New bitcoin tech is under development by the crypto exchange giant Coinbase as the cryptocurrency struggled to catch up to the traditional financial system’s digital ease of use as we are about to read further in Bitcoin news.
Mobile apps, online banking, and new digital international transfer systems pushed the banking services into the 21st century once the bitcoin wallets and crypto exchanges left all but most of the advanced users confused. The chief executive of the crypto exchange Coinbase already won a US patent for an invention for a new bitcoin tech that allows bitcoin to be sent via email which is something that could help crypto and bitcoin to achieve bigger adoption. The patent that was granted earlier this month after it was filed in 2015, shows how the system operates and allows users to make bitcoin payments using the email address linked to a crypto wallet. As per the patent filing:
The patent, granted earlier this month after being filed back in March 2015, outlines a system that allows users to make bitcoin payments using an email address linked to a cryptocurrency wallet.
“Bitcoin can be sent to an email address. No miner’s fee is paid by a host computer system. Instant exchange allows for merchants and customers to lock in a local currency price. A tip button rewards content creators for their efforts. A bitcoin exchange allows for users to set prices that they are willing to sell or buy bitcoin and execute such trades.”
The system takes up to 48-hours for one transaction to be cleared once the receiver has confirmed the payment and there doesn’t seem to be enough support for other major cryptocurrencies. The technology means that this could be a huge mainstream adoption step for Bitcoin which is something that has been a long-term goal of the CEO of Coinbase Brian Armstrong. Earlier this year, Armstrong said that he wants to use bitcoin to create a financial system and he believes that Coinbase will be less about trading but more about adoption:
“The vision for Coinbase is creating more economic freedom for every person and business in the world over the next 10 years.’’
The bitcoin price got in a downward trend for the second part of 2019 but it looks as it will close the year doubled from the initial price at the year.
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