Denis O’Leary, on behalf of JPMorgan Chase Bank, has filed a patent for a Bitcoin-like payment system that will allow customers to use a digital wallet and transfer funds to anyone anonymously.
This patent is a renewal of the original filed in 1999; 14 years ago.
This means that the patent pre-dates the surge in Bitcoin and the inception of cryptocurrencies.
The JPM Internet Pay Anyone Account (IPAA) moves money anonymously
“with the recipient of the credit having no way to determine from where
the credit originated.”
The transfer of money is done without processing fees and would replace wire transfer corporations such as Western Union.
The application states: “While new Internet payment mechanisms have
been rapidly emerging, consumers and merchants have been happily
conducting a growing volume of commerce using basic credit card
functionality. None of the emerging efforts to date have gotten more
than a toehold in the market place and momentum continues to build in
favor of credit cards.”
Last November, Ben Bernanke, chairman of the Fed said that virtual
currencies “may hold long-term promise, particularly if the innovations
promote a faster, more secure and more efficient payment system.”
Earlier this month, Bank of America (BoA) Merrill Lynch experts stated that “as a medium of exchange, Bitcoin has clear potential for growth.”
Bitcoin has been referred to as a pump and dump scheme by media to deter from its growing popularity.
Three weeks ago, Coin was unveiled carry on the move toward crypto currencies
Coin
appears to be a credit/debit card, but this device is a mobile payment
system that unites “several different methods of payment into
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