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Coinbase online payment system

Coinbase
https://coinbase.com/

Updated on October 11, 2012
Views: 6865 | Clicks: 272


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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 April 18, 2019
Crypto For All: What the Coinbase team built during our spring hackathon

At Coinbase, hackathons are a crucial part of our company culture. Each hackathon is a chance to take a break from our day-to-day work, explore new ideas, and build effective prototypes. Hackathons stimulate the creativity of participants and foster problem-solving and risk-taking in a casual and collaborative environment. Building an open financial system for the world will always require us to explore and innovate. This is why we hack — and we call these events “Vision Hacks”!

“Crypto For All” Hackathon: Teams getting ready for demo day!

Hackathons are an innovative playground for new ideas.

Last week, we hosted our first hackathon of 2019. This was our first truly global hackathon, with participation from all of our offices, including San Francisco, London, Dublin, Portland, Chicago, and New York. Teams from across the company (Engineering, Communications, Design, Operations, Product, Legal and many more) came together over the last few weeks to make this event happen! Planning included everything from crowdsourcing ideas to designing posters, making swag, organizing events and crypto learning activities and, most importantly, giving people time and space to think about new ideas and form their hackathon teams.

Handing out “Crypto For All” Hackathon Swag

During the 3-day “Crypto For All” hackathon, there were no constraints or restrictions imposed on what people could build. Teams could build anything, ranging from new features, product improvements, stand-alone apps, to experiments. All was fair game. The week was all about building, trying new things, and learning new skills. It was about enabling the cryptoeconomy. Top of mind for many of us last week was something our CTO, Balaji Srinivasan has been saying:

People having fun with Crypto Trivia Challenge.
Folks in our London office predicting the future of the cryptoeconomy in 10 years!

We know that many people are too intimidated to buy or use crypto — or don’t know where to start. We believe in educating people about crypto, and it starts at home for us. With the goal of making everyone at Coinbase comfortable with buying, selling, and using crypto, our Design Content Strategist, Val Klump, created a Crypto Study Hall activity, a list of 15 “Crypto assignments” that everyone could work through at their own pace. Even folks with deep crypto knowledge learned something new doing these assignments. These ranged from setting up Coinbase products, including Coinbase Consumer, Coinbase Pro, Coinbase Wallet, using them together to earn, buy, sell, send and receive crypto, to using crypto community tools and dapps on Coinbase Wallet. Some of the assignments highlights were:

Crypto Study Hall: Crypto Assignments to learn and use crypto

We also hosted fun crypto-first happy hours, where employees could make donations in crypto in exchange for treats and drinks, across our offices — all powered by Coinbase Commerce.

Crypto Happy Hour powered by Coinbase Commerce

This year, more than 130 ideas were submitted from across the company — engineers, managers, executive assistants, recruiters, designers, product, business development associates, support team members, operations team, and even our CEO, Brian Armstrong and our VP of Engineering, Tim Wagner spent some time planning, designing, or coding.

On Friday, judges determined hackathon winners and handed out prizes based on various categories, like The Satoshi Award (best use of crypto), Sheriff’s Catch Award (best project from our leadership bounty board), Hard Fork Award (best technical debt improvement), The Altruist (best project built for the crypto community), Proof of People Award (people’s choice), and The Legend Award (best overall project).

Many projects were exciting, but here are a few highlights:

Dark Mode:

Coinbase Dark Mode is a frontend/UI design project. The Dark Mode team created configurable design themes for the Coinbase Consumer website and mobile app. Using themes simplifies the UI component code, makes it easier to reuse in different contexts and allows the frontend code to easily adapt to rebrands or reskins. Themes can be swapped at any point in the DOM (Domain Object Model) tree, thus changing the style/color/look of that UI component.

Side by side view of Coinbase Dashboard using the new Dark Mode Theme

Fargate Deployer:

Codeflow enables engineers at Coinbase to securely deploy applications in the cloud, supporting both EC2 and Lambda. As the name suggests, the Fargate team built a Codeflow deployer that enables deployments of containerized applications to Fargate. Fargate is a managed service from AWS that allows us to run application containers without thinking about servers, while also enabling us to be more cost efficient by not paying for underutilized compute resources. In addition, we will gain operational cost savings and security benefits, because we no longer need to worry about patching and upgrading servers. The Fargate deployer is based on Fenrir, our AWS SAM deployer.

Fargate team winning The Hard Fork Award

Provisions: Proof of Solvency

This project is prototype implementation of the Provisions proof of solvency protocol based on this whitepaper. It allows an exchange to prove they have enough assets to cover their liabilities without revealing their addresses, assets or liabilities by utilizing zero-knowledge proofs. The team implemented the protocol and a demo website which can prove that the “Total Assets — Total Liabilities = 0”.

