Audit Giant Intuit Gains Patent for Bitcoin Transactions over Text Messages

Intuit has been granted a patent that describes a method whereby Bitcoin payments can be processed by using text messages. The patent was filed to the U.S. Patent Office on June 13, 2014.

The application explained a system that would allow two users to complete their payments using their mobile phones. It would also include a “peer-to-peer virtual currency network” which would store the funds of both the users.

The method includes receiving, by a payment service from a payer mobile device of a payer, a payment text message comprising a payment amount and an identifier of a payee mobile device of a payee.

The patent listed various ways to complete a transaction upon receiving a request for processing a payment. In the first option, an unanswered voice call will be used to verify the mobile phone. In the second option, a password will be used to access the user account. Once the data is verified, the system will check whether the payer has enough funds to complete the…