Cryptocurrency

Cryptocurrencies, and Fiat money can now be exchanged on the Square

The creator of the large financial services company called Square, was granted a new patent for exchanges, which will transform the Fiat money in cryptocurrencies during the transactions conducted through the point of sale. This represents a major advancement for the industry exchanges, as well as for the company that offers financial services. On the other hand, this was released on 21st of January, when the patent office of the USA I confirm to deliver the patent.

Learn more about Square

Is known as a Square to a financial services company primarily developed by Jack Dorsey and Jim McKelvey. These individuals are those who managed to create the great company today may make exchanges of fiat money, and cryptocurrencies. This company was established in the year 2009 and began trading on the bolsa de valores de New York the year 2015. On the other hand, the large company Square has remained in constant growth; however, the competition will a lot of criticism of the method employed. For the year 2014 have started to offer a special financing for their best users, and during the same year, he also added a tool for booking online. To conclude it can be added that, Square is a company, a firm that has close to 10 years on the market and that it keeps upgrading its system continuously to improve the service to users. In addition, among the highlights, we can mention the new patent to perform conversions between cryptocurrencies and fiat money.

Company payments Square got a new patent for trade

Now, in the news that was released on day 21 by the patent office of the USA highlighted the following:

All cryptocurrencies face the same drawback, since they are not widely accepted. Currently, cryptocurrencies, such as Bitcoin, are not accepted by the majority of retailers, even for the majority of on-line merchants.Team Square

This was one of the comments highlights the team’s Square. Due to that, they mention a reality which is happening every one of the cryptocurrencies in the market. They made it clear that, although these offer many advantages to the exchange, also have a number of legal problems for many countries; which might make it difficult to use with freedom, since that could also be used for money laundering. However the patent possibly work to transform or convert the fiat money to cryptocurrencies, in real-time. However, this news is not completely true. Since, the personnel of Square has not confirmed yet for that will be used by the granted patent. Although the team of Square shows no encouragement for sharing to use the patent, it is possible to integrate the system of points of sales. Pair thus breaking a barrier that hinders all commercial transfers between cryptocurrencies and fiat money.

How does this benefit the users?

As mentioned, the new patent offers the opportunity to convert fiat money to cryptocurrencies; always and when the users who are buying and/or selling are in agreement. This could facilitate investment in cryptocurrencies to many traders. Already, you will receive the money in criptos directly to your wallet without any problem; what seemed impossible before, the new patent could do it. However, as explained above, it is still unknown how and when to use the patent granted to the company Square. Finally, Square has also added in his official blog on the 21st day of January, possibly to initiate a LDK (Lightning Development Kit). Which allow you to customize a number of aspects of wallets and applications. In addition, the main aim will be to benefit the users who trade with cryptocurrencies; especially Bitcoin. Due to the fact that the red Lightning is a payment protocol, which allows you to make transactions fast in BTC for low rates. Clearly the company is adopting Bitcoin and understands that these means of payment are the future of the world economy. Thus, even does not rule out the possibility that Square implements the patent to improve the conversion of fiat money to criptos. While it is still in development the project LDK and the team of Square considered to be unstable; for now. It is possible that in the near future be available for users to be able to use it. The following two tabs change content below. I am a young man from Venezuela 18 years, lover of technology, innovation, and economic events that govern the world. One of my passions are cryptocurrencies.

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About the author

Caroline W.

Caroline W.

Caroline is passionate about learning languages, cultures and the Internet. She has years of experience working at international online advertising projects. Growing interested in Bitcoin and cryptocurrencies in late 2018, she joined CurrencyMarket24 as a writer.

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