Coinbase Commerce is a New Cryptocurrency Payment Program for Vendors

[Raevenlord]

Coinbase, one of the world's largest - and more transparent, in legal terms - cryptocurrency exchanges, has announced the start of a new cryptocurrency payment program. Coinbase Commerce is a new service that enables merchants to accept multiple cryptocurrencies (Bitcoin, Bitcoin Cash, Ethereum and Litecoin) directly into a user-controlled wallet as payment for services rendered or products acquired. Coinbase Commerce can be directly integrated into a merchant's checkout flow or added as a payment option on an e-commerce platform with just an email address and a phone.

This is another step to cryptocurrency world domination, and one of the most important steps towards widespread adoption of these as actual stores of value. The difficulty of translating cryptocurrency into real world value and products - which has seen better days, but has since seen key players withdraw from accepting these as payments - is one of the remaining walls towards widespread, mainstream adoption, and could provide a window for crypto in general to abandon its actual relevance as mere speculative investment. Some platforms already exist - TenX and BitPay come to mind, for instance. however, Coinbase as an exchange has some of the more solid footings in the cryptocurrency industry - and financial markets as well - so this is definitely a high-impact move that could help cement a future based in cryptocurrency trades.



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[R-T-B]

Coinbase is the most legit exchange out there, will be cool to see their take on this...

 

[SirEpicWin]

Coinbase is the most legit exchange out there, will be cool to see their take on this...

Coinbase is no way in hell is legit
just browse the sub reddit and you will find more of these problems

 

[toilet pepper]

Coinbase has a hug in their system right now. It charges multiple transactions to your bank account.

 

[R-T-B]

Coinbase is no way in hell is legit
just browse the sub reddit and you will find more of these problems

Yes, there are problems now we all established that. Look at their history however and you won't find a more legit operation around, reddit included.

Coinbase has a hug in their system right now. It charges multiple transactions to your bank account.

Yes likely temporary but this is their first issue, uh, ever. How many can claim that?

 

[SirEpicWin]

Yes, there are problems now we all established that. Look at their history however and you won't find a more legit operation around, reddit included.



Yes likely temporary but this is their first issue, uh, ever. How many can claim that?

Well according to their history, I can easily see how "legit" this company really is.

 

[R-T-B]

Well according to their history, I can easily see how "legit" this company really is.

That happened 3 days ago and is part of the same ongoing issue which they are dealing with. It is not their "history."

I know how legit they are because I a.) have studied their funding model which is economically second to none and b.) use them daily.

Coinbase has a hug in their system right now. It charges multiple transactions to your bank account.

It appears to only happen to VISA users.

 

[silentbogo]

It appears to only happen to VISA users.

Also worth adding that VISA ain't saint either. Lately they have some miscommunication with ukrainian banks (and not only) and online payment services which worked for years without a hitch, but now have some major issues. Just in Dec. I had to wait 30 days for ~10 transactions to clear through Visa, cause for some reason they have a 20 transaction limit and somehow my previous 8 transactions counted as 20. Same online payment service I've been using for the past 4 years or so.
Plus, most card-to-card transfers within the same bank (normally free), got charged a transfer fee that month. With all the stuff that normally cost me $0 I lost over $30 just in these stupid transaction fees and had to wait 30 days for my $800+ to clear. I called my bank and they said it's not their fault, it's VISA. Later I found out that lots of people had this kind of problems and my bank went as far as replacing all newly registered/expired debit cards with Mastercard just to avoid future issues. And saddest of all, Steam started to accept UAH payments at the end of last year, but about the same time as my transactions went haywire, VISA decided to do "double-conversion" on steam purchases (UAH -> USD -> UAH with a shitton of exchange fees). Fortunately for me my bank blocks these types of transactions by default, otherwise I would've paid a lot more with exchange fees and exchange rate differences. Both Steam and my bank pointed fingers to VISA.

P.S. I also have a coinbase account and so far had no issues.

 

[FordGT90Concept]

Yes, there are problems now we all established that. Look at their history however and you won't find a more legit operation around, reddit included.

That should scare you.


I'd like to know how this Commerce system works. Is the exchange facilitated by a cryptocurrency like Tether? If yes, avoid like the plague.

 

[R-T-B]

I'd like to know how this Commerce system works. Is the exchange facilitated by a cryptocurrency like Tether? If yes, avoid like the plague.

No. Not like you are thinking anyways. They use no crypto for dollar equivalencies.

That should scare you.

Knowing how well they are funded, it doesn't.

 

[toilet pepper]

I ain't bashing coinbase and as far as my 5 min google-fu can tell, the problem is not entirely coinbase's fault. It has something to do with the payment system they use to transact with banks.

I guess they should use blockchain tech.

 

[FordGT90Concept]

Knowing how well they are funded, it doesn't.

They're private so they have no obligation to give quarterly reports to the public (and appears they don't). As far as I can tell, they also haven't had an external auditor verify their books are on the level either.

Lehman Brothers had $600 billion in assets when it collapsed (value of all cryptocurrencies combined).

 

[R-T-B]

They're private so they have no obligation to give quarterly reports to the public (and appears they don't). As far as I can tell, they also haven't had an external auditor verify their books are on the level either.

Lehman Brothers had $600 billion in assets when it collapsed (value of all cryptocurrencies combined).

I don't store my money with them so I still have very little concern.

There is also this:

https://www.crunchbase.com/organization/coinbase/funding_rounds/funding_rounds_list

 

[cryohellinc]

TechPowerUp needs to be renamed into CoinPowerUp.

Keep advertising the bubble. Really shows where your interests lie.

 

[R-T-B]

Keep advertising the bubble. Really shows where your interests lie.

Technology?