Now PayPal is getting a patent on Bitcoin stuff

[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.