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Even at the height of cryptocurrency value a few months ago, it was difficult to really buy anything with information technology. Most retailers don't accept virtual money because it'due south confusing and slow, but Coinbase is hoping to change that. The popular crypto exchange has released a new product called Coinbase Commerce, a payment system that helps retailers accept cryptocurrency payments from customer wallets.

Coinbase Commerce is designed to integrate with a retailer'south online checkout organisation or e-commerce platform. You just need an email address and telephone number to fix up a Commerce account, and y'all're ready to have cryptocurrency as payment. However, you tin can simply accept the cryptocurrencies Coinbase supports. That ways Bitcoin, Bitcoin Greenbacks, Ethereum, and Litecoin. It also requires the use of ii-factor hallmark to secure a merchant business relationship.

When payment is requested via Coinbase Commerce, the system calculates the necessary amount of cryptocurrency based on the "existent" cost in local currency (information technology's supported worldwide). The customer is given a wallet address to transport payment with a 15-minute countdown earlier the transaction is void. Since copying a wallet address is often a pain, the organisation can simply show a QR code that users tin scan with their wallet app.

The funds are deposited directly into the retailer'southward wallet—presumably afterward Coinbase takes a pocket-size cutting. The wallet is controlled by the retailer, though. There's too a handy dashboard interface that lists the wallet rest in all the supported cryptocurrencies. Coinbase says it's working to add more features to the platform over time.

Coinbase Commerce goes a long way to making it easier for businesses to accept virtual currency, but it doesn't address the underlying issues. In the case of Bitcoin, there are rather big transaction fees. Those fees go to Bitcoin mining operations that verify transactions on the blockchain. These fees are often higher than what yous'd pay with a credit bill of fare, and they change rapidly over time.

The chief outcome with all cryptocurrency is simply that it'due south volatile. A retailer might change the equivalent of $10 in Bitcoin for an item, just the next solar day that Bitcoin is just worth $8. For some businesses, that could be the entire profit margin. At the same fourth dimension, they might cease up with more money if the value of cryptocurrency increases. It'southward always a hazard, and that might not be a skilful matter for all businesses. Still, at least someone's trying to brand cryptocurrency easier to employ.