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Coinbase
https://coinbase.com/

Updated on October 11, 2012
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General Information

 

 

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Instant Payments

Payments arrive at the speed of an email (just a few seconds) and are confirmed within the hour. No more waiting three business days for checks.

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Low Transaction Fees

Coinbase charges just 0.5% when you buy or sell bitcoin via bank account transfer. After that all bitcoin-to-bitcoin transactions are free.

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Pay By Phone

Our website works great on modern smartphones (iPhone, Android, etc). Just visit coinbase.com from your mobile browser.

 

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Simple Transfers

Use your bank account to purchase bitcoins. Transactions are processed within two to three business days. (coming soon)

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Merchant Tools

Easily create "buy now" or donate buttons. We also offer full shopping cart integration. (coming soon)

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Widespread Adoption

About $2 million a day (USD) is already being transacted in bitcoin. It's quickly becoming an international currency.

Currencies

Bitcoin

Countries of use

USA

Users

private and business

Fees

0.5% when you buy or sell bitcoin via bank account transfer

Recent news

Posted on December 12, 2019
Orchid (OXT) is launching on Coinbase Pro

On Friday, December 13 at 11am PT, transfer OXT into your Coinbase Pro account ahead of trading. Support for OXT will be available in Coinbase’s supported jurisdictions, with the exception of New York State. Additional regions may be added at a later date. Per previous launches, transfers will open during business hours, Pacific time.

On Friday, December 13 at 11am PT, we began accepting inbound transfers of OXT to Coinbase Pro. We will accept deposits for at least 12 hours prior to enabling full trading, which will occur during business hours, Pacific time.* This will provide Coinbase customers the ability to purchase OXT to buy decentralized VPN services on the Orchid app. Once sufficient supply of OXT is established on the platform, trading on the OXT/USD order book will start in phases, beginning with post-only mode and proceeding to full trading should our metrics for a healthy market be met. Support for OXT will be immediately available in Coinbase’s supported jurisdictions, with the exception of New York State. Additional jurisdictions may be added at a later date.

Founded in 2017 on the principle that the internet should be more open and more accessible to everyone. Orchid offers a decentralized VPN (virtual private network) service that connects individual internet users to a global pool of bandwidth providers. These providers can stake Orchid tokens to share their surplus bandwidth, acting as network nodes. The list of nodes is stored in an Ethereum smart contract that is decentralized and accessible to anyone around the world. Payment for bandwidth is done entirely with an ERC-20 token called OXT. To use Orchid, users need OXT, the Orchid app, and a Web3 crypto wallet. You can download the Orchid app here.

Please note that OXT is not yet available on Coinbase.com or via our consumer mobile apps. We will make a separate announcement if and when this functionality is added.

The Stages of the OXT Launch

There will be four stages to the launch as outlined below. We will follow each of these stages independently for each new order book. If at any point one of the new order books does not meet our assessment for a healthy and orderly market, we may keep the book in one state for a longer period of time or suspend trading as per our Trading Rules.

We will send tweets from our Coinbase Pro Twitter account as each order book moves through the following phases:

  1. Transfer-only. Starting on Friday, December 13, customers will be able to transfer OXT into their Coinbase Pro account. Customers will not yet be able to place orders and no orders will be filled on these order books. Order books will be in transfer-only mode for approximately 12 hours. We will communicate the exact timing for this phase via Twitter closer to the date.
  2. Post-only. In the second stage, customers can post limit orders but there will be no matches (completed orders). Order books will be in post-only mode for a minimum of one minute.
  3. Limit-only. In the third stage, limit orders will start matching but customers are unable to submit market orders. Order books will be in limit-only mode for a minimum of ten minutes.
  4. Full trading. In the final stage, full trading services will be available, including limit, market, and stop orders.

One of the most common requests we receive from customers is to be able to trade more assets on our platform. Per the terms of our listing process, we anticipate supporting more assets that meet our standards over time.

You can sign up for a Coinbase Pro account here to start trading. For more information on trading OXT on Coinbase Pro, visit our support page.


Orchid (OXT) is launching on Coinbase Pro was originally published in The Coinbase Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.

Read more on Coinbase
Posted on December 6, 2019
Introducing DAI, the first stablecoin on Coinbase Card

By JD Millwood, Head of Growth Marketing

Today, we launched full support for DAI — the first stablecoin available on Coinbase Card.

Paying with a stablecoin brings something new to the Coinbase Card experience and using a cryptocurrency with stable purchasing power gives more opportunity and choice to customers.

For customers wanting to spend crypto with less volatility, DAI could be the answer. DAI aims to always be worth one US Dollar, which offers more certainty to customers when picking up last-minute Christmas gifts, rounds of mulled wine for the office, and beyond.

