A major hurdle to global cryptocurrency adoption is the tedious process one has to go through when transferring from one wallet to another. In fact, these long and hardly-memorable wallet addresses can easily be written wrong by the less cautious users, which will in turn cause them to lose the transferred coins.
Brian Armstrong, CEO of Coinbase, filed for a patent in 2015 in order to ease this process and help accelerate global adoption. The technology would basically allow any user to transfer Bitcoin to anyone using only email addresses. Moreover, the users will not be paying any mining fees while using this technology, another hurdle that could easily limit Bitcoin’s use as an everyday digital currency.
With this new technology, the sender would simply need to fill in the recipient’s email address and the amount they’d like to send and press finish. To increase security, the private keys are split and distributed to keep this sensitive information from being revealed at any point. Moreover, both parties (sender and recipient) will be notified by email about the transaction and that the BTC amount being sent will remain still for 48 hours before it is sent. Another interesting feature of this newly patented technology will also allow fiat-to-crypto transactions by immediately exchanging the amount through a pre-determined price.
Whether or not this technology will be used by Coinbase or any other company is yet to be seen. Nonetheless, due to the simplicity of the system and the lack of fees, this may change the path of Bitcoin and allow to be the internet’s currency.
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