Online businesses now have a tool to accept Bitcoin, Bitcoin Cash, Ethereum and Litecoin payments right from their websites or online stores.
Coinbase – which is best known for its service that converts fiat into bitcoin, Ethereum, Litecoin or Bitcoin Cash – decided to give website owners around the world (it is supported worldwide, not just in the US) a more flexible option for collecting payments in cryptocurrency.
Coinbase Commerce – launched this week – lets merchants add a crypto payment option directly in their existing payment checkout system or add it as a separate payment option on their e-commerce platform, hosted independently of Coinbase so a merchant can receive crypto in its own wallet.
The team has already integrated the service with Shopify, one of the largest multi-channel commerce platforms, and is actively adding more integrations to make accepting cryptocurrency as widely available as possible.
The onboarding process is simple. Without a line of code, within just a few minutes, users can start accepting cryptocurrency by following these 3 simple steps:
Sign up for Coinbase Commerce
Create a Coinbase Commerce API Key
Add Coinbase Commerce to your website or store
However great it may sound, it might be difficult for Coinbase’s solution to gain traction in today’s unstable crypto market.
Many merchants have stopped supporting crypto payments on account of the rising cost of transactions and price volatility. Then there are crypto holders who will not want to spend their digital currency but rather keep hold of it in the hope that it’ll be worth more in future.
Ironically Stripe, a well-known payments platform, recently discontinued support for Bitcoin payments.
Now Coinbase introduces its Stripe-like competitor focused on same digital currency transactions.
Today, Reddit is full of accounts of Coinbase’s extremely slow support, 2-month long response times, frozen accounts, lack of communication between the company and the user etc.
Time will tell, but users on platforms like ProductHunt and Twitter are both interested and concerned about the new offering: How can a business, that is very busy already, want to add new features for us, add a new service and scale its support?
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