This update means more than one new asset to spend; it represents a small step on our big journey to make crypto accessible to all, through alternative payment options that suit our diverse customer base.

To get started with Coinbase Card, download the iOS or Android app today and sign in using your Coinbase account. Once a Coinbase Card has been requested, customers will receive their contactless Coinbase Card in the mail.

Keep up to date by following us on Twitter @CoinbaseCard, or learn more by visiting coinbase.com/card

Coinbase Card is issued by Paysafe Financial Services Limited. Paysafe Financial Services Limited is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011(FRN: 900015) for the issuing of electronic money and payment instruments.


Introducing DAI, the first stablecoin on Coinbase Card was originally published in The Coinbase Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.

Read more on Coinbase
Posted on December 5, 2019
Capture the Coin — Blockchain Category Solutions

Capture the Coin — Blockchain Category Solutions

By Peter Kacherginsky, Mark Nesbitt, Joel Kenny, Don Yu

In this post we continue our coverage of solutions for the Capture the Coin competition that we ran during Defcon 2019. We will focus on the five challenges in the Blockchain category covering a variety of topics such as Bitcoin Scripting, cryptocurrency malware, Ethereum smart contracts, and wallet forensics.

Satoshi’s Secret

By Mark Nesbitt

When someone says that they “own” a certain number of bitcoins, what that means is that they are capable of signing a valid transaction that sends that number of bitcoins to someone else. Let’s take a closer look at how that actually works.

A bitcoin transaction has inputs and outputs. A new transaction identifies the outputs of previous transactions, which serve as the new transaction’s inputs.

Outputs are “locked” with a script made up of data and opcodes. In order to spend an output, the spending transaction supplies an “unlocking” script that is concatenated to the output script and evaluated according to stack-based rules. If the stack is left in a valid state, the transaction can spend the coins.

An example of a simple locking script could be:

<PUB_KEY> OP_CHECKSIG

In order to spend an output that has this locking script, the spending transaction must have an input with an unlocking script that provides a valid signature, resulting in the following script:

<SIG> <PUB_KEY> OP_CHECKSIG

All 3 items are pushed onto the stack. When evaluated, OP_CHECKSIG confirmed that <SIG> is valid for <PUB_KEY>. If the signature validates, OP_CHECKSIG returns “true” to the stack, resulting in a valid stack state. Thus, anyone with the ability to provide a valid signature for the <PUB_KEY> specified in the output locking script can spend the coins.

There are many different ways to write a locking script. Consider a slightly more complicated script:

OP_DUP OP_HASH160 <160 bit hash> OP_EQUALVERIFY OP_CHECKSIG

What would it take to spend this output? (Hint: Learn more about this here.)

Both of the examples above ultimately require the unlocking script to include a valid signature for a public key that is bound to the locking script. But that’s not a requirement of the bitcoin network — it’s just the best way to make sure that the ownership of coins is securely implemented. Consider the script below:

OP_HASH256 <256 bit hash> OP_EQUALVERIFY

Anyone that can provide data that, when hashed, equals the <256 bit hash> value, will be able to spend the coins. No private keys required!

Consider the following Bitcoin testnet transaction:

https://blockstream.info/testnet/tx/23c9470a2269cf6430569afdd3e2e8f35f633b6cdbc34107ddbab932c4146ba3?expand

The script for this transaction is:

OP_HASH256 OP_PUSHBYTES_32 <64c9e17ec60cd8e074aa24fdb533b3147b651cc18d7c9bcd6b00ef483affc22f> OP_EQUAL

Anyone that can find a value that hashes to 64c9e1… can spend these coins.

So this challenge basically boils down to breaking SHA-256. You got this!

A strategy for trying to break a strong cryptographic hash function is to start randomly guessing. I’ll start with guessing “coinbase”.

In hex, “coinbase” is “636f696e62617365”.

Hide and Seek

By Peter Kacherginsky

In this puzzle you are presented with a seed phrase protecting a cryptocurrency wallet and a challenge to locate a hidden transaction associated with the wallet:

play fever bullet unlock error palm insect pottery tower torch memory liquid

Modern cryptocurrency wallets follow a set of standards to create backups and to generate keys: BIP-39, BIP-32, BIP-44, and SLIP-44.

