The online payment processor PayPal has recently filed a patent request for a modular payment module that accepts the digital currency bitcoin. This development has been acknowledged by many in the online gaming world as having the potential to significantly improve online poker payments for players who use bitcoin.
PayPal is potentially going to implement a new set of provisions for bitcoin, which could mean more payment options for poker players in the upcoming months. The corporation has filed a US patent application this week and an active interest in bitcoin by such a well-known and powerful company such as PayPal could be a positive boost for the future of the cryptocurrency.
As outlined in their patent application, PayPal are hoping to create a “virtual currency wallet system” that will essentially allow them to deal with monetary transactions between computers that mine bitcoin.
This development comes not long after the European Commission made a statement outlining that it wanted to update its anti-money laundering legislation to cover virtual currencies such as bitcoin. The recent renewed interest from important political councils and now companies like PayPal suggests that bitcoin could be increasingly gaining acceptance.
Bitcoin was first launched in 2009 as a more secure way for consumers to transfer funds and make purchases online. Despite an initial burst of interest, it hasn’t taken off in the widespread way that many had anticipated. It’s unique selling point has also been its biggest drawback: a lack of ties to any central, recognized banking system makes it both difficult to trace.
Most online poker players are up to date with the latest technological advances and all are interested in protecting their bankrolls, so using bitcoin as a payment method was the next step for a number of operators. The latest move by PayPal could result in many more poker sites joining the bitcoin revolution.
Paypal’s actions will potentially remove the need for poker sites to facilitate transactions with specialized Bitcoin wallets. This will allow for many more non-geographical deposit and withdrawal options, as most online poker sites already accept PayPal transactions as it stands.