JPMorgan Files Patent For What Sounds Like Bitcoin, Only It Isn’t Bitcoin!

Earlier today we spotted a very interesting post on Slashdot that mentioned JPMorgan, the world renowned banking giant. It looks as though they have filed a patent application for something that sounds so familiar, it can only be one thing, a BitCoin rip off, or at least a partial rip off. That isn’t to say that many people haven’t already copied BitCoin and other crypto currencies but this is the first one by a known banking firm that we are aware of.

The patent is an application for an electronic commerce system that describes “a method and system for processing Internet payments using the electronic funds transfer network.” Just like BitCoin. This would allow people to pay bills or make payments online anonymously over the internet, as well as micro payments without processing fees, again just like BitCoin. It could kill of wire transfers through companies like Western union, guess what that sounds like? BitCoin.

The application was made available online at the end of November, although the application was filed in early August. It’s 18,126 words long and goes on to describe an online digital currency format that we know sounds very familiar, but there isn’t a single mention of something like BitCoin in it. Are JPMorgan trying to muscle into the cryptocurreny world? It certainly seems like it.

Thank you Slashdot for providing us with this information.

Image courtesy of Fox.