The largest cryptocurrency broker and one of the biggest exchanges, Coinbase, has released a new vendor service that emulates the PayPal facility so popular all over the globe. The Coinbase Commerce button allows merchants to integrate cryptocurrency payments into their offering elegantly. Not too different from the PayPal button, Coinbase’s new plugin anticipates virtual currencies going from strength to strength.
While it might seem a small innovation, the plugin has large potential. Whereas before, in order to transact one needed a Coinbase account, now one simply needs cryptocurrency. From an integrated service requiring an account and tie-in to the platform, merchants can now simply offer a click-through button for clients to complete a transaction in three quick steps.
Bringing Virtual Currencies up to Speed
With a growing reputation as a selective and highly successful operation, Coinbase has been in the news for its innovative and persistent value-adds in the coin arena. Coinbase is running far ahead of projected earnings, and their doors are closed to venture capitalists, another rather unusual display of how comfortable they are right now.
The outfit has also surprisingly not made much noise over this latest innovation. Online, where previously the official mantra was that they were not open to new onboarding, the facility is now listed on their site without fanfare. The plugin is already employed by some vendors, and it seems that the seamless integration of a PayPal-like facility has been a complete success.
Eliminating chargebacks and fraud while also beating the average timeline a PayPal user experiences to finally get cash in hand are hallmarks of the new protocol. Also, once a business makes a sale, it can instantly sell on the coin to avoid the potential for volatility and devaluation. Coinbase has been a consistent player in the challenging details of rolling cryptocurrency out across the globe, enabling ease of use and tweaking issues that were lost on others in the melee of trading since 2015.
Indeed, it would appear that they have contributed significantly to public sentiment towards virtual currencies, ironing out micro-issues as the phenomenon of cryptocurrency progressed, working towards broad acceptance.
Now virtual currency payments are a cinch, with a single button click taking one out of the merchant site, into a transactional site and back again. All of this takes less than a minute, assuming the customer has funds in their wallet. Ethereum, which seems to experience a slight favoritism on the Coinbase platform, bitcoin, bitcoin cash and litecoin payments are all enabled with the new plugin. Coinbase has, unlike many who have favored bitcoin, been heavily invested in rendering the Ethereum ecosystem seamlessly functional.
MetaMask and Coinbase may Make Ethereum the Coin of Choice
MetaMask is well known as an enabling facility. The new Coinbase plugin integrates well with it and allows it to tie into the new button option. By generating a single confirmation click, MetaMask adds to the transaction’s security and speed.
The front-end developments that enable such speedy transacting with cryptocurrencies always need to be met by back-end capacity, and Bitcoin server backlogs can impede transactions.
That said, this issue is constantly being addressed as the coin climbs in acceptance, so there is no doubt that Coinbase’s new offering will be a welcome, elegant solution to normalizing and mainstreaming virtual currency payments.
It seems that now BitPay are going to face competition for market share with Coinbase. BitPay has been fiddling for months in attempts to integrate bitcoin cash with still no word on adding ether. Coinbase, on the other hand, is offering bitcoin, bitcoin cash, Ethereum’s ether and litecoin for good measure.
Coinbase’s Ethereum lean might well tip the scales in its favor going forward. While BitPay has around 100,000 merchants on the books compared to Coinbase’s 50,000, the latter has now rolled out a transactional ability that already makes PayPal and credit card purchases seem cumbersome in comparison.