JP Morgan challenges Bitcoin with new patent

Posted by: Jennifer Cefai (2 years, 10 months ago)

JP Morgan Chase has filed for a patent to develop a payment system similar in scope to the emerging online currency, Bitcoin. The system would utilize the same "virtual cash" that has contributed to the rise and rise of Bitcoin, and would do so in the same anonymous fashion. Within the same patent application, the bank expressed its belief that credit cards would continue to dominate the market for at least five more years, and that "none of the emerging [Bitcoin-style] efforts to date have gotten more than a toehold in the market place, and momentum continues to build in favor of credit cards."

This is just one of the efforts to counter Bitcoin that a variety of financial institutions have been trying to make as of late. Bitcoin's price has more than trebled in value since October, and only increased further when a US Senate Committee hearing in November was told that virtual currencies were a "legitimate financial service."

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