PayPal patenting a system for faster cryptocurrency transaction times

PayPal, the U. S. -based payment industry giant PayPal, has registered a patent with the U. S. Patent and Trademark Office (USPTO), released on March 1, to increase the speed of payments in cryptocurrency. The patent describes an ” Expedited virtual currency transaction system “, which uses secondary private keys to reduce waiting times for transactions between consumers and merchants.

The inventors of the patent are Cheng Tian and Sandy Lynn Godsey of San Jose, California, and PayPal Inc. is the patent applicant. According to the patent, PayPal is seeking to solve the problem of slow transaction times for cryptocurrency transactions, which has led potential cryptocurrency users to


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“instead choose to perform the transaction using traditional payment methods rather than virtual currency:”

“Issues like this have slowed the adoption of virtual currencies despite their advantages” the patent states.

The patent explains in detail how the creation of secondary portfolios with their own private keys will make the transaction much faster,“practically eliminat[ing] the amount of time the payee must wait to be sure they will receive a virtual currency payment in a virtual currency transaction.”
The shorter waiting time is due to the supposedly faster process of transferring private keys associated with the “predefined amounts” of cryptocurrency that are equivalent to the transaction amount.

At the end of February 2018, PayPal’s Chief Financial Officer, John Rainey, spoke favourably of the possibility for Bitcoin (BTC) to become a popular payment method “used every day”.

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CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com

Felix Kuester works as an analyst and content manager for Captainaltcoin and specializes in chart analysis and blockchain technology. He is also actively involved in the crypto community - both online as a central contact in the Facebook and Telegram channel of Captainaltcoin and offline as an interviewer he always maintains an ongoing interaction with startups, developers and visionaries. The physicist has couple of years of professional experience as project manager and technological consultant. Felix has for many years been enthusiastic not only about the technological dimension of crypto currencies, but also about the socio-economic vision behind them.

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