Coinbase Seed — micro crypto purchasing

Coinbase Seed team built a tool that automatically rounds up your debit or credit card transactions and periodically uses those amounts to purchase the cryptocurrency of your choice. This automation makes it easier for new users to start investing in crypto.

Coinbase Seed team hacking

A Slack “Thank You” Bot built on Lightning Network:

This is a Slackbot that lets Coinbase employees internally thank each other with crypto, an integration using Lightning Network that lets users send real crypto via Slack commands, and deposit/withdraw using their Lightning wallets. It is only available to Coinbase employees.

Slack “Thank You” Bot in action with Lightning wallet

Internal rewards points to foster community at Coinbase:

This team built a points program that Coinbase employees can use internally to reward one another and nurture Coinbase culture. This encourages community, action by action, through the interactions of Coinbase employees. For example, employees might receive points for embodying our core values to deliver on a project, doing thorough code reviews, or as a thank you for helping a colleague, and may use points to obtain swag like stickers. These points are only available to Coinbase employees.

Coinbase rewards points team receiving “Proof of People” (People’s choice) Award

Coinbase Lite:

Coinbase Lite is a new mobile web experience that is assets-first and tuned for performance. By building a next-gen mobile web experience, the Coinbase Lite team reduced TTI (Time to Interact) on our mobile web pages by 5x, improving app performance significantly!

Coinbase Lite team winning The Legend Award

In summary, if you give people space to build and try out new things, without giving them specific guidance or imposing any constraints, space where it’s okay to fail, then great things happen! We believe in giving our employees this space to bring their own creative ideas to life — and “Vision Hacks” are just one fun example. If you enjoy working in a fun, high energy environment and want to join our next internal company hackathon, check out the open positions on our careers page. We’d love to hear from you!

To keep things fun and innovative, Coinbase hackathons allow Coinbase employees to explore a wide variety of concepts outside the confines of placing products into production. None of the products or services described in this blog post are in production or are otherwise available to the public, or represent any plan by Coinbase to do so.

All links to third-party websites are for convenience and informational purposes only (“Third-Party Sites”). Coinbase is not responsible for the content of any Third-Party Site, and the inclusion of any link does not imply endorsement, approval or recommendation by Coinbase.

Unless otherwise indicated, all images & video provided herein are copyright by Coinbase.


Crypto For All: What the Coinbase team built during our spring hackathon 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 April 17, 2019
Augur (REP) is now available on Coinbase

Starting today, Coinbase supports Augur (REP) at Coinbase.com and in the Coinbase Android and iOS apps. Coinbase customers can now buy, sell, convert, send, receive, or store REP.

REP will be available for customers in most jurisdictions, but will not initially be available for residents of the state of New York.

Augur’s Reputation token (REP) is an Ethereum token designed for reporting and disputing the outcome of events on online prediction markets. Reporters are rewarded for reporting the outcome of events correctly.

One of the most common requests we receive from customers is to be able to trade more assets on our platform. With the announcement of our new listing process last year, we anticipate listing more assets over time that meet our standards. We are also investing in new tools to help people understand and explore cryptocurrencies. We launched informational asset pages (see REP here), as well as a new section of the Coinbase website to answer common questions about crypto.

You can sign up for a Coinbase account here to buy, sell or convert REP today.


Augur (REP) is now available on Coinbase 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 April 17, 2019
Expanding crypto-to-crypto support to more countries around the world

By: Linda Xie, Coinbase Pro; Dan Coffman, Consumer Trading

Introducing crypto-to-crypto conversions and trading to more countries through Coinbase and Coinbase Pro

One year ago, Coinbase served customers in 32 countries across two continents. Over the past 12 months, one of our main priorities has been to bring Coinbase services to people in all corners of the globe. Today we’re excited to welcome 11 more countries across Latin America and Southeast Asia to the cryptoeconomy by allowing customers to store, trade, send, and receive cryptocurrencies on Coinbase Pro and Coinbase.com — increasing the reach to 53 countries, spread across four continents.

Direct trading between cryptos is increasingly the new norm and in the last year has overtaken traditional fiat to crypto trading across the globe. Millions of Coinbase customers can now securely and quickly trade between different cryptos and send crypto off-platform at their convenience.

Footnote updated, previous footnote referenced that chart was based on Coinbase-only volume.

As crypto moves from the current “investment phase” into what we call the “utility phase,” a host of new use cases will present themselves. This could take the form of decentralized versions of traditional financial services like lending or micropayments or truly novel crypto applications that no one has even thought of yet. The ability to convert from one crypto to another will form the backbone of this new decentralized economy.

Realizing our mission of creating an open financial system for the world starts with making it as easy as possible to access crypto. With today’s announcement, we’re happy to take an important step in that direction.

