[2018-07-17] Mastercard Wins Patent for Speeding Up Crypto Payments

[Eleven86]

Payments giant Mastercard may be looking to speed up cryptocurrency transactions by designing a payments system that will link accounts holding both fiat currency and cryptocurrencies, according to a newly-published patent.

The document, published today by the U.S. Patent and Trademark Office (USPTO), explains that though cryptocurrencies have "seen increased usage over traditional fiat currencies by consumers who value anonymity and security," the wide disparity in payment processing times between the two classes of assets puts cryptocurrencies at a "disadvantage."

"There is a need to improve on the storage and processing of transactions that utilize blockchain currencies," the patent claims.

https://www.coindesk.com/mastercard-wins-patent-for-speeding-up-crypto-payments/

doesn't it show a great future to crypto currencies amongst users?

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[IconFirm]

doesn't it show a great future to crypto currencies amongst users?

No, it doesn't. It does show that after years of attacking Crypto because it is a direct competitor to their business model, Mastercard have suddenly realised that they can profit from it by charging extortionate fees (as usual) to anyone who wants to use their stupid copywronged patented BS.

Crypto does not need them, it here to replace them.

[cryptofonia]

But it takes a time...

[milewilda]

doesn't it show a great future to crypto currencies amongst users?

No, it doesn't. It does show that after years of attacking Crypto because it is a direct competitor to their business model, Mastercard have suddenly realised that they can profit from it by charging extortionate fees (as usual) to anyone who wants to use their stupid copywronged patented BS.

Crypto does not need them, it here to replace them.

They dont really have any choice but to adopt it because they cant do nothing if they would always turn against with it. Now they are reconsidering cryptocurrencies because they do saw the benefits instead seeing it as a competition. I do somehow agree on what you have said. Crypto doesnt need them yet the main purpose on why its being created is changing up the payment system and all crypto-enthusiast knows that but embracing the fact this wont turn out to be easy.

[richardsNY]

Mastercard have suddenly realised that they can profit from it by charging extortionate fees (as usual) to anyone who wants to use their stupid copywronged patented BS.

As long as people don't understand that you don't need to pay third parties for their services in order to transact, they will keep paying top dollar for transactions. They keep talking about how expensive Bitcoin is to use, where they only look at the time frames the network was heavily spammed, but they completely ignore the fact that they consistently charge crazy high fees and debt rates. Even more funny is the fact that they charge financial services running on the Visa or Master network even higher fees, which explains that in some cases people end up swallowing 10% in fees just to initiate a transaction....

[gentlemand]

Strange that this has been barely mentioned.

However many a patent is never intended to see the light of day. It's created and then parked for outcomes that may never arrive. I'm sure if you sifted through major company archives you'd find some very outlandish patents.

If Mastercard actually did put something into action it would have a huge effect on consumer confidence. Most people out there do not think like the average sceptic here.

[prehisto]

I believe that this only shows that MasterCard is trying to use the tech in their favor since they know that in the scenario when cryptos adoption increases, their tech wont be able to match , mostly in fees.

[snipie]

I believe that this only shows that MasterCard is trying to use the tech in their favor since they know that in the scenario when cryptos adoption increases, their tech wont be able to match , mostly in fees.

Few years ago MasterCard has prohibited Bitcoin deposits in Neteller to be used directly by their cards and hence i stopped using Neteller. Now they are considering it...hypocrites.

[1Referee]

Few years ago MasterCard has prohibited Bitcoin deposits in Neteller to be used directly by their cards and hence i stopped using Neteller. Now they are considering it...hypocrites.

What's the big deal here? It's a business at the end of the day; they want to make as much profit as possible, and they have to please their shareholders, and oh boy, their shareholders love exposure to everything related to the blockchain. It has been known for years that financial institutions abuse their economical position in the market in every possible way. Nothing new here.

Let every financial instition enter this industry; we don't have to use their products, and I certainly never will.

Bitcoin is knocking on the door of the regular economy, and there is no way to stop this level of adoption. Grow a thicker skin.