The first standard is BIP-39: Mnemonic code for generating deterministic keys. It defines a way to encode a randomly generated entropy using common English language words. BIP-39 works by breaking up a 128–256 bit binary blobs into 11-bit chunks with each corresponding to an index in a wordlist. By looking up an index for each of the words in the mnemonic phrase above, it is possible to reconstruct the original random entropy and generate BIP-39 seed:

eb872c547351612701035f9a62a8c39d87c9f3af8fea5adc77bd3861384095407902f3c9e5b5d09ac422ed4e6b8c0ae7358c28b6ed40cf6e8b077775edb49fee

The next two standards are used to generate the actual private keys from the BIP-39 seed above. BIP-32: “Hierarchical Deterministic Wallets” defines a secure algorithm to generate an arbitrarily sized tree of private keys from a single master private key derived from a BIP-39 seed. The standard uses a special notation to define a key at any level in the tree. For example, m/0/1 defines the second grandchild derived from the first child derived from the master key. The table below illustrates some of the private keys derived from the first child:

m/0/0 — KxDTisYSXy8fwZBtxiXKNRCkipFviJLosSceTf7BXmC79xAqzDBW
m/0/1 — KzbaM51UVBognvXyuMMPTgrWnEZxdwTgZDqvmbf8SyqNyetVWGqm
m/0/2 — L5QG1cxQgawk7Xf8NSbwJFPbzz13uFuvMT9uGsxKgZuwHYsGC2iP
m/0/3 — KxiAyNsQKSZpTZUiQA81v59bEav7vj7odnvRVicdW8FvtGRTxZNn

BIP-44: Multi-Account Hierarchy for Deterministic Wallets and SLIP-0044 : Registered coin types for BIP-0044 standards builds on top of BIP-32 to define specific paths corresponding to different cryptocurrency types. The table below illustrates some of the common paths:

m/44'/0'/0'/0/0 — first Bitcoin address in the chain
m/44'/0'/0'/0/1 — second Bitcoin address in the chain
m/44'/1'/0'/0/0 — first Bitcoin Testnet address in the chain
m/44'/1'/0'/0/1 — second Bitcoin Testnet address in the chain
m/44'/2'/0'/0/0 — first Litecoin address in the chain
m/44'/3'/0'/0/0 — first Dogecoin address in the chain

Notice that all of the hierarchical wallets are in the 44’ tree. The extra ‘ (single quote) next to the number indicates that the particular tree branch is hardened.

As you can tell, a single mnemonic phrase provided in the challenge can produce an infinite number of addresses to review and look for hidden transactions. The challenge gives us a hint that the one transaction we are looking for is in the Bitcoin Testnet branch which can be defined as follows:

m/44'/1'/0'/0/[2³¹ addresses]

Below is a sample script which will bruteforce the address space and query a sample blockchain API to determine if any of the addresses have any transactions:

from bitcoinlib.wallets import HDWallet
from bitcoinlib.services.services import Service
SEED = “play fever bullet unlock error palm insect pottery tower torch memory liquid”
w = HDWallet.create(name=”Wallet”, keys=SEED, network=’testnet’)
for i in range(0,1000):
    address = w.key_for_path(path=”m/44'/1'/0'/0/%d” % i).address
    transactions = Service(network=’testnet’).gettransactions(address)
    for t in transactions:
      print(t.info())

Running the above on the command-line produces the following output (after some time):

$ python3 hideandseek.py 2>/dev/null
[..redacted..]
Inputs
- 2Mv1XoyfFa6cygsdVJ32iEA8HsWHeVWWtcY 1595764 731f64c418415ca4be54416361bcfcc9b606a5349b425342655bb8f2d3406b18 0       
  p2sh-segwit p2sh_p2wpkh; sigs: 0 (1-of-0) not validated
Outputs
- 2Mxm8UG8Cuf3NRnCS3bakhtTRLxYEBDfU2J 1416234 p2sh
- mygH814iJuKrg7tCY2fspCCpxtU3jrzDsd 179362 p2pkh
[..redacted..]

A single transaction was detected which paid mygH814iJuKrg7tCY2fspCCpxtU3jrzDsd 179362 Satoshis. Checking the exact amount on the website gives use the flag!

Evil Droid

By Joel Kenny

In this puzzle you’re given an Android malware sample and have to reverse engineer it to find the address it is sending crypto to. The malware is based on a technique used in Gustuff, a malware app that was discovered in the wild earlier this year.

To start, decompile the .apk. You can use JADX, and there is even an online version.

Looking at the app’s AndroidManifest.xml, you can see that it has an accessibility service.

