Coinbase Commerce Removes Bitcoin Payments

The online payment platform Coinbase Commerce is reportedly removing Bitcoin payments, according to a statement from Coinbase's Product Director.

Coinbase Commerce Removes Bitcoin Payments_65d5d1eeb0b2f.webp

On February 18th, Coinbase announced the discontinuation of support for Bitcoin and similar UTXO-based cryptocurrencies on its Coinbase Commerce merchant payment platform. This decision was made by Product Director Lauren Dowling amid challenges in integrating Bitcoin into recent platform updates.

Coinbase Commerce is a crypto payment platform for merchants. Recently, Coinbase has made several significant updates to the platform, from adding a range of digital assets like ERC-20 tokens to enabling automatic conversion of payments into the USDC stablecoin.

However, due to inherent limitations of the Bitcoin blockchain, particularly its inability to integrate smart contracts and stablecoins, Coinbase Commerce considered removing the world’s largest cryptocurrency.

Nevertheless, Coinbase CEO Brian Armstrong noted that users can still use Bitcoin if they have a Coinbase exchange account. Furthermore, Armstrong mentioned the platform’s efforts to integrate the Lightning Network, a layer-2 payment protocol of the Bitcoin network optimized for speed and transaction fees.

Related: Coinbase Loses Position on App Store Rankings

User responses to this announcement

However, this decision has sparked controversy within the cryptocurrency community. Some expressed concerns, suggesting that Coinbase is going against the widespread adoption trend of Bitcoin as well as limiting the development potential of Coinbase Commerce, restricting customers’ choices and flexibility in using cryptocurrencies for online transactions.

An anonymous user expressed frustration on X:

Is there any assumption that all customers are in the US and able to open a Coinbase account or all want to have a Coinbase account? This is like ordering everyone to be Bank of America customers so that stores only need to use this bank’s services to accept payments.

In more positive developments, Coinbase recently reported an impressive quarter of business growth, with revenue and profits exceeding estimates.

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  1. Avatar of Umar baba Ibrahim
    Umar baba Ibrahim

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    Mendaftar di www.binance.com

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