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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

#61

Post by mancerayder »

wmeredith wrote: post #44
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?

This was my immediate question. I bought some Etherium from Coinbase a couple weeks back and by the time I got the funds, the value had dropped (!)25%. I don't particularly care because I'm long on my crypto holdings, but in what world is something like that going to be tolerable for merchants?

It sucks, but you can store cash there in advance, and purchase on the fly when desired.

Re: Coinbase Commerce: merchants can accept multiple digital currencies

#63

Post by __blockcipher__ »

solarkraft wrote: post #62

Not only is Coinbase an extremely slimy, untrustworthy company seemingly entirely driven by bad AI, the amount of different currencies they accept is also very limited.

What?

GDAX is one of the best companies out there in the field.

Note to others: a portion of the internet seems to relentlessly attack Coinbase because they listed Bitcoin Cash (BCH) months ago

Re: Coinbase Commerce: merchants can accept multiple digital currencies

#64

Post by dmix »

solarkraft wrote: post #62

Not only is Coinbase an extremely slimy, untrustworthy company seemingly entirely driven by bad AI, the amount of different currencies they accept is also very limited.

...You're going to have to back those aggressive claims up with some sources or reasoning on HN.

> the amount of different currencies they accept is also very limited

They cover the 4 primary ones. I'm not sure as a business I'd want to accept any other ones... besides maybe ZCash and Monero for privacy reasons.

Re: Coinbase Commerce: merchants can accept multiple digital currencies

#65

Post by notahacker »

decorator wrote: post #55
notahacker wrote: post #48

Earlier quoted context omitted.

The traditional financial system carries out trillions of transactions which are not money laundering, yet is required to jump through enormous amounts of red tape to prove its customers are not money launderers, and companies still get into trouble with regulators if they're not satisfied with their AML policies. A new payment processor advertising the ability to accept completely anonymous transactions as a key ben…

> The traditional financial system carries out trillions of transactions which are not money laundering, yet is required to jump through enormous amounts of red tape to prove its customers are not money launderers, and companies still get into trouble with regulators if they're not satisfied with their AML policies. I'd agree the traditional system would probably have less money laundering. It also has less freedom,…

Criminal economic ecosystems have existed since long before cryptocurrency, as has AML law even in mere regional financial hubs like South Africa.

The real question is to what extent is it beneficial for non-criminal businesses to invest in the capability to handle niche currencies like Monero used by hardly anybody and attractive primarily to money launders. Because if it's predominantly criminal businesses using them, it's not really making regulators' jobs more difficult.

Re: Coinbase Commerce: merchants can accept multiple digital currencies

#66

Post by bobwaycott »

dimillian wrote: post #58
blunte wrote: post #49

The KYC/AML regulations require essentially 1:1 human effort for every new person who attempts to buy any practical amount of cryptocurrency (within the US and EU, and probably elsewhere). So the #1 problem is that people who want to buy some cryptocurrency cannot. They wait days or weeks to get verified. And the exchanges and money changers want to provide the virtual currency to the hungry customers, but they canno…

Verification is not done by humans, and it's instant.

There are a significant amount of stories out there (and shared here) that directly disagree with your assertion.

Re: Coinbase Commerce: merchants can accept multiple digital currencies

#67

Post by sitepodmatt »

solarkraft wrote: post #62

Not only is Coinbase an extremely slimy, untrustworthy company seemingly entirely driven by bad AI, the amount of different currencies they accept is also very limited.

Wtf? Are you are tether/bitfinex shill? Coinbase is the most legit in a toxic shithole of dodgyness

Re: Coinbase Commerce: merchants can accept multiple digital currencies

#68

Post by RickS »

dimillian wrote: post #58
blunte wrote: post #49

The KYC/AML regulations require essentially 1:1 human effort for every new person who attempts to buy any practical amount of cryptocurrency (within the US and EU, and probably elsewhere). So the #1 problem is that people who want to buy some cryptocurrency cannot. They wait days or weeks to get verified. And the exchanges and money changers want to provide the virtual currency to the hungry customers, but they canno…

Verification is not done by humans, and it's instant.

It's not that simple. Instant verification is shaky and relies on 1) the ability for a computer to properly read your document and 2) the information it reads to exist in a 3rd party repository of your personal information (these are terrifyingly vast).

If 1 or 2 fails, which they do often, you're back in human land.

Re: Coinbase Commerce: merchants can accept multiple digital currencies

#69

Post by woolvalley »

vosper wrote: post #51
blunte wrote: post #49

The KYC/AML regulations require essentially 1:1 human effort for every new person who attempts to buy any practical amount of cryptocurrency (within the US and EU, and probably elsewhere). So the #1 problem is that people who want to buy some cryptocurrency cannot. They wait days or weeks to get verified. And the exchanges and money changers want to provide the virtual currency to the hungry customers, but they canno…

I'm in this boat now - I've been a Coinbase customer for years, and then randomly they blocked my ability to withdraw my money (MY money, BTW) from the account. Nothing had changed about my account setup. Now they want me to go through the Photo ID process, but I don't have a US drivers license, only a permanent resident (green) card for ID. Which should be fine, after all it works as ID for literally everything else…

Could you get a state id as a workaround? Most states issue IDs that pretty much look identical to a drivers license, but are not a drivers license. Much faster turn around time, no real testing required.

Re: Coinbase Commerce: merchants can accept multiple digital currencies

#70

Post by htormey »

vosper wrote: post #51
blunte wrote: post #49

The KYC/AML regulations require essentially 1:1 human effort for every new person who attempts to buy any practical amount of cryptocurrency (within the US and EU, and probably elsewhere). So the #1 problem is that people who want to buy some cryptocurrency cannot. They wait days or weeks to get verified. And the exchanges and money changers want to provide the virtual currency to the hungry customers, but they canno…

I'm in this boat now - I've been a Coinbase customer for years, and then randomly they blocked my ability to withdraw my money (MY money, BTW) from the account. Nothing had changed about my account setup. Now they want me to go through the Photo ID process, but I don't have a US drivers license, only a permanent resident (green) card for ID. Which should be fine, after all it works as ID for literally everything else…

Fellow greencard holder here, I’m in the exact same boat with coinbase. I’m booking an appointment at the dmv to get a new ID card just for this. It really sucks.
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