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Square – the company led by Twitter co-founder Jack Dorsey – has successfully received a patent from the USP Patent & Trademark Office (USPTO) describing a new network of payments that would allow merchants to accept payments in any currency – including Bitcoin and other cryptocurrencies – and then withdraw their currency of choice following a transaction.
The patent explains that:
"The disclosed technology meets the demand in the art of a payment service able to accept a greater diversity of currencies … including virtual currencies including cryptocurrencies (bitcoins) , ether, etc.) … of a traditional payment system in a transaction between a customer and a merchant and specifically for a payment service to solve or improve the problems related to transactions with such currencies. payment described here can facilitate transactions in real time (or substantially in real time), allowing the customer to pay in any currency of his choice, while the merchant can receive payment in a currency of his choice. "
The patent describes the methods by which a point-of-sale POS system can eliminate latency in cryptocurrency transactions to the point that both cryptocurrency and credit card transactions can must be processed at the same speed.
The system would make this claim possible through the management of a private blockchain able to register transactions from Square portfolios. Although this approach does not eliminate the potential of double-expense attacks, it eliminates the risk from a trader and puts the burden on himself.
The CEO of Square Jack Dorsey was previously registered as an advocate of Bitcoin – pointing out that Bitcoin could become the world's primary trading medium within the next ten years.
At the time, Dorsey joked that the emergence of the Bitcoin market "will probably take more than ten years" and went on to say "The world will have a single currency, the Internet will have a single currency … Personally I think it will be Bitcoin. "
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