The major online payment system, Paypal, has filed a patent for the use of bitcoins in order to speed up online payment transactions.

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The patent labeled, “expedited virtual currency transaction system” favors virtual currencies because it has changed the way people use technology to exchange payments between each other.

The peer to peer system however, does create a need for confirmation of transactions. The patent refers to bitcoin transactions, taking as long as 10 minutes. Paypal hopes to use private keys to speed up the processing systems.

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