Square Files Cryptocurrency Payment Patent

cryptopatents

The US Patent office issued a new patent on Tuesday which may attract more consumers to cryptocurrency. Square, the popular payment provider was issued a patent which will make crypto to fiat transactions without some of the negative aspects currently associated with these types of transactions. In essence, the technology will enable a consumer to pay in any currency they choose and the merchant will be paid in the asset they prefer. For instance, I will be able to use the payment system to pay with Bitcoin and the merchant can choose to accept that payment in dollars.

The benefit of the new technology is that the transactions will occur instantly so that the waiting time for both consumers and merchants is zero. This technology will eliminate some of the problems of using cryptocurrency including volatile crypto prices and slow transaction times.

As this type of technology becomes more available, I think we will see a huge surge in the number of people actually using crypto on a daily basis.