Coinbase CEO Brian Armstrong granted patent for sending BTC thru email

[Baofeng]

http://patft.uspto.gov/netacgi/nph-Parser?Sect1=PTO2&Sect2=HITOFF&p=1&u=%2Fnetahtml%2FPTO%2Fsearch-bool.html&r=1&f=G&l=50&co1=AND&d=PTXT&s1=10,510,053&OS=10,510,053&RS=10,510,053

Send cryptographic currency to email address

Abstract

A system and method for transaction bitcoin is described. Bitcoin can be sent to an email address. No miner's fee is paid by a host computer system. Hot wallet functionality is provided that transfers values of some Bitcoin addresses to a vault for purposes of security. A private key of a Bitcoin address of the vault is split and distributed to keep the vault secure. Instant exchange allows for merchants and customers to lock in a local currency price. A vault has multiple email addresses to authorize a transfer of bitcoin out of the vault. User can opt to have private keys stored in locations that are under their control. A tip button rewards content creators for their efforts. A bitcoin exchange allows for users to set prices that they are willing to sell or buy bitcoin and execute such trades.

I'm sure that Brian will take advantage of his ivtention with his Coinbase here. And it's going to be interesting if other exchanges will use his patent on their side as well, so let's see how it goes.

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[bitcampaign]

sorry correction if I am wrong in opinion, it looks like sending bitcoin or altcoin on the exchange has been implemented, where all users and traders can send their funds or make transfers to other users as long as it's in the same exchange, what's interesting and great about this, if One day, fellow coinbase users do bitcoin transactions using email, I think it is not a difficult job because they have funds deposited in the same wallet, to be exact a coinbase cold wallet, except to transfer bitcoin to an email address that is not a coinbase user maybe it will cool, even though I don't have a coinbase account but there are people who send bitcoin to my email, of course I have to register a coinbase account to claim bitcoin, hopefully I am wrong

[dothebeats]

And this just makes things harder for email users to get their accounts secured knowing that it literally is an added vector of attack for those who want to do nefarious things. It's great that using tools such as email can be a medium/vehicle for transferring cryptocurrencies though those people who do no understand how to secure their account properly is at huge risk. Not that I'm underestimating these same people but you know, this just makes things easier for hackers to steal some funds.

[aardvark15]

If he can get this to work, it could simplify Bitcoin transfers for people. I assume the transaction is complicated behind the scenes but to the user it could seem simple.

[charlie137]

If it's as fast as sending an email, that's awesome news.

yes, and awesome news for LN node operators thats for sure

[Upgrade00]

If he can get this to work, it could simplify Bitcoin transfers for people. I assume the transaction is complicated behind the scenes but to the user it could seem simple.

Blockchain transactions are quite simplified and one does not need high tech knowledge to be able to initiate a transaction. The important factor is the security that comes with transactions from a private wallet. Email services are prone to privacy leaks and even the service providers are guilty of collecting data on their users.
I wouldn't have advise anyone to transaction directly through email.

[target]

sorry correction if I am wrong in opinion, it looks like sending bitcoin or altcoin on the exchange has been implemented, where all users and traders can send their funds or make transfers to other users as long as it's in the same exchange, what's interesting and great about this, if One day, fellow coinbase users do bitcoin transactions using email, I think it is not a difficult job because they have funds deposited in the same wallet, to be exact a coinbase cold wallet, except to transfer bitcoin to an email address that is not a coinbase user maybe it will cool, even though I don't have a coinbase account but there are people who send bitcoin to my email, of course I have to register a coinbase account to claim bitcoin, hopefully I am wrong

Yes. We can already do that inside the exchange and probably just link the email addresses as alias to send the BTC with out fee. I'm not sure how it works but that has been done long time ago without having patent. They would have to become a big network for all crypto users to be able to do that to cheat the miners.

[audaciousbeing]

http://patft.uspto.gov/netacgi/nph-Parser?Sect1=PTO2&Sect2=HITOFF&p=1&u=%2Fnetahtml%2FPTO%2Fsearch-bool.html&r=1&f=G&l=50&co1=AND&d=PTXT&s1=10,510,053&OS=10,510,053&RS=10,510,053

Send cryptographic currency to email address

Abstract

A system and method for transaction bitcoin is described. Bitcoin can be sent to an email address. No miner's fee is paid by a host computer system. Hot wallet functionality is provided that transfers values of some Bitcoin addresses to a vault for purposes of security. A private key of a Bitcoin address of the vault is split and distributed to keep the vault secure. Instant exchange allows for merchants and customers to lock in a local currency price. A vault has multiple email addresses to authorize a transfer of bitcoin out of the vault. User can opt to have private keys stored in locations that are under their control. A tip button rewards content creators for their efforts. A bitcoin exchange allows for users to set prices that they are willing to sell or buy bitcoin and execute such trades.

I'm sure that Brian will take advantage of his ivtention with his Coinbase here. And it's going to be interesting if other exchanges will use his patent on their side as well, so let's see how it goes.

Of course he will take an advantage. He is an entrepreneur and by default a capitalist so he would take advantage even if he might just contribute a quota of the development or maybe didn't contribute at all and just happen to be the one who have the understanding to patent its as fast as possible (just saying though). I would actually want to know how you receive bitcoin via mail without a wallet other than the notification of inflow that one gets when you register on web based wallet services providers.

