PayPal Will Make Cryptocurrency Transactions Almost Instantaneous

Payment system PayPal took up the development of the method of instant cryptocurrency transactions with great enthusiasm, as it was described in detail in the application on the website of the United States Patent and Trademark Office.

The document describes the method of instant payments by transferring special private keys between the buyer and the seller.

The essence of this method is that instead of the traditional process of sending transactions, when both the buyer and the seller have to initialize the exchange operations of cryptocurrency, wait until they get into the chain of blocks and only then make a deal, PayPal proposes the creation of so-called secondary purses where private keys for buyers and sellers will be located, containing the required amount of a certain cryptocurrency.

As the application says: “The systems and methods of the present disclosure practically eliminate the amount of time the payee must wait to be sure they will receive a virtual currency payment in a virtual currency transaction by transferring to the payee private keys that are included in virtual currency wallets that are associated with predefined amounts of virtual currency that equal a payment amount identified in the virtual currency transaction”.

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