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   162

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.

Crypto Billionaire to Lost 5.5k BTC Due to Fraud

Thai scammers convinced 22 yo Finnish crypto billionaire to invest in their 'investment' scheme
13 August 2018   265

The 22-year-old cryptocurrency millionaire lost more than 5,500 bitcoins after taking part in the investment scheme in Thailand. The case attracted public attention because of the possible participation of a Thai actor. This is reported by Bangkok Post.

A group of scammers in June 2017 persuaded Finnish businessman Aarni Otawa Saarimaa to invest in several Thai securities, a casino in Macau and a crypto currency called Dragon Coin.

Scammers claimed that Dragon Coin could be used in Macau casinos. In addition, they brought Saarimaa to this casino to demonstrate the legitimacy of their project. Saarimaa transferred 5 564 BTC to fraudsters.

In January, without receiving any income for his investments, Saarimaa filed a complaint with the Crime Suppression Division's (CSD), along with his local business partner, who believed that this investment scheme was fraudulent.

CSD began to investigate the case and stated that the group made no investment for Saarimaa, instead transferring all the bitcoins to Thai baht and placing these funds on seven bank accounts.

Although it is not clear when exactly the scammers sold the bitcoins, CSD announced that they raised about 800 million baht or about 24 million dollars.

Then followed a months-long investigation, according to which CSD began to suspect that the Thai film actor Jiratkisit "Boom" Jaravijit also took part in the fraudulent scheme - he was arrested last Wednesday.

In addition, the CSD stated that it suspects the actor's brother, Princess Jaravijit, as the "instigator" of this entire scheme. He left Thailand, traveling to South Korea, and then to the United States. According to the Bangkok Post, CSD is currently working with the US to track him down.