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Coinbase Commerce: merchants can accept multiple digital currencies

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Re: Coinbase Commerce: merchants can accept multiple digital currencies

#11

Post by joeyrideout »

tyfon wrote: post #7

I've never used bitcoin but to my understanding it can take quite some time for a payment to be processed. What happens if you buy something and pay, then when the merchant receives the bitcoins the value of them has dropped say 10%? Does the merchant take the loss in this system?

Bitcoin alone is responsible for this reputation of slow transaction times among cryptocurrencies. Litecoin and Ethereum have the same blockchain architecture but are mined faster, so they are faster, but this linear improvement may not be sufficient for scaling. Minerless "DAG" coins like Nano may prove to be more practical in the long run because they scale exponentially.

re: Value change during a transaction: volatility is a fundamental problem with any currency. Adoption and volume will decrease volatility, which this announcement is moving towards :) Ripple's value-add to the banking industry, for instance, similarly relies on adoption in order to create an international pool of liquidity in order to facilitate efficient cross-border currency exchange. The more volume, the less volatility there is, which means less cost to banks using XRP as a payment "bridge". The same is desirable for merchants and consumers.

Re: Coinbase Commerce: merchants can accept multiple digital currencies

#12

Post by Donzo »

joeyrideout wrote: post #11
tyfon wrote: post #7

I've never used bitcoin but to my understanding it can take quite some time for a payment to be processed. What happens if you buy something and pay, then when the merchant receives the bitcoins the value of them has dropped say 10%? Does the merchant take the loss in this system?

Bitcoin alone is responsible for this reputation of slow transaction times among cryptocurrencies. Litecoin and Ethereum have the same blockchain architecture but are mined faster, so they are faster, but this linear improvement may not be sufficient for scaling. Minerless "DAG" coins like Nano may prove to be more practical in the long run because they scale exponentially. re: Value change during a transaction: vola…

Nano takes like 4 seconds to confirm and has zero fees for transfer. It's really a no-brainer, but unfortunately this Bitgrail thing is going to muddy the waters for a long time.

Re: Coinbase Commerce: merchants can accept multiple digital currencies

#13

Post by sethgecko »

thesehands wrote: post #10

No mention of the time delay between accepting funds and withdrawing the funds. How would a merchant refund the customer in fiat or crypto?

They are also working on Lightning Network integration.

https://www.youtube.com/watch?v=UtXe-wQyrWw&feature=youtu.be

Re: Coinbase Commerce: merchants can accept multiple digital currencies

#14

Post by jstanley »

steveeq1 wrote: post #3

I wonder what they're policy is on adult. I do some work on an adult site and ccbill has got to be the worst credit card provider out there. Adult payments need to be disrupted.

Part of the appeal of bitcoin is that you don't need to care what a payment processor thinks of your business.

You're welcome to accept bitcoin payments without using coinbase or any other payment processor.

Re: Coinbase Commerce: merchants can accept multiple digital currencies

#15

Post by jstanley »

chatmasta wrote: post #6
diggan wrote: post #5

Earlier quoted context omitted.

Agree, lots of value can be provided to services in the grey-area. Specifically Coinbase doesn't allow this. Under "Prohibited Businesses" you can see "Adult Content and Services" being listed. Source: https://www.coinbase.com/legal/user_agreement?locale=en

Really funny how we've come full circle to the same centralized cabals acting as the gatekeepers decentralized currency was meant to destroy. It just goes to show, as long as the world runs on fiat currency, and you need to convert from cryptocurrency -> fiat to live your life, the conversion point (e.g. Coinbase) will always be a point of failure and regulatory capture.

Far from being an argument against cryptocurrency's utility, that's a very strong argument in favour of using cryptocurrency.

The more people who use cryptocurrency, and accept payment in cryptocurrency, the easier it is to live your life with minimal exposure to the likes of Coinbase.

Re: Coinbase Commerce: merchants can accept multiple digital currencies

#16

Post by edshiro »

What does this mean for a crypto project like Request Network (https://request.network/#/) which is trying to become the "Paypal for cryptocurrencies"?

I am genuinely curious as I own some REQ, believe in the team, but also like what Coinbase has done to bring crypto to the masses (minus the outrageous fees of course).

Re: Coinbase Commerce: merchants can accept multiple digital currencies

#17

Post by joeyrideout »

Donzo wrote: post #12
joeyrideout wrote: post #11

Earlier quoted context omitted.

Bitcoin alone is responsible for this reputation of slow transaction times among cryptocurrencies. Litecoin and Ethereum have the same blockchain architecture but are mined faster, so they are faster, but this linear improvement may not be sufficient for scaling. Minerless "DAG" coins like Nano may prove to be more practical in the long run because they scale exponentially. re: Value change during a transaction: vola…

Nano takes like 4 seconds to confirm and has zero fees for transfer. It's really a no-brainer, but unfortunately this Bitgrail thing is going to muddy the waters for a long time.

BTC survived Mt. Gox and Bitfinex, NEM survived Coincheck, and fiat currencies survived many a bank robbery. Investor perception is low because the theft hurt early adopters, but I think that the technology will shine through sooner rather than later.

Re: Coinbase Commerce: merchants can accept multiple digital currencies

#18

Post by paulie_a »

sethgecko wrote: post #13
thesehands wrote: post #10

No mention of the time delay between accepting funds and withdrawing the funds. How would a merchant refund the customer in fiat or crypto?

They are also working on Lightning Network integration. https://www.youtube.com/watch?v=UtXe-wQyrWw&feature=youtu.be

Does lightening address coinbases incredibly long and arbitrary delays in deposits to an actual bank account?

Re: Coinbase Commerce: merchants can accept multiple digital currencies

#19

Post by mr_sturd »

tyfon wrote: post #7

I've never used bitcoin but to my understanding it can take quite some time for a payment to be processed. What happens if you buy something and pay, then when the merchant receives the bitcoins the value of them has dropped say 10%? Does the merchant take the loss in this system?

I've made payments to merchants who acknowledge that the price can change over the process of sending a payment. The Bitcoin price is fixed at the point that the transaction is acknowledged in the mempool, so any fluctuation during the time taken for transactions to reach their required verifications is ignored.

Re: Coinbase Commerce: merchants can accept multiple digital currencies

#20

Post by kylell »

joeyrideout wrote: post #11
tyfon wrote: post #7

I've never used bitcoin but to my understanding it can take quite some time for a payment to be processed. What happens if you buy something and pay, then when the merchant receives the bitcoins the value of them has dropped say 10%? Does the merchant take the loss in this system?

Bitcoin alone is responsible for this reputation of slow transaction times among cryptocurrencies. Litecoin and Ethereum have the same blockchain architecture but are mined faster, so they are faster, but this linear improvement may not be sufficient for scaling. Minerless "DAG" coins like Nano may prove to be more practical in the long run because they scale exponentially. re: Value change during a transaction: vola…

your logic is funny, is like having a busy site with a postgress db, and saying postgress is at fault, look at my mysql wordpress site with 1.3 visitors per day, how fast it is.

Ethereum will colapse on itself sooner of later, no one managed to sync a node recently.

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