<service android:label=”@string/accessibility_service_label” android:name=”com.capturethecoin.thestealer.SneakyService” android:permission=”android.permission.BIND_ACCESSIBILITY_SERVICE”>
<intent-filter>
<action android:name=”android.accessibilityservice.AccessibilityService”/>
</intent-filter>
<meta-data android:name=”android.accessibilityservice” android:resource=”@xml/accessibility_service_config”/>
</service>

An accessibility service on Android can enumerate views on the screen and can interact with them on the user’s behalf. The code for this service is in SneakyService.java. This code in onAccessibilityEvent()is going to replace a bitcoin address when the user enters it into a specific target app:

if (companion.isCryptoAddress(text)) {
  String decryptMsg = Encryption.decryptMsg(f4b);    
  AccessibilityNodeInfo source2 = accessibilityEvent.getSource();
Intrinsics.checkExpressionValueIsNotNull(source2, str);
if (!TextUtils.equals(source2.getText(), decryptMsg)) {
     accessibilityEvent = accessibilityEvent.getSource();   

Intrinsics.checkExpressionValueIsNotNull(accessibilityEvent, str);
Intrinsics.checkExpressionValueIsNotNull(decryptMsg, “payload”);
performSetTextAction(accessibilityEvent, decryptMsg);
}
}

Now to find the flag you just have to evaluate the expression

Encryption.decryptMsg(f4b);

The quick and web based way is to use a Java Playground.

public class Encryption {
/* renamed from: a */
private static final byte[] f3a = new byte[]{(byte) 122, (byte) 61, (byte) 66, (byte) 31, (byte) 11, (byte) 0, (byte) 33, (byte) 84, (byte) 16, (byte) 68, (byte) 56, (byte) 77, (byte) 61, (byte) 66, (byte) 31, (byte)127, (byte) 66, (byte) 31, (byte)127, (byte) 42, (byte) 27, (byte) 3, (byte) 9, (byte) 17, (byte) 0, (byte) 33, (byte) 84, (byte) 31, (byte) 11, (byte) 31, (byte) 11, (byte) 31};
   public static byte[] encryptMsg(String str) throws NoSuchAlgorithmException, NoSuchPaddingException, InvalidKeyException, IllegalBlockSizeException, BadPaddingException { 
Key secretKeySpec = new SecretKeySpec(f3a, “AES”);
Cipher instance = Cipher.getInstance(“AES/ECB/PKCS5Padding”);
instance.init(1, secretKeySpec);
return instance.doFinal(str.getBytes(StandardCharsets.UTF_8));
}
   public static String decryptMsg(byte[] bArr) throws NoSuchPaddingException, NoSuchAlgorithmException, InvalidKeyException, BadPaddingException, IllegalBlockSizeException, UnsupportedEncodingException {
Key secretKeySpec = new SecretKeySpec(f3a, “AES”);
Cipher instance = Cipher.getInstance(“AES/ECB/PKCS5Padding”);
instance.init(2, secretKeySpec);
return new String(instance.doFinal(bArr), StandardCharsets.UTF_8);
}
}
class Playground {
public static final byte[] f4b = new byte[]{(byte) -92, (byte) 12, (byte) 23, (byte) 115, (byte) 84, (byte) 48, (byte) -125, (byte) -66, (byte) 40, (byte) 59, (byte) 105, (byte) 63, (byte) 19, (byte) 29, (byte) -93, (byte) -67, (byte) 92, (byte) 119, (byte) 69, (byte) -62, (byte)127, (byte) 35, (byte) 114, (byte) 85, (byte) 117, (byte) -5, (byte) -34, (byte) -94, (byte) -73, (byte) -97, (byte) 41, (byte) -78, (byte) 59, (byte) 13, (byte) -116, (byte) -103, (byte) -51, (byte) 53, (byte) -112, (byte) 25, (byte) -30, (byte) -76, (byte) 109, (byte) -52, (byte) -114, (byte) 118, (byte) -80, (byte) 0};
public static void main(String[ ] args) throws Exception {
String output = Encryption.decryptMsg(f4b);
System.out.println(output);
}
}

Running the code above yields the flag, a Bitcoin address: 1Ant1MoneyMoneyC1ub823ckj48m429vs3

Daily Double…spend

By Don Yu

Double spending is the canonical exploit in the blockchain space. There are multiple avenues to double spend a blockchain, but the overarching concept is the same: An attacker sends a transaction to some victim. The victim upon receiving the transaction assumes the transaction is in some finalized state. Under this assumption, the victim will payout the attacker in some form. (eg. Exchanging cryptocurrency for cash, or buying an item using cryptocurrency) The attacker then creates a new transaction that essentially “overwrites” the previous transaction by sending the same funds to a different location. At this point, the victim will have paid out because they believed they had received some amount of cryptocurrency, however the double spending transaction reroutes the cryptocurrency the victim originally received to some other target.

