Now PayPal is getting a patent on Bitcoin stuff

[JPage]

You can use this handy tool to keep an eye on new Bitcoin related patent applications.

New Bitcoin Related Patent Applications

For example, #2 on today's list is a PayPal patent application for a Bitcoin related invention.  Looks like the big boys are getting involved.  

[Jasad]

You can use this handy tool to keep an eye on new Bitcoin related patent applications.

New Bitcoin Related Patent Applications

For example, #2 on today's list is a PayPal patent application for a Bitcoin related invention.  Looks like the big boys are getting involved.  

good news,lets hope this really happen and that big boy getting ready to accept,join or adopt bitcoin technology,so far paypal feel that bitcoin as their big competitor,its why paypal should make decision to get stronger in payment industry.

[thejaytiesto]

Yes it says Paypal INC... interesting. It says the following:

1. A virtual currency wallet system, comprising: a card that includes a virtual currency wallet; a non-transitory memory including instructions to provide a virtual machine that is configured to provide access to the virtual currency wallet; and one or more hardware processors that are coupled to the card and the non-transitory memory, wherein the one or more hardware processors are configured to read instructions from the non-transitory memory to cause the system to perform operations comprising: receiving a request to access the virtual currency wallet provided on the card and, in response, providing the virtual machine to present a first security layer, providing access to the card to present a second security layer in response to an authentication of the first security layer, and providing access to the virtual currency wallet to present a third security layer in response to an authentication of the second security layer; and enabling the transmission of virtual currency from the virtual currency wallet in response to the authentication of the first security layer, the second security layer, and the third security layer.

So im wondering... are they going to add Bitcoin support ? What is this supposed to mean? I just can't never make sense of stuff that has to do with law like big contracts, and stuff like this as well, which use all this formal jargon. Can someone translate this into layman words?

It seems to me that they are just going to build a way to hold Bitcoins on the Paypal interface.

[raphma]

it's only a matter of time. Paypal will accept bitcoin sooner or later.
Hope that stop with topics like "Bitcoin vs Paypal".

[Betwrong]

it's only a matter of time. Paypal will accept bitcoin sooner or later.
Hope that stop with topics like "Bitcoin vs Paypal".

Yep, looks like it's inevitable now and that's a great news. I think Bitcoin will rise dramatically if that will happen. And I hope with all my heart that it's really only a matter of time.

[mobnepal]

Bitcoin may have already faced drop in the transaction and they may be watching how well bitcoin is being adapted by merchants. Lots of merchant love to be anonymous and also don't like face fake chargebacks thats why choose bitcoin.

Paypal sooner or later gonna accept bitcoin deposit or withdraw. May be they will open up new crypto wallet/exchanger with paypal supported for deposit. LOL  

[AgentofCoin]

...
So im wondering... are they going to add Bitcoin support ? What is this supposed to mean? I just can't never make sense of stuff that has to do with law like big contracts, and stuff like this as well, which use all this formal jargon. Can someone translate this into layman words?

It seems to me that they are just going to build a way to hold Bitcoins on the Paypal interface.

It seems to me (I could be way off) this patent is for a POS system for merchants and
they are attempting to patent the security mechanisms that the device goes through
before sending or accepting the virtual currency transfer from/to a civilian's phone.

This is my understanding of the patent information and may be an incorrect interpretation.

It is not directly related to Bitcoin/bitcoin.
This device could be used for a PayPalCoin in the future.

It is very unlikely that Paypal will accept bitcoin anytime within the next 5 years.

[Supercrypt]

That's a good list that we can track on the applications of bitcoins.

Although the PayPal patent application proposal isn't on the current list of 50 anymore, or at least that's what I'm seeing.

Anyways, here's quite a good article regarding what op said.
http://cointelegraph.com/news/paypal-proposes-reputation-cryptocurrency-blacklist-in-patent-applications

[MingLee]

A lot of big players want to get involved with Bitcoin because it is a major technology that a lot of people are talking about, and patents like these means that the owners could be making a fair amount of money in the future because they have their own version of the technology.

I wouldn't be surprised if we get a lot more patents related to the blockchain technology showing up soon. There are a lot of people interested in getting their own piece of the pie.

