Bitcoin “Iffy”? Then Why Has JPMorgan Filed a Patent For a Bitcoin-Style Payment System?

SOURCE: FT

As I see it, the biggest problem today is that the man in the street has accepted the paradigm in which he not only ‘has to pay the banks’ for lending them his money, but accept that they charge him for every movement of it, including counting it online.

Not entirely stupid, rather kept ignorant, when he sees opportunities to use his money as it should be used, to just spend it without some institution charging him for that privilidge, he takes the bit… Tom Dennen

JPMorgan Chase has filed a US patent application for a computerised payment system that resembles some aspects of Bitcoin, the controversial virtual currency.
 Antique coin dealer examining an early Bitcoin issue…

Like Bitcoin, JPMorgan’s proposed system would allow people to make anonymous, electronic payments over the internet, without having to reveal their name or account numbers or pay a fee, according to the patent application.

The application put a spotlight on the behind-the-scenes battle being waged between the biggest banks, credit card operators and companies such as Google, Apple and PayPal – are all keen to grab a slice of the rapidly expanding business of providing mobile and internet payments as more people shift to online buying.

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