In order to double spend transactions in a UTXO blockchain, an attacker must first submit a transaction that sends some set of transaction outputs to the victim. Once the transaction is placed within some mined block, it can be double spent. The attacker constructs a double-spending transaction that consumes the same transaction outputs as the original transaction. The attacker must then induce some reorganization of the blockchain that removes the block with the original transaction and adds a block with the double-spending transaction to the blockchain. (For proof-of-work chains, the most common method is to 51% attack the blockchain) Afterwards, the original transaction is essentially “erased” from the blockchain history with the double-spending transaction taking its place.

In this challenge you are presented with a list of transactions including a reorg and a double spend hidden inside. If you understand the concept of a double spend, finding the solution is relatively straightforward. What would a double spend look like in the wild? It would most likely occur in a reorg event. Unfortunately, reorgs also happen naturally due to how blocks propagate through a mining network. This means that after finding a reorg, we must then search the reorg for a pair of transactions that consume the same UTXO.

Here’s a solution that I hacked together:

require “json”
require ‘pp’
file = File.open “./doublespend.json”
json_data = JSON.load file
def check_for_reorg(json_data)
(1..json_data.length — 1).each do |ind|
prev = json_data[ind — 1]
curr = json_data[ind]
if has_reorg?(prev, curr)
puts “Found reorg”
doublespend_check = check_for_doublespend(prev, curr)
exit(0)
end
end
puts “No reorg found”
end
def has_reorg?(prev, curr)
hashes_prev = prev.map {|block| block[‘hash’]}
hashes_curr = curr.map {|block| block[‘hash’]}

# Assume prev.length == curr.length
(1..prev.length — 1).each do |ind|
if prev[ind][‘hash’] != curr[ind — 1][‘hash’]
prev_txs = prev[ind][‘transactions’].map {|tx| tx[‘txid’]}
curr_txs = curr[ind — 1][‘transactions’].map {|tx| tx[‘txid’]}
return true
end
end
return false
end
def check_for_doublespend(prev, curr)
prev_txs = prev.reduce([]) {|base, block| base + block[‘transactions’]}
curr_txs = curr.reduce([]) {|base, block| base + block[‘transactions’]}
  prev_txs.each do |target_tx|
lookup_res = lookup_tx(target_tx, curr_txs)
if lookup_res != []
PP.pp lookup_res
exit(0)
end
end
end
def lookup_tx(target_tx, transactions)
  transactions.each do |candidate_tx|
if target_tx[‘in_txos’] == candidate_tx[‘in_txos’] && target_tx[‘receiver’] != candidate_tx[‘receiver’]
return [target_tx[‘txid’], candidate_tx[‘txid’]]
end
end
  return []
end
check_for_reorg(json_data)

Tricky Ether

By Peter Kacherginsky

The Ethereum smart contract challenge is designed to educate players about common pitfalls in Solidity code. As part of the challenge, players are instructed to cause the smart contract to self-destruct. There is only one function that can be called that would cause that:

function destroyme() public { 
require(msg.sender == owner);
selfdestruct(msg.sender);
}

Notice the require function which makes sure that only the contract owner can call it. The owner of the contract is set in the constructor and is set to the original contract creator:

constructor() public payable {
owner = msg.sender;
}

Normally, we would be stuck at this point if not for a suspiciously named function hackme which makes a delegatecall() to a user specified address and a hard-coded function identifier:

function hackme(address _address) public {                 _address.delegatecall(“0x12345678”);
}

Delegatecall is a unique function designed to call libraries while preserving calling contract’s context. Here is how it’s defined in Solidity docs:

Libraries are similar to contracts, but their purpose is that they are deployed only once at a specific address and their code is reused using the DELEGATECALL (CALLCODE until Homestead) feature of the EVM. This means that if library functions are called, their code is executed in the context of the calling contract, i.e. this points to the calling contract, and especially the storage from the calling contract can be accessed.

With this in mind, if we called the hackme() function with a library contract address and a function that modifies the local storage owner, then it would in fact modify the owner for the challenge contract.

There is one last piece of the puzzle and that is the hard-coded 0x12345678 parameter in the delegatecall function. The value is a low-level identifier used to select a specific function in the contract. Here is how it’s defined in Solidity docs:

The first four bytes of the call data for a function call specifies the function to be called. It is the first (left, high-order in big-endian) four bytes of the Keccak (SHA-3) hash of the signature of the function. The signature is defined as the canonical expression of the basic prototype, i.e. the function name with the parenthesised list of parameter types. Parameter types are split by a single comma — no spaces are used

With this in mind there may exist a function which hashed prototype produces the four bytes 0x12345678. We could try to brute-force the function prototype or manually patch it in our smart contract; however, we could also take a shortcut by using a Fallback function:

A contract can have exactly one unnamed function. This function cannot have arguments and cannot return anything. It is executed on a call to the contract if none of the other functions match the given function identifier (or if no data was supplied at all).

