Merchants of all sorts have found it difficult to accept pay via cryptocurrency. Making this form of pay convenient is difficult given how new the technology still is. Yet, Coinbase, a digital currency exchange company based in San Francisco, may have found a solution.
Coinbase Commerce is a new platform developed to bridge the gap between merchants that otherwise cannot accept cryptocurrency payments and the various cryptocurrencies themselves, whether these merchants are retailers or other businesses.
Comparable to PayPal, users can pay online with Bitcoin, Ethereum, Bitcoin Cash, and Litecoin. Even more beneficial is that Coinbase Commerce allows buyers to take advantage of this service without having to create an account with the crypto company, which translates to potentially millions of more users.
With cryptocurrency continuing to grow in popularity, Coinbase’s efforts seem that much smarter in terms of changing with the times. Though BitPay is another digital exchange platform that was developed earlier, the competition brought forth by Coinbase is creating a new wave of technologies keen on processing cryptocurrency payments, and as most business owners know, competition often results in prosperity.
Coinbase Commerce, in addition to the other digital exchange platforms that exist today, are providing a great convenience for retailers and their consumers. Because this is still a brand new service, the company is not accepting new signups at this time, indicating that they may be conducting private beta tests to ensure the product is ready for public use. Once it is, its integration is sure to be nearly seamless, paving the way for new ecommerce options and possibilities.
When using this service, payments can be done through one’s cryptocurrency wallet address or by scanning a QR code. Though this is certainly conducive to both the retailer and buyer, it’s a mystery as to whether or not Coinbase Commerce will be able to compete with ecommerce giants like PayPal, or simply the convenience of credit cards, which will undoubtedly remain the payment standard for the foreseeable future.
Of course, the road ahead for Coinbase Commerce is a tough one given the amount of already existing competition, but its efforts are groundbreaking in that digital currency exchange is increasing in popularity alongside cryptocurrency itself. Who knows how soon or how far away we are from this payment method becoming the staple throughout the financial world?