Topic: Coinbase CEO Brian Armstrong granted patent for sending BTC thru email (Read 361 times)
December 26, 2019, 09:41:03 AM
How quickly do you think they can implement this system? Will it get the proper popularity?
December 26, 2019, 08:37:31 AM
The important question is that is there any need for this ? Do we really want to send bitcoins through email ? Would not this will create more loop holes when it comes to the security of the email as well ? First we need to be careful about the wallet security and now email ? 
It already works here - https://wiki.obyte.org/Textcoin but it doesn't use any type of third party whereas the Coinbase one may well.
It acknowledges that email is not the ideal medium for it and only small amounts should be sent over it. It recommends doing it over end to end encrypted stuff like Telegram instead.
I certainly wouldn't be sending my life savings over it but it looks like it's a way to draw newcomers in.
I wonder how to send, by mail, or gmail mail, bitcoin? You can call this a breakthrough in the fact that the Coinbase representative made a potent on this device. In the future, I want to see how it is possible to send bitcoin using the mail mail if it goes to the masses.
December 21, 2019, 06:47:14 PM
The important question is that is there any need for this ? Do we really want to send bitcoins through email ? Would not this will create more loop holes when it comes to the security of the email as well ? First we need to be careful about the wallet security and now email ?
It already works here - https://wiki.obyte.org/Textcoin but it doesn't use any type of third party whereas the Coinbase one may well.
It acknowledges that email is not the ideal medium for it and only small amounts should be sent over it. It recommends doing it over end to end encrypted stuff like Telegram instead.
I certainly wouldn't be sending my life savings over it but it looks like it's a way to draw newcomers in.
December 21, 2019, 10:31:46 AM
Sounds good, but if it' s using Coinbase as an intermediary it' s not that impressive, literally any company could implement it.
While I don't know how convenient a non-custodial implementation would be if the owners of the email are the ones protecting their private keys, literally anything can go wrong.
While I don't know how convenient a non-custodial implementation would be if the owners of the email are the ones protecting their private keys, literally anything can go wrong.
December 21, 2019, 09:32:03 AM
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
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.
Quote
Send cryptographic currency to email address
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.
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.
The important question is that is there any need for this ? Do we really want to send bitcoins through email ? Would not this will create more loop holes when it comes to the security of the email as well ? First we need to be careful about the wallet security and now email ?
December 21, 2019, 09:09:32 AM
They will make first in the world email with fees
December 21, 2019, 09:05:16 AM
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
he has been fighting for this patent since 2015, so it's natural that many use something similar every year. If coinbase wins this patent, it means that all other services can still use it, but by following the fixed rules of coinbase.I still think this is no different from the branch address system, but I don't know the details. What is clear is this feature will benefit users even though they can no longer avoid KYC etc.
I didn't know he was on it since 2015. If he was the first to have introduced the concept then he deserves the patent. Congrats to Brian Amstrong.
Its just surprising to see how many developers today have created innovations that weren't really patented in the name of opensource. Now that he got it patented then this will just be for Coinbase alone and they can sue which project uses it. I can really think of paypal when making transactions base on our email ID.
December 21, 2019, 04:10:13 AM
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
he has been fighting for this patent since 2015, so it's natural that many use something similar every year. If coinbase wins this patent, it means that all other services can still use it, but by following the fixed rules of coinbase.I still think this is no different from the branch address system, but I don't know the details. What is clear is this feature will benefit users even though they can no longer avoid KYC etc.
December 21, 2019, 03:45:05 AM
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
that doesn't seem to be possible though considering how address being generated for the frivolous thing and if it's to be changed with username we'll struggle picking the username and then forced to use random number behind username which is basically the same complexity as when we're using the already existed random address.but inside a centralized system like exchange that might be possible and it's probably just a piece of cake to do that. 
December 21, 2019, 01:48:48 AM
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.
December 20, 2019, 11:02:03 PM
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.
December 20, 2019, 07:34:59 PM
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!
December 20, 2019, 07:01:49 PM
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.
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.
December 20, 2019, 06:07:12 PM
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.
December 20, 2019, 05:43:07 PM
It's weird how you can make a small change and patent it like it's something new
December 20, 2019, 04:48:32 PM
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.
December 20, 2019, 04:29:40 PM
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.
December 20, 2019, 12:05:56 PM
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.
December 20, 2019, 11:53:33 AM
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.
December 20, 2019, 11:18:57 AM
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
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