Business 12 February 2018Vince Dioquino
New Coinbase Commerce plugin lets merchants accept Bitcoin Cash
Coinbase has launched a new plugin that would enable merchants to integrate payments made in crypto to their websites. The plugin is called Coinbase Commerce, and works like embedded payment plugins from PayPal and Stripe.
This new plugin brings wider accessibility for trading goods and making transactions online, with merchants and buyers now able to directly interact with the Coinbase Commerce plugin, even without a Coinbase account logged into the browser. The plugin wasn’t launched to much fanfare, with a simple login page providing no further information. The extended feature, however, isn’t available for new merchants—only existing merchants with verified Coinbase accounts can use the plugin, possibly due to security reasons.
The new plugin follows the standard checkout process for purchasing online goods and services, with features similar to that of Litepay, Bitpay, and UTrust. When a buyer goes through the checkout process, a new window is opened to complete the transaction, which is summarized with cost details and cryptocurrency addresses for the user or buyer to confirm. Scanning a QR code is optional, but also works seamlessly. At the moment, Coinbase Commerce only accepts Ethereum, Litecoin, Bitcoin Cash, and legacy Bitcoin (BTC). Here’s a sample screenshot from trustnodes.com, comparing the plugin with the traditional methods:
Previously, fees for Coinbase merchants have indicated a sales limit, with Coinbase support stating that “Receiving bitcoin payments is completely free on Coinbase. If you decide to cash out your bitcoins to a bank account we charge a 1% fee — but only after your first $1,000,000 in sales.” This might be subject to change with Coinbase Commerce, and it remains to be seen if server backlog issues in the BTC network might affect the process’ overall reliability for both merchants and consumers.
User-facing improvements in the Bitcoin Cash ecosystem are steadily making their way into the broader cryptocurrency community. With mass adoption of cryptocurrencies like Bitcoin Cash comes the responsibility of exchanges and services providers like Coinbase to provide clear and adequate information for their users.
[UPDATE] Coinbase Commerce has officially launched. Merchants preferring Bitcoin Cash may now sign up on their platform.
Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.
Bitcoin Satoshi Vision (BSV) is today the only Bitcoin project that follows the original Satoshi Nakamoto whitepaper, and that follows the original Satoshi protocol and design. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world’s new money and enterprise blockchain.
Business 3 hours ago
Japan’s Zaif crypto exchange resumes services under new management
The Japanese cryptocurrency exchange Zaif announced that it is resuming its activities under new management, several months after falling victim to a hack.
Business 4 hours ago
Jimmy Nguyen: Bitcoin SV is about a viable blockchain ecosystem
At the recent Paris Blockchain Summit 2019, Bitcoin Association Founding President Jimmy Nguyen sat down for a wide-ranging interview and covered many of the hottest topics in the Bitcoin industry from the last few weeks.
Business 4 hours ago
Afghanistan considers turning to crypto bonds to rebuild
Afghanistan has been decimated by decades of conflict, and it is considering turning to cryptocurrency as perhaps its only resort to rebuild .