WTF is this? “.. a method includes receiving a request for payment …where the request specifies a payment amount in a fiat currency and satisfy[ing] the request for payment using a non-fiat instrument.”
It is a new U.S. Patent granted to Square, a payment processor, that permits “users holding different asset types to transact with one another in real-time.”
In other words, it’s a seamless way to transact in dollars and Bitcoins or other cryptocurrencies. And it could be revolutionary, allowing merchants to accept Bitcoin and then quickly turn them into dollars.
It may also be problematic for regulators in that it could allow buyers to keep their identities private whereas, a credit card carries with it a ton of personal information.
It appears that Square is moving fast to assimilate this new technology by creating digital wallet developer kits for others to get involved in transactions.