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.  

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[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.