Using a fallback function and a custom contract, we can effectively override the challenge contract owner variable and execute the self-destruct function. Below is a sample Solidity contract for this purpose:

pragma solidity ^0.5.0;
contract Hackme {
address public owner;
function() external payable {
owner = msg.sender;
}
}

Conclusion

We hope you enjoyed solving challenges in this category and see you in the final part of the Capture the Coin solution series.

If the challenges in this blog look something you would like to do full time, join us at Coinbase to help build the most trusted brand in the Crypto here!

This website contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of Coinbase, Inc., and its affiliates (“Coinbase”), and Coinbase is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. Coinbase is not responsible for webcasting or any other form of transmission received from any Third-Party Site. Coinbase is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by Coinbase of the site or any association with its operators.

All images provided herein are by Coinbase.


Capture the Coin — Blockchain Category Solutions was originally published in The Coinbase Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.

Read more on Coinbase
Posted on December 3, 2019
More impact, more privacy: the benefits of donating (and accepting) crypto

In December 2017, an anonymous person named “Pine” created the Pineapple Fund as “an experiment in philanthropy with cryptocurrency.” Pine donated $55 million worth of bitcoin to 60 different charitable organizations focused on everything from the environment and mental health to social justice and homelessness.

In time for GivingTuesday, a global giving movement that has inspired millions of people across the globe to collectively donate over $1 billion, many people are contemplating how to make the biggest impact with their charitable donations.

While the majority of donors prefer to donate via a credit card, giving (and receiving) in crypto is an increasingly popular choice for both individuals and organizations. Some of the world’s most well-known charitable organizations, such as Red Cross and United Way, already accept cryptocurrency. And UNICEF recently announced that they’ll become the first United Nations Organization to hold and make transactions in cryptocurrency, setting up a designated Cryptocurrency Fund that will hold crypto and grant crypto. Being able to quickly donate funds anonymously (like Pine) to a philanthropic organization, from any country in the world, without incurring high fees, is a technological innovation unique to crypto that is making donations more efficient, equitable, and easy.

The Benefits of Donating Crypto

Crypto can help address privacy and data protection issues, which are increasingly relevant to donors. “Privacy rights are a growing concern,” according to the 2018 Global Trends in Giving Report, a report published by the non-profit Public Interest Registry that summarizes donor data across six continents and tracks how technology affects giving. As that report notes, “92% want organizations to make a concerted effort to protect their contact and financial information from data breaches.”

Donating crypto directly to an organization could potentially result in more funds going to causes you care about.

How might that work exactly?

Let’s say you hypothetically bought $2,000 worth of bitcoin over a year ago. Its fair market value is now $5,500. You decide to donate the full amount, $5,500 (which happens to match the average U.S. charitable contribution in 2017) to your favorite IRS recognized charitable organization.

Scenario 1: Sell bitcoin and donate in dollars. If you were to sell the bitcoin first and then donate dollars, you might incur a long term capital gains rate of up to 20% (not accounting for additional Medicare surtax or state/local tax); the tax liability could be $700.
Final donation received: Approximately $4,800.

Scenario 2: Donate bitcoin directly. If you were to donate the bitcoin directly instead, your tax deductible contribution could go much further. With a direct donation, you might not have to pay capital gains tax on the bitcoin.
Final donation received: Approximately $5,500.

The Benefits of Accepting Crypto

While donating money through the internet is a common behavior, the method you use can greatly affect the amount of money the organization ultimately receives at the end of the day. According to the 2018 Global Trends in Giving Report, 54% of donors worldwide prefer to donate online via debit or credit card. However, according to an article in Charity Navigator, a non-profit organization that rates online donation processors, charities can incur processing fees that range anywhere from 2.2 to 7.5%.

How much of a difference might that make? Let’s say you wanted to donate $1,000 to a charity.

Scenario 1: Accepting a donation made via credit card. If someone donated dollars using a credit card, the processing fees incurred by the charity could be as high as $75.
Final donation received: $925

Scenario 2: Accepting a donation made via crypto. If that person made the same donation in bitcoin instead, the network transaction fee would only cost around $0.31. (This is factoring in a current median transaction fee of $0.31, according to CoinMetrics.io.)
Final donation received: $999.69

Organizations looking to take advantage of the benefits of crypto without the volatility risk can also accept donations in USDC or similar stablecoins. USDC is a cryptocurrency that is fully backed and redeemable for US Dollars. Any organization with Coinbase Commerce enabled is set up to accept USDC.