[JPage]

That's a good list that we can track on the applications of bitcoins.

Bitcoin Patents
Check every Tuesday for New Patents
Check every Thursday for New Patent Applications

You can just bookmark these two pages - they are automatically updated!

[franky1]

That's a good list that we can track on the applications of bitcoins.

Although the PayPal patent application proposal isn't on the current list of 50 anymore, or at least that's what I'm seeing.

Anyways, here's quite a good article regarding what op said.
http://cointelegraph.com/news/paypal-proposes-reputation-cryptocurrency-blacklist-in-patent-applications

its still there, at the time of writing this post

2    20160148196    MODULAR DEVICE PAYMENT SYSTEM

its a hardware wallet that connects to paypal

[JPage]

That's a good list that we can track on the applications of bitcoins.

Although the PayPal patent application proposal isn't on the current list of 50 anymore, or at least that's what I'm seeing.

Anyways, here's quite a good article regarding what op said.
http://cointelegraph.com/news/paypal-proposes-reputation-cryptocurrency-blacklist-in-patent-applications

its still there, that the time of writing this post

2    20160148196    MODULAR DEVICE PAYMENT SYSTEM

its a hardware wallet that connects to paypal

It is still there.  It is brand-new.  The PayPal Bitcoin patent application just published today.

[Patatas]

The patent however is not related to directly to bitcoin but entire crypto currency scene as the whole.Most likely merchants/traders acceptance of using cryptos for transactions through paypal.

“[…] the reputation markers provided in the distributed crypto currency reputation system discussed herein may operate substantially similarly to distributed crypto currencies […].”

However this paragraph sums it all up,

[…] a payer may transfer electronic coins to a payee and receive products or services in response. If the payee is satisfied with the products or services received, the payer may then transfer all the reputation coins allocated based on that transaction to the payee to indicate that satisfaction. Similarly, if the payee is unsatisfied with the products or services received, the payer may then transfer none, or only some, of the reputation coins allocated based on that transaction to the payee to indicate that dissatisfaction […].”

This is not really a Bitcoin vs Paypal war as such,they're just patenting the ideas to implement the use of cryptos on their service in a secure way.

[praprata]

The patent however is not related to directly to bitcoin but entire crypto currency scene as the whole.Most likely merchants/traders acceptance of using cryptos for transactions through paypal.

“[…] the reputation markers provided in the distributed crypto currency reputation system discussed herein may operate substantially similarly to distributed crypto currencies […].”

However this paragraph sums it all up,

[…] a payer may transfer electronic coins to a payee and receive products or services in response. If the payee is satisfied with the products or services received, the payer may then transfer all the reputation coins allocated based on that transaction to the payee to indicate that satisfaction. Similarly, if the payee is unsatisfied with the products or services received, the payer may then transfer none, or only some, of the reputation coins allocated based on that transaction to the payee to indicate that dissatisfaction […].”

This is not really a Bitcoin vs Paypal war as such,they're just patenting the ideas to implement the use of cryptos on their service in a secure way.

Indeed they are maybe gonna do this so this is a good and nice thing if you ask me, a lot of people are thinking that paypal is hating the bitcoin but this is not true.

[Patatas]

Indeed they are maybe gonna do this so this is a good and nice thing if you ask me, a lot of people are thinking that paypal is hating the bitcoin but this is not true.

Well,I'm pretty sure they're "hating" the bitcoin as they are the first ones to impose anti crypto buying/selling through paypal. Since they have realized its unstoppable and only after seeking the benefits of the revolution,they have no other option but to support it.Its profitable for them,that way.Let's just hope ,no service taxes are charged for use of coins while trading with merchants [in regards to patents].There won't be any point of the patent otherwise.

[bitcoin730]

I've long story with paypal scam I prefer btc than them BTC are perfect

[daringdiscovered]

You can use this handy tool to keep an eye on new Bitcoin related patent applications.

New Bitcoin Related Patent Applications

For example, #2 on today's list is a PayPal patent application for a Bitcoin related invention.  Looks like the big boys are getting involved.  

If this will happen the price of bitcoin will rise. And many people that has paypal account want to have bitcoin fund they can have because they can convert it here. By the way, why they do this ?
They do this because they want the paypal will use if they do it? Nice strategy.

