Coinbase Opens PayPal competitor
In recent news Coinbase, one of the US largest crypto exchanges is planning to go head to head with PayPal with their newly launched platform Coinbase Commerce
Now it will come as no surprise to some of you have read my blog that at the moment, I am a little anti coinbase, and their recent history is being marred by overbearing charges not only by them, but now by anyone using credit cards to purchase crypto on their platform, and for the privilege of this also last week they were found to be double charging customers transaction fees.
So what does the future hold for the fledgling pirate company.
Coinbase commerce is planning to accept the following currencies
- Bitcoin
- Bitcoin cash
- Ethereum
- Litecoin
They say that it is going to integrate seamlessly with Shopify. I guess we will have to wait and see what is. I hope I am proved wrong, but when I consider their customer relations lately I don’t see anything really beneficial from this, and I think they have to pick up their game if they want to keep up with their competitors.
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Came across your post via @dreemsteem Treasure Hunt! In one of those people who know next-to-nothing about crypto but wanted to take some baby steps in that direction, so I have used coinbase for there small transactions, with large transaction fees. So, if I wanted to get away from Coinbase, what should I do first? Remember I know/understand little 😊
I'll keep an eye out for this. I just started using Coinbase, and didn't realize their fees were high. I think the bottom line is that there is money to be made in anything related to money. Money (fiat/crypo) services are needed by everyone on the planet. So they put their hand out and we pay!
Yes since its one of the largest people automatically turn to them to purchase crypto. However if you can imagine the journey. You are fortunate to buy crypto with credit cards and you get hit with say 1.5% fee then you buy Crypto with a 1.5% fee and if you dont have GDAX to transfer it out of coinbase then you get hit with another fee for miners. So before you have even started you have been bombarded with 3 transactional fees.
No there are companies like robinhood (US only so far) and bread wallet that are offering other opportunities to buy crypto without these fees.
I will check them out. Thank you!
Wouldn't it be good if we could get Coinbase to accept steem...
Now that would be a great idea @pennsif
I believe they are opening up to some of the other coins like Dash so it may happen yet if the powers that be here can strike a deal. I have developed some alternative sources for btc so i unless i need to buy a lot i can normally suffice with that.
👍
I'm following the treasure map! :D
Actually for me who's not in the US, Coinbase would be a rare choice. I have just read a lot of negative reviews and individual accounts getting hacked. It's quite controversial to reach a reader like me where coinbase is not popular. But I really can't give a fair feedback because I just read about them on news.
Welcome @wanderlass.
Yes I am not in the US either and had limited options as far as access to excahnges where you could actually buy BTC, but like you I am very anti coinbase at the moment they just seem to be failing their customers on so many levels.
They certainly have a lot to do in order to please their customer base or they are going to be in for a shock when everyone leaves
That's really possible for them to lose their customers because competition is growing. I only know a few exchange options as well which is already an improvement when in the previous years there was only 1 or maybe 2. :)
It certainly seems unfair that they are double dipping with the fees - hopefully they rectify this and make it a lot fairer :)
Sure, they have been enjoying skimming the cream for ages it is going to be difficult to het out of that habit, but as more alternatives come on board if they don’t improve their customer experience everyone will migrate to the newer platforms.
One good piece of news from coinbase was that they are planning to adopt Segwit which should help dramatically reduce fees, that is however if it is mass adopted and both sender and receiver have a Segwit BTC address.
This is exciting - a crypto competitor to Paypal. I bet Paypal is scrambling to catch up. Once Paypal goes crypto, it's gone mainstream. Amazon will be next, whoo hoo! @ironshield
Thanks @ironshield.
Yes it is exciting news, and yes when paypal and amazon goes crypto then it opens the doors for wise spread acceptance.
Thats providing people have the ability to putchase the crypto in the first place, but the way coinbase is treating its customers just now doesn’t install confidence in me at the moment and probably going to have fees galore associated with the pleasure of having a paypal alternative.
I do hope they prove me wrong, but i love the concept and how it could ipen the door for wider mainstream acceptance.
I am really surprised PayPal didn't jump on the Crypto Train yet and start selling coins
Yes i am sure Elon Musk has his mind set on something in the space (excuse the pun). Lets wait and see.
I don't think Musk is still with PayPal. He made his Tesla money by selling Paypal. ;)
Yes i realised once i posted it, but imagine if eBay and Paypal were able to bring the masses to crypto.
that would be amazing. to be honest, i would trust crypto a lot more if it was backed by some big players. say what you want about them, but at least we know who they are and what their history is. In case of Musk we do know that he spend crazy amounts of is own, privat money on creating space x to help humanity reach the space age. so that seems to be a good person in my eyes ;)
My sentiments exactly far too many scamsters not held accountable for their actions in the crypto realm, which leaves the avergae “joe” exposed at the whims of some people with less than honourable intentions. I think if we had someone like yourself with a proven track record in conventional business and opened a crypto wing i think the uptake would be tremendous. Elon Musk certainly has some opinions on it. I wouldn’t suspect it would be too long before he gets into the field.
It would be nice to have a viable option to paypal that is crypto based but not great if the fees are going to make transactions less worthwhile.
I imagine it will be a while before we see anything like this in the UK though.
Good point @scarletleonard, given that lloyds are following suit of the US banks and banning purchasing of crypto with their cards. But the good news is that barclays and several other Uk banks are dabbling with their own currencies so it could be sooner than you think to have areadily accessible crypto in the UK.
Thankfully I don't bank with lloyds.
Brilliant news though, being able to take crypto easily as I can take a visa payment at shows would be great.
Well theoretically you can already do that if you have a bitcoin or any otjer currency wallet on your phone just set your Qr code to receive and let the other person scan it with the amount of btc or whatever currencies you want to send and hey presto a Crypto payment from them to you in one fell swoop.
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I'm new-ish to crypto, and appreciate learning more about what's happening in this world. Paypal and Coinbase working together seems like an interesting match. Definitely they'll be taking a cut, but I could also see how it might make it open to more people. I'll be interested to see how it develops! (also, Arrrrrr. ;)
@katrina-ariel, if only that were the case, i would love to see PayPal work with coinbase, but it seems coinbase wants to take on PayPal with this new platform Coinbase Commerce.
Coinbase are trying to monopolise market share because in order to use Coinbase Commerce you have to first purchase the crypto currency from coinbase and then most likely it will cost you additional fees to transfer it into this platform to buy things most likely with a fee attached. But given their current lack of customer service. I am dubious about this one.
Ah! Thank you for explaining it more. I have so much to learn.
I love that even after the hunt was over... and you don't have a chance to win... you're STILL reading and commenting.
my heart is happy :) This is what the hunt was all about. Thanks Katrina <3 please accept this tip! simple
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