15 philanthropies that accept crypto

Whether you’re looking to support initiatives around clean water, early-childhood education, or human rights, dozens of organizations are already set up to accept donations today in crypto. As examples, the following 15 organizations represent a wide variety of interests:

Electronic Freedom Foundation: “Founded in 1990, EFF champions user privacy, free expression, and innovation through impact litigation, policy analysis, grassroots activism, and technology development. We work to ensure that rights and freedoms are enhanced and protected as our use of technology grows.” Accepts Bitcoin, Bitcoin Cash, and Ethereum.

Freedom of the Press Foundation:The organization works to preserve and strengthen First and Fourth Amendment rights guaranteed to the press through a variety of avenues, including the development of encryption tools, documentation of attacks on the press, training newsrooms on digital security practices, and advocating for the public’s right to know.” Accepts Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and ZCash.

GiveCrypto.org: In 2018, Coinbase co-founder Brian Armstrong founded GiveCrypto, a nonprofit that distributes cryptocurrency to people living in poverty. GiveCrypto has distributed over $300k of cryptocurrency to over 5,000 people in 13 different countries. Accepts Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and USDC via Coinbase Commerce.

Greenpeace: “Greenpeace is a global, independent campaigning organization that uses peaceful protest and creative communication to expose global environmental problems and promote solutions that are essential to a green and peaceful future.” Accepts Bitcoin.

Internet Archive:We began in 1996 by archiving the Internet itself, a medium that was just beginning to grow in use. Like newspapers, the content published on the web was ephemeral — but unlike newspapers, no one was saving it. Today we have 20+ years of web history accessible through the Wayback Machine and we work with 625+ library and other partners through our Archive-It program to identify important web pages.” Accepts Bitcoin, Bitcoin Cash, Ethereum, XRP, and ZCash.

Human Rights Foundation: “We are a nonpartisan, nonprofit organization that promotes and protects human rights globally, with a focus on closed societies. HRF unites people in the common cause of defending human rights and promoting liberal democracy. Our mission is to ensure that freedom is both preserved and promoted around the world.” Accepts Bitcoin and Ethereum.

Institute for Spending Reform: “We are the only nationwide organization focused only on researching and promoting solutions to the nation’s spending and debt problems. Our mission is to educate the general public and policymakers alike on the realities of our national finances and to provide practical and useful options for fixing things.” Accepts Bitcoin, Bitcoin Cash, Ethereum, and Litecoin.

Khan Academy: “Khan Academy offers practice exercises, instructional videos, and a personalized learning dashboard that empower learners to study at their own pace in and outside of the classroom. We tackle math, science, computer programming, history, art history, economics, and more. Our math missions guide learners from kindergarten to calculus using state-of-the-art, adaptive technology that identifies strengths and learning gaps.” Accepts Bitcoin, Bitcoin Cash, Litecoin, and Ethereum.

Lava Mae: “Lava Mae is a San Francisco–based nonprofit that delivers mobile showers and other critical services to the street, where people moving through homelessness need them most. Founded by Doniece Sandoval in 2013, we began by converting public transportation buses into showers and toilets on wheels to deliver hygiene to our neighbors moving through homelessness.” Accepts Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and USDC via Coinbase Commerce.

Rainforest Foundation: “The Rainforest Foundation works on-the-ground to secure land rights for indigenous people. We strengthen indigenous land security and train indigenous communities to use technology to protect their forests. By investing directly in indigenous communities, we connect people who are deeply motivated to conserve their ancestral lands with the tools, training, and resources necessary to protect their rainforests.” Accepts Bitcoin, Bitcoin Cash, Ethereum, and Litecoin.

The Reagent Project: “At The Reagent Project, we aim to match excess scientific equipment and reagents languishing in labs across the U.S. with talented, under-resourced researchers who need those very items.” Accepts Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and USDC via Coinbase Commerce.

Red Cross: “The international Red Cross and Red Crescent network is the largest humanitarian network in the world with a presence and activities in almost every country. All Red Cross and Red Crescent activities have one central purpose: to help those who suffer, without discrimination, whether during conflict, in response to natural or man-made disasters, or due to conditions of chronic poverty.” Accepts Bitcoin via Bitpay (note: Bitpay may charge a conversion fee).

Tor Project: “We, at the Tor Project, fight every day for everyone to have private access to an uncensored internet, and Tor has become the world’s strongest tool for privacy and freedom online. But Tor is more than just software. It is a labor of love produced by an international community of people devoted to human rights.” Accepts Bitcoin, Augur, Dash, Litecoin, Monero, Stellar Lumen, ZCash, and Ethereum.

The Water Project: “The Water Project, Inc. is a 501(c)(3) non-profit organization unlocking human potential by providing reliable water projects to communities in sub-Saharan Africa who suffer needlessly from a lack of access to clean water and proper sanitation.” Accepts Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and USDC via Coinbase Commerce.