[Wendigo]

Okay so I have gathered from all the information posted here that PayPal wants to create a hardware wallet and a debit card that connect to a virtual currency wallet. I guess PayPal being in control of the accounts will make this whole system strongly centralized and on top of that the PayPal alt coin if I can call it that will be reversible and disputes will actually be permitted. I don't think the Bitcoin community would be happy with these circumstances as this goes against the Bitcoin motto of freedom and decentralization. But I guess this new coin would appeal to merchants and service providers for doing business online. I think the chances of PayPal accepting Bitcoin directly in their system are slim, it's more likely that they are banking on the Blockchain technology itself.

[bitcoin730]

Okay so I have gathered from all the information posted here that PayPal wants to create a hardware wallet and a debit card that connect to a virtual currency wallet. I guess PayPal being in control of the accounts will make this whole system strongly centralized and on top of that the PayPal alt coin if I can call it that will be reversible and disputes will actually be permitted. I don't think the Bitcoin community would be happy with these circumstances as this goes against the Bitcoin motto of freedom and decentralization. But I guess this new coin would appeal to merchants and service providers for doing business online. I think the chances of PayPal accepting Bitcoin directly in their system are slim, it's more likely that they are banking on the Blockchain technology itself.

I don't think so, PayPal are hating BTC more than you think bro.

[krunox123]

I've long story with paypal scam I prefer btc than them BTC are perfect

Bitcoin is not perfect, just yet. Paypal is not, either. Either way, both of the systems has flaws.

[jertsy]

Okay so I have gathered from all the information posted here that PayPal wants to create a hardware wallet and a debit card that connect to a virtual currency wallet. I guess PayPal being in control of the accounts will make this whole system strongly centralized and on top of that the PayPal alt coin if I can call it that will be reversible and disputes will actually be permitted. I don't think the Bitcoin community would be happy with these circumstances as this goes against the Bitcoin motto of freedom and decentralization. But I guess this new coin would appeal to merchants and service providers for doing business online. I think the chances of PayPal accepting Bitcoin directly in their system are slim, it's more likely that they are banking on the Blockchain technology itself.

All the giant companies in America have Blockchain tech patents. Blockchain tech is the latest buzz for them and they will patent the crap out of it. A Paypal crypto patent doesn't imply they will or won't implement it soon, but it is a way of protecting themselves in the patent wars.

[icet208]

This is interesting news. Really looking forward to see how this will go

[franky1]

Indeed they are maybe gonna do this so this is a good and nice thing if you ask me, a lot of people are thinking that paypal is hating the bitcoin but this is not true.

Well,I'm pretty sure they're "hating" the bitcoin as they are the first ones to impose anti crypto buying/selling through paypal. Since they have realized its unstoppable and only after seeking the benefits of the revolution,they have no other option but to support it.Its profitable for them,that way.Let's just hope ,no service taxes are charged for use of coins while trading with merchants [in regards to patents].There won't be any point of the patent otherwise.

they dont actually hate bitcoin.. they are just part of corporate america which still treats bitcoin as a risk.
by this i dont mean a risk to their own profits. i mean the headaches and hurdles of regulations wanting life stories from a currency community where no life stories are usually attached as standard.

EG linking your bank account to paypal automatically give paypal your name, age, social security number and credit report.. which they can utilize for their KYC requirements.. but linking a bitcoin address.. gives them nothing.

the regulations of paypal is that they need to track and maintain a list of transactions knowing who spend what and where. so they need to make hardware wallets purely to lock customers to specific addresses to allow them to keep these records. instead of having funds move to random addresses.

paypal knows they can make profit from customers using bitcoin, its never been a profit risk. its just been a regulatory record keeping nightmare

[Wapinter]

it's only a matter of time. Paypal will accept bitcoin sooner or later.
Hope that stop with topics like "Bitcoin vs Paypal".

PayPal will start accepting bitcoin for what?I mean why would any bitcoin user need PayPal to hold their coins when he can directly send it to receiver.I dont get it where does PayPal comes into all this?

