Coinbase CEO got a patent for tech letting users email BTC

by in Cryptocurrency News

Brian Armstrong

Brian Armstrong, the Chief Executive Officer of Coinbase, has been given a US patent for a contraption that will change the transaction model of BTC. According to the paper, the user will be able to send bitcoin as simple as an email.

Related: Burger King Venezuela now accepts crypto payments

The patent was registered in March 2015 and was given on Tuesday, December 17. It will let the user perform crypto payments using an email address that will be linked to a crypto wallet address. The sender requests to give crypto to an email address, and the technology automatically forwards the accepted amount – of course, if they have the necessary balance – from the sender's wallet to the wallet matching to the receiver's email address.

It takes 48 hours for the system to make transactions clear, once the receiving side confirms the payment. A user will have access to its crypto just with a corresponding email account.

The exciting news is that this system, unlike Coinbase, won't take fees from users. According to the records, the exchange will compensate mining fees by itself. It is proposed that transactions to outer wallet addresses would be available too, but they may not be tax-free.

Currently, there's no information about supporting other coins: the patent is all about the leading cryptocurrency. Also, users apparently can take current emails to link with the system: there's no limitation mentioned about the provider.