[kryptqnick]

And this just makes things harder for email users to get their accounts secured knowing that it literally is an added vector of attack for those who want to do nefarious things. It's great that using tools such as email can be a medium/vehicle for transferring cryptocurrencies though those people who do no understand how to secure their account properly is at huge risk. Not that I'm underestimating these same people but you know, this just makes things easier for hackers to steal some funds.

Yeah, that's very unfortunate. I think that this technology calls for more information about making sure that one's email is safe. I, for one, am not sure enough about the measures I take, so I would not use email to send BTC. And to be honest, I don't understand what this technology actually allows and how it allows doing it. Like, would it help to solve the issues with the network being too busy? What's the practical application of this thing? From what I've read, it seems that email is just a medium, and it's crypto wallets that store the money. But how does the transaction happen in this case?

[eaLiTy]

I'm sure that Brian will take advantage of his ivtention with his Coinbase here. And it's going to be interesting if other exchanges will use his patent on their side as well, so let's see how it goes.

Coinbase is not the only site that uses BTCitcoin to e-mail facility, i have used using Xapo a long time back and we are still able to send using the mail ID and there was even a blockchain wallet blog written in 2014 which explains how to send coins using their wallet to send BTCitcoin to e-mail addresses and there are other service that were allowing users to send the coins and now the patent is won by Coinbase and how these other platform will run without paying him a fees is to be seen.
Just a few services that allow users to send BTCitcoin using mail.
blockonomics
Naga Wallet
Xapo

[darkangel11]

The problem with that system is that it's very slow. It takes a day for the money to be sent but you can do it within minutes from your coinbase account. Why would anybody choose to send  money via email if it's so much faster through an exchange? I know that some people might not know how to install and use a wallet but exchange accounts are easy.

[Jet Cash]

I haven't looked in detail, but it seems about as useful as contactless payment cards, and I refuse to use, or even have them in my wallet.

[squatter]

This doesn't seem particularly groundbreaking. Various services have already been offering bitcoin payments by email and SMS for years. Blockchain.info comes to mind. It's not obvious to me what sets this model apart.

[AmoreJaz]

This doesn't seem particularly groundbreaking. Various services have already been offering bitcoin payments by email and SMS for years. Blockchain.info comes to mind. It's not obvious to me what sets this model apart.

thats why in the said patent, he included also the related patents regarding this specific application because he is not really the first one to have this concept. sometimes you just need to change a small thing from previous patents and you can get a different patent from your "invention"
i havent read the whole description of this invention, but i do agree that it is really not groundbreaking as he cross-referenced patents here which suggests that this idea has long been in the market.

[Sendoku]

It's weird how you can make a small change and patent it like it's something new

[pixie85]

This doesn't seem particularly groundbreaking. Various services have already been offering bitcoin payments by email and SMS for years. Blockchain.info comes to mind. It's not obvious to me what sets this model apart.

Because it's not. This was done years ago but probably nobody cared enough to patent it.

Some people say that it's groundbreaking because it will get those older and less tech savvy people into bitcoin. They know how to send an email but can't understand private and public addresses and all that but why would these people want to send bitcoins in the first place when email transaction takes longer than a bank transfer.

[gentlemand]

Byteball or obyte or whatever it's called these days implemented this a couple of years ago. Not sure of the differences but it garnered plenty of impressedness at the time so I presume it was designed to be on chain and free of any middleman.

It isn't super clear whether you require someone like Coinbase to operate this proposal in the background but it looks like it might which makes it less arousing.

[CryptoBry]

I'm sure that Brian will take advantage of his ivtention with his Coinbase here. And it's going to be interesting if other exchanges will use his patent on their side as well, so let's see how it goes.

This is actually a big step towards more use of Bitcoin as it is now so easy to send the said digital asset via email unlike what we currently are using. I am sure that Coinbase is going to be taking advantage of this development to spur the platform to greater heights and therefore other exchanges especially those in the top 5 at least will have no choice but to also acquire the same capability so they can offer the same feature to their loyal users. I am already excited to get hold of this option. Good job, sir Brian Armstrong and Coinbase!

[Wintersoldier]

I remember, there is already someone who first made sending a successful BTC to other people thru BTC. But it didn't become a mainstream because for me it is quite risky, and might be the problem why. But for now, with the CEP Brian patenting his self-made system to send bitcoin might already solved the problems before regarding efficiency in utilizing Email to send BTC. But still, I see that people will still pursue sending BTC using cash as it offers more option to manage their funds more efficient.

[bitcampaign]

sorry correction if I am wrong in opinion, it looks like sending bitcoin or altcoin on the exchange has been implemented, where all users and traders can send their funds or make transfers to other users as long as it's in the same exchange, what's interesting and great about this, if One day, fellow coinbase users do bitcoin transactions using email, I think it is not a difficult job because they have funds deposited in the same wallet, to be exact a coinbase cold wallet, except to transfer bitcoin to an email address that is not a coinbase user maybe it will cool, even though I don't have a coinbase account but there are people who send bitcoin to my email, of course I have to register a coinbase account to claim bitcoin, hopefully I am wrong

Yes. We can already do that inside the exchange and probably just link the email addresses as alias to send the BTC with out fee. I'm not sure how it works but that has been done long time ago without having patent. They would have to become a big network for all crypto users to be able to do that to cheat the miners.

if a bitcoin transaction using a username might be a lot cooler too, I might be able to think positively in this way the transaction would seem to be great if some coinabse users often make small amounts of transactions using bitcoin, so it doesn't pile up on the bitcoin transaction network, but I say before this it still didn't look great if it was done only for coinbase users