New Crypto Payment System Available

DooKey

DooKey

[H]F Junkie
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Even though many vendors (Microsoft, Steam, others) have stopped taking crypto as payment for goods and services this isn't stopping Coinbase from offering a new service that lets vendors take crypto as payment. They call it Coinbase Commerce and they are offering it up to merchants all around the world. Whether or not this brings more merchants back into the fold is anyone's guess, but if it works as easily as Coinbase says it does then I bet some merchants take another look at this. In my opinion, it's just as important to get crypto out there as a purchasing device as it is to be an investment vehicle. Until crypto is used more often it's only going to be a novelty.

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, merchants can sign up and begin accepting payments in Bitcoin, Bitcoin Cash, Ethereum and Litecoin.
 
This is great actually, as an alternative to the PayPal monopoly, especially for sellers tired of the constant threat of scammers and CC chargeback schemes on high value electronics.

This also has no Bitcoin transaction fee since the payment doesn't traverse the blockchain. Its basically an instant transfer between coinbase accounts. If person A has a BTC balance on coinbase, they can send BTC to person B's coinbase BTC wallet instantly. Could definitely see myself using this even on ForSale forum transactions.

As far as I can tell anyone can sign up, you don't technically have to be a business.
 
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Any business (or person, for that matter) would be pretty stupid to accept bitcoin (or any other virtual currency) for payment right now due to the market volatility. There is just too much risk in accepting a currency with high volatility.
 
[21CW]killerofall said:
Any business (or person, for that matter) would be pretty stupid to accept bitcoin (or any other virtual currency) for payment right now due to the market volatility. There is just too much risk in accepting a currency with high volatility.
Click to expand...

Bitcoin has been trending upward since it's inception 9 years ago. I accept it morning, noon and night.

If its between BTC and someone paying me with a credit card, I'll take my chances with BTC since I don't have to worry about them going and lying to their credit card company after they receive my item, then PayPal freezing my funds up to 60 days. F that.
 
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[21CW]killerofall said:
Any business (or person, for that matter) would be pretty stupid to accept bitcoin (or any other virtual currency) for payment right now due to the market volatility. There is just too much risk in accepting a currency with high volatility.
Click to expand...

This only applies if you are holding BTC after the transaction. Since Coinbase in an exchange to begin with someone could pay in btc and coinbase can immediately convert it to cash and send you cash. Then the merchant doesn't need to interact with crypto coins at all and volatility will have no effect on them.
 
Kardonxt said:
This only applies if you are holding BTC after the transaction. Since Coinbase in an exchange to begin with someone could pay in btc and coinbase can immediately convert it to cash and send you cash. Then the merchant doesn't need to interact with crypto coins at all and volatility will have no effect on them.
Click to expand...

This and if the user is paying from Coinbase there should be no fees since a real crypto "transaction" never takes place, it just changes currencies within the exchange. This actually solves a lot of problems especially as long as Coinbase stays one of the primary points where users take money in and out of the system.
 
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