[franky1]

PayPal will start accepting bitcoin for what?I mean why would any bitcoin user need PayPal to hold their coins when he can directly send it to receiver.I dont get it where does PayPal comes into all this?

buying products on ebay ofcourse.

even in the fiat world.. no one uses paypal just as a bank savings account.. paypal is just a tool for ebay purchases

[iv4n]

This device could be used for a PayPalCoin in the future.

This is my first thought about this news, that they will try to make their own coin. That thought is not new, its just one of the ways how big players plan to come into blockchain technology. From beginning in my thought, most logical step for them would be to make their own coin, and with big money they can sponsor it, pay for good advertising, and what is more important they have their own big clients.

You said nicely PayPalCoin, it will be interesting if they appear in the future with same name.

It is very unlikely that Paypal will accept bitcoin anytime within the next 5 years.

Agree with this, it will be interesting to see their decisions regarding blockchain. For example what will happen if they make new coin: They need to start accepting btc? Or they will try to skip that, to be able to buy coins on some exchanger?

[Nomad88]

I truly don`t care. I was so tired of papyla in many ways and Bitcoin was the best solution for that. I have to be honest, i am still using paypal but only when there is no other option for me. I am so tired of their exchange rates and commissions. If they are not considering to accept bitcoin, they are going to loose sooner or later. Bitcoin is the future and if they can`t see that, then they are not smart enough to be part of this business. It`s simply their choice.

[npredtorch]

I truly don`t care. I was so tired of papyla in many ways and Bitcoin was the best solution for that. I have to be honest, i am still using paypal but only when there is no other option for me. I am so tired of their exchange rates and commissions. If they are not considering to accept bitcoin, they are going to loose sooner or later. Bitcoin is the future and if they can`t see that, then they are not smart enough to be part of this business. It`s simply their choice.

I agree with you that bitcoin is the future. Paypal needs to play along with the latest trend so they can be more vital in the e-currency industry. Well, if you're tired in paypal in so many ways, i do like paypal in a way that they give buyer protection for their users. I have filed so many disputes, and luckily i got my money back . That's what i love in paypal.

[Thoth-]

A lot of big players want to get involved with Bitcoin because it is a major technology that a lot of people are talking about, and patents like these means that the owners could be making a fair amount of money in the future because they have their own version of the technology.

I wouldn't be surprised if we get a lot more patents related to the blockchain technology showing up soon. There are a lot of people interested in getting their own piece of the pie.

They arent going to do anything to help bitcoin. More likely steal the tech, create there own version then lobby against BTC.

Come one people free market doesn't exist any more, this will be crony capitalism 101

[nanonymousx]

Paypal steals other's ideas and applying for IP, like Microsoft.
Even hyper loop is not a new idea, I read about ti in Science fiction.

[Divinespark]

There were rumours of this patent by Paypal making the rounds some time ago. Dont' think it's all that big a deal, to be honest.

[Kakmakr]

You can use this handy tool to keep an eye on new Bitcoin related patent applications.

New Bitcoin Related Patent Applications

For example, #2 on today's list is a PayPal patent application for a Bitcoin related invention.  Looks like the big boys are getting involved.  

Click bait title? - I did not once see them making any reference to Bitcoin or the Blockchain or any form of decentralized network. They are talking about a virtual wallet system on a centralized service? Right. PayPal and all these legacy payment systems wants to attack Bitcoin on the patent front, because they have the money to back up the fight. If they get the patent on virtual wallets, all other Alt coins will suffer too. 

[LiteCoinGuy]

You can use this handy tool to keep an eye on new Bitcoin related patent applications.

New Bitcoin Related Patent Applications

For example, #2 on today's list is a PayPal patent application for a Bitcoin related invention.  Looks like the big boys are getting involved.  

 

[GetClams.com]

it's only a matter of time. Paypal will accept bitcoin sooner or later.
Hope that stop with topics like "Bitcoin vs Paypal".

They already do through their subsidiary company Braintree. Have for a while.

[lumeire]

it's only a matter of time. Paypal will accept bitcoin sooner or later.
Hope that stop with topics like "Bitcoin vs Paypal".

True. When Paypal split away from eBay some time ago the stage was all set for virtual currency integration. Now we're seeing them move forward with that.

