World's Largest Cryptocurrency Exchange Platform, Coinbase has recently added a new service to their portfolio which enables merchants seamlessly integrate crypto payments by adding a Coinbase Commerce button, much similar to the PayPal Button.
Coinbase is an industry-leading digital currency exchange headquartered in San Fransisco, California. It serves in as much as 32 Countries across the globe while providing bitcoin transactions and storage in 190 countries worldwide. Founded back in July 2011 by Brian Armstrong and Fred Ehrsam, Coinbase was listed by an UK-based company Richtopia at number 2 in the list of "The 100 Most Influential Blockchain Organizations."
Unlike previously where merchants service was directly integrated with Coinbase, requiring a Coinbase account, all you need now to make a payment is just a cryptocurrency. Coinbase has not said much about its new service, with only a website stating they are not open for new sign-ups but some merchants are already using it, giving an opportunity to test Coinbase Commerce.
Let's get indulged deep inside to understand exactly how the new feature works and will be beneficial to us:
Once you've selected whatever product and have gone through the checkout process, customers face screen similar to this:
As seen above clearly, the option letting us use cryptocurrency for payment is seamlessly integrated, making it look almost similar to the other two well-established options i.e. fiat currency services.
When clicked further on the Coinbase Commerce option, takes you out of the merchant's environment, similar to PayPal and a screen like this appears after that:
Coinbase is an industry-leading digital currency exchange headquartered in San Fransisco, California. It serves in as much as 32 Countries across the globe while providing bitcoin transactions and storage in 190 countries worldwide. Founded back in July 2011 by Brian Armstrong and Fred Ehrsam, Coinbase was listed by an UK-based company Richtopia at number 2 in the list of "The 100 Most Influential Blockchain Organizations."
Unlike previously where merchants service was directly integrated with Coinbase, requiring a Coinbase account, all you need now to make a payment is just a cryptocurrency. Coinbase has not said much about its new service, with only a website stating they are not open for new sign-ups but some merchants are already using it, giving an opportunity to test Coinbase Commerce.
Let's get indulged deep inside to understand exactly how the new feature works and will be beneficial to us:
Once you've selected whatever product and have gone through the checkout process, customers face screen similar to this:
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| Coinbase Commerce |
As seen above clearly, the option letting us use cryptocurrency for payment is seamlessly integrated, making it look almost similar to the other two well-established options i.e. fiat currency services.
When clicked further on the Coinbase Commerce option, takes you out of the merchant's environment, similar to PayPal and a screen like this appears after that:
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| Coinbase Commerce supported Cryptocurrencies
The four options rendered above: Bitcoin, Bitcoin Cash, Ethereum and Litecoin are the cryptocurrencies that are supported currently for broker service and in their exchange as well.
Ethereum is at the top with nicer logo than the rest betraying perhaps a slight bias on the part of Coinbase which, is no secret, has dedicated some considerable amount of resources in the direction of supporting Ethereum ecosystem, we can say.
Further Clicking on any of the four listed options instantly sends you to the final screen, which seems familiar to any cryptonian.
Chasing no further, we got the basic idea and the flow of the service. We assume without proof that once the payment is sent to the receiver, the website would be redirected to the merchant's natural environment, just as it does with the PayPal.
Nor did we had the MetaMask plugin installed. So we are unsure whether we would have received a request confirming the transaction with the payment automatically made if MetaMask was in operation.
It that isn't the system flow, then it probably will be in due time because it significantly increases customers convenience as instead of copy-pasting around you'd just click the MetaMask confirmation button and be done within a second in just a few clicks.
Even without it, the experience was no worse than with Paypal or any Credit Card that would also require the same number of steps performed. Although it is still unclear how that 15 minutes payments time frame would work with bitcoin when it experiences severe backlogs.
With the Ethereum, which is integrated with the MetaMask, where the checkout experience shines brightly and is far more convenient and cutting edge than with either PayPal or a Credit Card. That's because, with such integration, you need not search for your wallet then enter all those numbers, nor would you need to copy-paste any crypto address with the payment virtually performed as long as you have sufficient balance on MetaMask.
This means that there would be direct competition seen between the BitPay and Coinbase. They have been trailed for months now on Bitcoin Cash Integration without any indications of Ethereum being added, while Coinbase is all set to launch with Litecoin, Ethereum and Bitcoin cash added.
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I like it, very cool
ReplyDeleteThank you for your feedback Oskar!
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