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Coinbase Patents Protected BTC Deposit Option

  • Users will be able to deposit and take out BTC directly from their electronic wallets. The currently used payment services do not secure users’ private keys

Cover image via U.Today

The new patent filed by the US crypto trader Coinbase says its users will be able to deposit and take out Bitcoins directly from their electronic wallets. The currently used payment services do not secure users’ private keys.

The new system offered by Coinbase assumes the use of a master key that encrypts private keys and for signing transactions. In case there is any doubt as to the personality of the user, the system can halt the transaction.

The new system also has an API key. This enables other sites to set up their apps based on this service.

About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today, can be contacted at yuri.molchan@u.today.

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