United Way: “United Way envisions a world where every individual has an opportunity to succeed, and entire communities thrive as a result. We’re getting a little closer everyday, with help from millions of people around the world. Our work is fueled by the passion of 2.8 million volunteers and 9.8 million donors who give their time, their money and their voice to improve the lives of others.” Accepts Bitcoin via Bitpay (note: Bitpay may charge a conversion fee).

Looking to accept crypto at your organization? It’s as easy as setting up a Coinbase Commerce account. Within minutes, you’ll be able to accept donations of five different cryptocurrencies.

Coinbase doesn’t provide tax advice. Prior to making any donations, please consult a tax-planning professional regarding your personal tax circumstances.

This website contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of Coinbase, Inc., and its affiliates (“Coinbase”), and Coinbase is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. Coinbase is not responsible for webcasting or any other form of transmission received from any Third-Party Site. Coinbase is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by Coinbase of the site or any association with its operators.


More impact, more privacy: the benefits of donating (and accepting) crypto was originally published in The Coinbase Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.

Read more on Coinbase
Posted on November 26, 2019
Coinbase at AWS re:Invent 2019

By Drew Rothstein

Photo by John Such on Unsplash

The AWS re:Invent conference is coming to Las Vegas the week of December 2–6, and Coinbase is representing! Our incredible Product and Engineering team members will be speaking about site reliability, scaling our blockchain infrastructure, and teaching about cryptocurrencies. Come and join us!

AWS re:Invent is the annual Amazon Web Services (AWS) learning conference in Las Vegas that attracts developers, system administrators, architects, and technical decision makers from all over the cloud computing world. Last year, they had an estimated attendance of 50,000 and succeeded in taking over most of the famous Las Vegas Strip. This year, re:Invent is anticipated to set new records, and the Coinbase team is proud to be contributing to the learning aspect of the conference.

Coinbase has a close-knit relationship with Amazon on a few levels. First, AWS powers almost all of Coinbase’s infrastructure, from storage, databases, analytics, you name it. Second, we regularly speak at the AWS Loft in San Francisco, and publish about technology that we use and open source that runs on AWS. Third, we are on a mission to build an open financial system for the world and with that, bring the utility of blockchain and digital currencies to the masses.

Photo by Nicola Tolin on Unsplash

As a company that has grown from 600 employees to over 800 this past year, we are committed to continuous development. Our engineers are excited about sharing stories from the trenches, our lessons learned, and talking shop about blockchain, crypto, and decentralized applications with fellow technologists who want to come along for the ride.

Coinbase is representing at the Nuvola Theater, Expo Hall at The Aria Resort and Casino. Come join us on Monday, Dec 2 at 4:40 PM — 5:00 PM. Photo: Courtesy of AWS.

Conference Events

If you are attending the conference, or watching from the comfort of your home or office over Twitch, please tune in for the following sessions by our talented colleagues:

  • Amy Li, a Site Reliability Engineer on our Reliability team and Lalita Maraj, a Software Engineer on our Cloud team will be presenting on how Coinbase handles incident management by leveraging AWS. Come learn how Coinbase made incident processing as user-friendly as possible — from creating an incident to reviewing a postmortem document. Wednesday, Dec 4, 12:15 PM — 1:15 PM, MGM, Level 2, Cedar Ballroom 254.
  • James Lu, a Software Engineer on our Consumer Product team and Goutham Buchi, an Engineering Manager on our Consumer Product team will be presenting on how Amazon Pinpoint is used as a core engagement service to delight our customers and grow our business. Wednesday, Dec 4, 10:45 AM — 11:45 AM, MGM, Level 3, Chairman’s Ballroom 368.
  • Graham Jenson, a Sr. Software Engineer on our Cloud team will be presenting on how to use the AWS Serverless Application Model (AWS SAM) to develop serverless applications in a security-conscious organization. See how understanding features of AWS Lambda, AWS CloudFormation, and AWS Identity and Access Management (IAM) helps you provide a secure way to take your serverless ideas to production. Monday, Dec 2, 4:40 PM — 5:00 PM, Aria, Level 1 West, Nuvola Theater — Expo Hall.

For the latest news and updates, follow us on Twitter @coinbase, or like us on Facebook. Interested in learning more about opportunities at Coinbase? Check out our careers page. We saved a seat for you!

This website may contain links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of Coinbase, Inc., and its affiliates (“Coinbase”), and Coinbase is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. Coinbase is not responsible for webcasting or any other form of transmission received from any Third-Party Site. Coinbase is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by Coinbase of the site or any association with its operators.


Coinbase at AWS re:Invent 2019 was originally published in The Coinbase Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.

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