- Coinbase CEO has filed a patent for a Bitcoin (BTC) payment process by simply sending an email
- Filed in 2015, the patent has just been granted
- User-friendly and fast, this technique would drop transaction fees to 0, under certain conditions
- If everyone is not convinced, Coinbase confirms by this ambition to want to break down the barriers to adoption
Simple as an email
This is one of the best known barriers to adoption: how to make a technology as revolutionary as it is complex, accessible to the greatest number, without needing any pre-requisites?
Bitcoin perfectly embodies this universal rule: wallet, private / public keys, hash, mining, blockchain… a jargon of which Mr. and Mrs. Everyone has neither the time nor the desire to discover the semantic subtleties, yet less to assimilate the details.
So the equation is basic : mass adoption will not be permitted by any entry by institutions, or democratization by the Digital Currencies of Central Banks, but by ergonomics and an optimal “customer experience” in the use of Bitcoin.
Thus, Bitcoin may be able to reach its full potential: when it is as simple to send and receive as a simple email. That’s good, it is precisely on this idea that the CEO of Coinbase is working!
Email, the future cash mandate?
The CEO of Coinbase, Brian Amstrong obtained validation a few days ago by the US certification services, of a supposed patent very literally make sending Bitcoin as simple and intuitive as writing and sending an email.
If the good news has just fallen, it will be noted that the initial request date of… 2015! Difficult to know at the moment what could justify a study of almost 4 years, but the subject seems to occupy the mind of the boss of Coinbase for a very long time. When the ambition of Armstrong, the person simply summarizes:
“Coinbase’s vision is to provide more economic freedom for every person and business in the world over the next 10 years. “
In other words, the 2020 decade must become the decade of mass adoption of Bitcoin and the crypto-economy, and Coinbase intends to play a major role in this financial revolution.
Really free transactions?
Even as Coinbase has recovered more than $ 2 billion in transaction fees since its founding, the purse will not charge user fees for using this brand new payment architecture. According to the patent, the operating costs will be borne by the crypto exchange itself. Transactions to addresses of external wallets seem possible, but may not be free.
The patent filed by Brian Amstrong, in addition to the transaction mechanics itself, thus provides that Coinbase will not receive commissions on transactions, which will also not be accompanied by traditional mining fees of the Bitcoin blockchain.
Among the counterparties, a 48-hour delay is mentioned in the context of email transactions, without much detail.. This delay would bring the BTC transaction closer to the senator’s train than conventional banking exchanges than the almost instantaneousness that characterizes blockchain technology. Another illustration of the necessary compromises that a global adoption will necessarily involve.
Coinbase’s strategy is clear: the exchange is ready to forgo the very lucrative fees generated by the millions of transactions executed on the platform. The counterpart seems to be worth the effort: to become the essential crypto company of the next decade by offering the simplest, secure and efficient tools that will make Bitcoin part of everyday life.
Nice to meet you, it’s Hellmouth! Editor-in-chief of Bitcoin, the crypto media you are honoring to survey right now (well done, you have taste).
Crypto-enthusiast of the second hour, nothing is more important to me than supporting the global adoption and democratization of the treasures that the blockchain offers us.
I write articles between two cocktails in Tahiti, my adopted island, and do not hesitate, if the opportunity arises, to feast on a plump scam or a little too enterprising Ponzi pyramid.
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