Intuit to Win Patent for BTC Payments Thru Text

Company applied for a patent back in 2014, shortly after the launch of the QuickBooks Bitcoin Payments service
09 August 2018   492

California developer of financial software Intuit received a patent for the technology of bitcoin-transaction transmission using text messages, CoinDesk reports.

A document published by the US Patent and Trademark Office describes a virtual account system in which two users can transfer transactions using mobile phones. The company applied for a patent in 2014, shortly after the launch of the QuickBooks Bitcoin Payments service, which allows small companies to receive money transfers in a cryptocurrency.

The invention relates to a method for processing payment. The method includes receiving, by a payment service from a payer mobile device of a payer, a payment text message comprising a payment amount and an identifier of a payee mobile device.

Intuit Patent Filling

There are several ways to validate such a message. One of them requires sending a "password request associated with the user account".

The other uses a "phone call that is automatically reset by the payment service". Such a call serves as confirmation of the intent of the sender and makes it possible to make sure that "the message was not transmitted by mistake and is not spam sent by the device".

Despite the long consideration of the patent application, Intuit continues to develop its payment solutions for the cryptocurrency industry. Earlier, it entered into an agreement with Veem to improve international cryptocurrency payments.

US Authorities to Sell $4.3M Worth Seized BTC

As reported, the Bitcoins were seized during different federal investigations
18 October 2018   114

The US Federal Penitentiary and Marshals Service has announced an auction, during which 660 Bitcoins will be sold, previously confiscated by law enforcement agencies. The current market value of the coins put up for sale is about $ 4.3 million, CoinDesk reports.

Bitcoins offered for sale were seized during federal criminal, civil and administrative investigations.

The auction will be held on November 5, and to participate in it, you must register no later than October 31 and make a deposit of $ 200,000.

The trades will be divided into two parts and include the sale of six blocks of 100 BTC and one more block of 60 BTC. Auction participants will not be able to view other people's rates or change their own.

The Office clarified that part of the assets put up for auction includes Bitcoins, which were seized during the recent investigations into the cases of the traders Teresa Tetley and Thomas Mario Costanzo. Teresa Tetley was sentenced in July to a year in prison on charges of trading in cryptocurrency without the necessary license and laundering money obtained from drug trafficking.

The Marshals do not report which part of the bitcoins seized from Tetley and Costanzo is put up for auction, however, it was previously known that 40 BTC were withdrawn from the first, and 80 BTC from the second.

Two previous major auctions for the sale of confiscated bitcoins were held in the United States in January and March of this year. In the first case, 3813 BTC was sold, in the second - 2170 BTC.