is the Lightning Network, a system created by Bitcoin to revolutionize payment systems. This decentralized system allows that the payments do not need block confirmations and are instantaneous and atomic.

A new era in PayPal

The American online payment company is very clear that he needed to apply the saying of renewal or death. In the statement in which he announced the online payment system recognized that “a wait of 10 minutes could be too long for both the payer and the receiver.” In this way what they want to avoid is that both parties end up opting to resort to conventional payment methods.

PayPal users have welcomed the news, however they are questioning what will be the management of disputes (cancellation of payments) with cryptocurrencies. That is why we must keep very attentive to the communications issued by Paypal, because in them we can know all the details within the revolution of the American company.

Economists are questioned by the volatility of Bitcoin, since traders can see how the profit margin varies according to the value of the cryptocurrency at that time.