JPMorgan files patent for ‘bitcoin killer’ currency

After the Hatespeech of Jamie Dimon from JPMorgan it seems there are more and more information coming to light.

JPMorgan, the largest bank in the US, has filed a patent for an electronic currency with many similarities to bitcoin.

There is no reference to bitcoin or any other known crypto, but there is a claim that the work would represent a “new paradigm for effectuating electronic payments”.

The patent also promises to lower the cost for doing business online. The goal is to slash the fees charged by banks to process credit card transactions.

“The method has further, broader applicability by providing the ability for anyone with an account at an institution to transfer funds to anyone else who also has an account at the same or a different institution. The pay anyone feature of the present invention allows parties to electronically transmit funds instantaneously without the expense of today’s wiring fees,” says the application.
It also promises to lower the cost of doing business online for the merchant, slashing the fees that are currently charged by banks to process credit card transactions.
“For the merchant, the present invention significantly reduces the transactional cost as compared to the use of credit cards. The method also provides a reduction in fraud and credit losses, while the finality of the transaction virtually eliminates dispute and chargeback processing from the viewpoint of the financial institution,” says the application.
It seems to differ on bitcoin – which is a peer-to-peer service that was designed in part to avoid the need for a central controlling institution – in that wallets would be stored on a “host web server”, presumably under the control of JPMorgan.
Bitcoin commentator Brian Cohen said on the Let’s Talk Bitcoin site: “While it remains to be seen if this technology is a ‘bitcoin killer’, other players such as eBay/PayPal ought to pay close attention to this emerging technology. If Bitcoin does get a toehold in the marketplace, we just might see this technology activated. The Chase is on.”

Source:
http://www.telegraph.co.uk/technology/news/10510933/JPMorgan-files-patent-for-bitcoin-killer-currency.html
https://btc.icymi.email/jpmorgan-files-patent-for-cryptocurrency-that-looks-just-like-bitcoin-so-thats-why-jamie-dimon-dissed-bitcoin/