[franky1]

Click bait title? - I did not once see them making any reference to Bitcoin or the Blockchain or any form of decentralized network. They are talking about a virtual wallet system on a centralized service? Right. PayPal and all these legacy payment systems wants to attack Bitcoin on the patent front, because they have the money to back up the fight. If they get the patent on virtual wallets, all other Alt coins will suffer too. 

im guessing you didnt read the whole thing!!

here is a post you must also not have read that highlighted that they are going to integrate bitcoin and some other alts

[NeuroticFish]

Since people are not used with the list of patents, this link could be useful in the top post:
http://pdfaiw.uspto.gov/.aiw?PageNum=0&docid=20160148196&IDKey=3A9DD7199755&HomeUrl=http%3A%2F%2Fappft.uspto.gov%2Fnetacgi%2Fnph-Parser%3FSect1%3DPTO2%2526Sect2%3DHITOFF%2526u%3D%25252Fnetahtml%25252FPTO%25252Fsearch-adv.html%2526r%3D2%2526p%3D1%2526f%3DG%2526l%3D50%2526d%3DPG01%2526S1%3D%28%28bitcoin.BIS.%252BOR%252Bblockchain.BIS.%29%252BOR%252Bcryptocurrency.BIS.%29%2526OS%3Dspec%2Fbitcoin%252BOR%252Bspec%2Fblockchain%252BOR%252Bspec%2Fcryptocurrency%2526RS%3D%28%28SPEC%2Fbitcoin%252BOR%252BSPEC%2Fblockchain%29%252BOR%252BSPEC%2Fcryptocurrency%29

I made it short too: http://tinyurl.com/hul33oy

This is the link to the actual PDF containing the documentation and the images.
It gives imho a better view on what's to be achieved.


Is this maybe the reason for the BTC price rise?

[JPage]

Is this maybe the reason for the BTC price rise?

PayPal getting involved definitely won't hurt the price.  As soon as the big guys start building cool new things into the crypto world, price is going to go way up.

[pedrog]

Indeed they are maybe gonna do this so this is a good and nice thing if you ask me, a lot of people are thinking that paypal is hating the bitcoin but this is not true.

Well,I'm pretty sure they're "hating" the bitcoin as they are the first ones to impose anti crypto buying/selling through paypal. Since they have realized its unstoppable and only after seeking the benefits of the revolution,they have no other option but to support it.Its profitable for them,that way.Let's just hope ,no service taxes are charged for use of coins while trading with merchants [in regards to patents].There won't be any point of the patent otherwise.

FYI, Paypal is doing bitcoin payments for quite a while:

https://www.braintreepayments.com/faq

[LFC_Bitcoin]

it's only a matter of time. Paypal will accept bitcoin sooner or later.
Hope that stop with topics like "Bitcoin vs Paypal".

Oh yes, come to papa if that happens. We'll all be dining on premium steak & $400 champagne every night if paypal incorporate bitcoin into their payment systems.

[nanonymousx]

Fine if Paylpal supports Bitcoin, then I will find the password for my Paypal account.
I have not been using Paypal for a long while, because to be honest, I think credit card is much better.

[ObscureBean]

Well it appears that the patent is for some kind of hardware wallet. What's strange is that they seem to be skipping the more natural step of accepting virtual currencies on their online platform first. Can you imagine if they come out with their own virtual currency?? 

[yenxz]

Fine if Paylpal supports Bitcoin, then I will find the password for my Paypal account.
I have not been using Paypal for a long while, because to be honest, I think credit card is much better.

not suprising if the most influence digital payment start interest to support and maybe work with bitcoin,paypal should do it now,or never. but i dont think paypal will more serious to do this.

[RawDog]

Story in CoinTelegraph: http://cointelegraph.com/news/paypal-files-patent-for-bitcoin-payment-device

[Snorek]

-snip-
It is very unlikely that Paypal will accept bitcoin anytime within the next 5 years.

We heard the same thing about Steam bitcoin acceptance. Even Gabe Newell himself claimed that Steam acceptance is highly unlikely to happen.
And year after we have fully integrated Bitcoin payment on Steam.

http://cointelegraph.com/news/paypal-files-patent-for-bitcoin-payment-device based on this article it is safe to suppose that PayPal will open to cryptocurrencies.

The real question is not 'if' but 'when'.