Coin base

Coin base commerce is a new ecommerce platform that in my opinion should be very attractive to merchants and dropshippers. Coinbase is one of the easiest exchanges to use to purchase Bitcoin & other cryptocurrencies with fiat via Bank Transfer, Credit Card, Debit Card & Even PayPal.

 It allows merchants to seamlessly integrate crypto currency payments into their current platforms. Ironically since Stripe discontinued their bitcoin payments, coin base is in the position to take up a large share of the crypto payment market. With this new platform merchants can 

1. Receive payments in crypto fast

2. Don't have to pay fees to accept crypto

3. Tap into a more global customer base as currency becomes less of an entry barrier

4. Exclude middle men from their business.Essentially a merchant can now be his own bank

Coinbase serves customers in the following countries:

Australia, Austria, Belgium, Bulgaria, Canada, Croatia, Cyprus, Czech Republic, Denmark, Finland, Greece, Hungary, Ireland, Italy, Jersey, Latvia, Liechtenstein, Malta, Monaco, Netherlands, Norway, Poland, Portugal, San Marino, Singapore, Slovakia, Slovenia, Spain, Sweden, Switzerland, United Kingdom and the United States.

I found Coinbase commerce on product hunt while searching for a very good ecommerce payment extension for my shopify store. Since stripe had disabled bitcoin payments, it was very important for me to get a new payment extension to satisfy my customers. Coinbase seems to be a great brand to work with so I visited the webpage on my windows desktop and signed up for the service. I must say the speed at which the setup ran was great. Within seconds, I fitted my estore with hosted checkout pages, payment buttons and multiple ecommerce integrations. One thing I like about coinbase commerce is that they don't hold my crypto, I do. All coinbase does is to provide a bridge for my customers to pay me. i can accept multiple currencies, full access to features, customized payment buttons, hosted checkout pages and the coinbase has a robust API. The signup process took 4-6 minutes and i enjoyed the service.

On the desktop page, I saw a long list of faqs that were exactly the questions i would ask and the responses I could give my customers when they asked me about the coinbase integration. I do not get charges for using coinbase but when I need to withdraw my funds, I pay a network fee to crypto miners. If I then choose to convert my crypto to fiat, I also pay an exchange fee. Coin base accepts bitcoin, DAI, ethereum, and the usd coin as at the time of writing this review.

Coin base is fairly easy to set up on my end and I will show you how….

Sign up – To create an account on Coinbase, all you need is your name, email address and password.

Account Type – Upon request, you will be asked to confirm your email address. Once completed, you will be redirected to the startup page, where you will be first requested to confirm whether you want to create an individual or business account.

Verify your Phone Number – The next step is verifying your phone number. The reason for this is to create a form of 2-factor identification in order to ensure that your account remains secure. Other 2-factor identification methods are also available, as set out below.

Set up Payment Method – As stated above, Coinbase allows customers to choose from two payment methods – bank transfer and credit card. For bank transfers, Coinbase will often set up one or two small transactions to and from your account, in order to verify your account. Coinbase also allows for users to link their Paypal account to the platform, but this can be used for proceeds made from selling cryptocurrency only.

Buy Cryptocurrency – Once you have funds in your account you can buy currencyBefore confirming the transaction, Coinbase provides you with details of the service fee and the amount of cryptocurrency being purchased in the transaction.

As a merchant it gives me great joy to know I can refund a customer if the order defaults. Coin base commerce is a great tool for me.

And also,  I have a clear picture on how much my cryptocurrency is worth at all times.

Coinbase is considered to be one of the most secure platforms currently available. First of all, Coinbase is US based and is therefore required to comply with US State and Federal law. This can be contrasted with some of their competitors that operate in countries that may have lighter regulations when it comes to such platforms.

 When it comes to storage of funds, Coinbase is transparent about its methods. Coinbase segregates customer funds from company operational funds, with Coinbase stating on their website that any funds held on behalf of customers are stored in custodial bank accounts and, in the event of insolvency, neither Coinbase nor its creditors would have any rights or entitlements to such customer funds.

Coinbase offers customers a 2-factor authentication method, which can be through SMS to your phone, or through third party apps such as Google Authenticator or Duo.

In addition, Coinbase notifies users if a new device or IP address attempts to access your customer account. However, despite this, if customer accounts are compromised, Coinbase does not accept any liability for funds being lost. For that reason, it is typically recommended that once you have purchased any cryptocurrency on the Coinbase exchange, you store this cryptocurrency offline in a wallet that you control.

The issues I had with coin base is the lack of user support. I made complaints about the refund button being dysfunctional and it took them ages to reply. This is something I would love to see change in the nearest future.

Another  unhelpful thing about using Coinbase, is that in order for the user to engage in any trading. The user may have to upgrade their default level to a level 3.

I also dislike the fact that for  some screens,  I personally believe they are too crowded with numbers and charts. Particularly the candlestick graphs. I believe those graphs are good but the axis and coordinate points are not very legible which makes it harder to interpret the performance of coins over time. 

So far so good, it is my favourite payment processor for receiving online payments via the major cryptocurrency, I'd advise that you ensure to remove your excess cryptocurrency cash as soon as possible, or face the consequences which include lousy user support like I stated before.

i would like to add that, Coinbase has a mobile wallet. The Coinbase Wallet is a user controlled non-custodial digital currency wallet and decentralized app (dApp) browser.

Here, the private keys (that represent ownership of digital asset) are stored directly on your device and not held centrally on an exchange. This places users in control of their funds and there’s no need to have a Coinbase Consumer account in order to use the wallet.

The wallet is available to both iOS and Android users, and the app can be downloaded from the Apple and Google Play app stores.

Once downloaded, users can link their Coinbase.com accounts to the Coinbase Wallet app, and after completion, can easily transfer crypto to the wallet app at anytime with just a few clicks.

I would also add that you should  Also be prepared for their high fees and exorbitant charges. Which in my opinion is not their most annoying feature yet. They seem to be the only fast payment processor around so their flaws are a small price to pay to receive my rewards in crypto.