Coinbase Commerce: merchants can accept multiple digital currencies

The KYC&#x2F;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).<p>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 cannot afford to hire enough people to process all the verification applications.<p>Given this extreme bottleneck, I don&#x27;t see the significance of news about how much easier it is for people to spend virtual currency.<p>Ironically, Coinbase is one of the most complained about in terms of slow verifications.

What does this mean for a crypto project like Request Network (<a href="https:&#x2F;&#x2F;request.network&#x2F;#&#x2F;" rel="nofollow">https:&#x2F;&#x2F;request.network&#x2F;#&#x2F;</a>) which is trying to become the &quot;Paypal for cryptocurrencies&quot;?<p>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).

There&#x27;s also the GloBee[0] payment processor. It accepts Monero, so you&#x27;re able to maintain your privacy whilst consuming like a capitalist zombie.<p>[0] <a href="https:&#x2F;&#x2F;globee.com&#x2F;" rel="nofollow">https:&#x2F;&#x2F;globee.com&#x2F;</a>

If you ever added your US bank account to Coinbase by giving it your online banking credentials(!)[1], you might want to know that your financial&#x2F;banking information was crawled (income, costs, average balance), and is available for resale[2] to 3rd parties.<p>1. This is very, very, <i>very</i> bad for security, but is only possible because US interbank transfers are way behind the rest of the world (including 3rd world countries). Everywhere else, all you need to transfer money is the name of the bank, account holder and account number.<p>2. see &quot;Products&quot; on <a href="https:&#x2F;&#x2F;plaid.com" rel="nofollow">https:&#x2F;&#x2F;plaid.com</a>. Plaid provides Coinbase&#x27;s bank integration.

I wonder what they&#x27;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.

I&#x27;ve never used bitcoin but to my understanding it can take quite some time for a payment to be processed.<p>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?

Looks exactly like Sprite&#x27;s offering right down to the scary 15 minute window you are expected to complete your Bitcoin transaction in, doesn&#x27;t it?

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

I have a coinbase account, but it looks like like a Coinbase Commerce account. Commerce wont accept my regular Coinbase login. I guess I have to create a new account?

So this just shows you an address to send crypto to and calculates the equivalent amount needed with a 15 minute window??<p>No conversion to fiat at a guaranteed rate?<p>Can&#x27;t you game this with such rapid price fluctuations? Time buying a high priced item during a crash maybe?

<a href="https:&#x2F;&#x2F;www.coinpayments.net" rel="nofollow">https:&#x2F;&#x2F;www.coinpayments.net</a> has been doing something similar for a few years now.

I used to be bullish on crypto. Now I see something like this and wonder &quot;why the fuck do I want to use crypto to buy something when cash is instantaneous and my credit card provides consumer protection?&quot;. Add on to this the necessity of dealing with capital gains on my taxes at the end of the year just for buying something? No thanks.<p>I also fully expect to get downvoted to oblivion for this opinion based on what I have seen in the past.

This has a good scope for humblebundle

awesome! look forward to trying it

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.