Customers in Argentina, Mexico, Peru, Colombia, Chile, India, Hong Kong, South Korea, Indonesia, the Philippines and New Zealand can now sign up on Coinbase.com and download our iOS and Android apps, or sign up for a Coinbase Pro account, to access crypto-to-crypto trading options.


Expanding crypto-to-crypto support to more countries around the world 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 April 11, 2019
Introducing Fenrir: How Coinbase is Scaling Serverless Applications

Serverless, specifically AWS Lambda, is awesome. It scales from 0 to near infinity, it costs next to nothing, and it integrates with almost everything. The trouble starts when going from one engineer deploying applications into one account, to lots of engineers deploying into many shared accounts. It’s hard to make sure applications follow the same good naming and security practices to stop everyone from stepping on each other’s toes.

Providing a secure and pleasant experience for thousands of developers building and deploying hundreds of serverless applications to dozens of AWS accounts is the goal. To that end we developed and open sourced Fenrir, our AWS SAM deployer. This post is about how we use Fenrir to deploy serverless in a large organization.

What the Framework (SAM, serverless…) Doesn’t Do

Serverless frameworks typically include a CLI that can create/update AWS resources and deploy code. For example, both serverless deploy and sam deploy use AWS Cloud Formation (CF) to release code. These deploy commands are useful when getting started, and can easily be put into a CI/CD pipeline to accelerate application release.

When more engineers start deploying serverless applications it is a good idea to ensure they:

  • Use consistent naming: good naming (and tagging) of resources, like Lambda and API Gateway, will keep accounts clean and make obvious which resources belong to which projects.
  • Follow recommended security practices: e.g. practice “least privilege” by giving Lambdas separate security groups and IAM roles.
  • Create a reliable workflow: cleanly handle failure in a way that shows developers what happened, why it happened, and how to remedy.
  • Record what is deployed: quickly answering what is currently deployed allows engineers to debug and understand the current state of the world.

Our solution was to build a centralized deployer. This deployer provides clear boundaries to developers working in the same AWS account and blocks deployment unless common practices are followed. This removes the cognitive overhead of a lot of details and allow engineers to focus on their application code.

Fenrir Serverless Serverless Deployer

Fenrir

Fenrir is our AWS SAM deployer; at its core is a reimplementation of the sam deploy command as an AWS Step Function, so it’s a serverless serverless (serverless²) deployer. sam deploy is an alias for a python script with two steps aws create-change-set and aws cloudformation execute-change-set.

Fenrir’s state machine replicates these steps with explicit state transitions, retries, and error handling:

The input to this state machine is a SAM template with some additional data like ProjectName, ConfigName and the AWS account to deploy to. The Fenrir state machine then performs the following steps:

  • Validate: fills in defaults then validates the template is correct and all referenced resources are allowed to be used.
  • Lock: creates a lock to make sure that only one deploy per project can go out at a time.
  • CreateChangeSet and wait to Execute: create a change-set for a CF stack. Waits for the change-set to be validated and become available.
  • ExecuteChangeSet and wait for Success: waits for the execution to finish.

This state machine finishes in either a Success state, a FailureClean state where the release was unsuccessful but cleanup was successful, or a FailureDirty state that should never happen and will alert the team.

Fenrir (like our other open source deployer Odin) follows the Bifrost standard for building deployers at Coinbase. Bifrost adds multi-account support, security by default, visibility into deploys, and simple integration into our existing tools.

What Fenrir Doesn’t Do

Fenrir only supports subset of AWS SAM. Limiting the template scope reduces the surface area for possible naming conflicts and security risks.

The supported resources are AWS::Serverless::Function, AWS::Serverless::Api, AWS::Serverless::LayerVersion, AWS::Serverless::SimpleTable. Each of these have limitations, for example the AWS::Serverless::Function resource’s limitations are:

  • FunctionName is generated and cannot be defined.
  • Role and VPCConfig.SecurityGroupIds if defined must refer to resources that have correct tags*.
  • VPCConfig.SubnetIds must have the DeployWithFenrir tag equal to true.

Events supported Types are:

  • Api: It must have RestApiId that is a reference to a local API resource
  • S3: Bucket must have correct tags*
  • Kinesis: Stream must have correct tags*
  • DynamoDB: Stream must have correct tags*
  • SQS: Queue must have correct tags*
  • Schedule
  • CloudWatchEvent

*: correct tags means ProjectName, ConfigName tags are correct.

SNS is not on the list of supported events. As of writing, SNS does not support tags making it difficult to validate a Lambda is allowed to listen to an SNS topic. Finding ways to support such events and resources securely is a future goal of Fenrir.

Hello Fenrir

A simple SAM template that works with Fenrir includes ProjectName and ConfigName, e.g. template.yml would look like:

ProjectName: “coinbase/deploy-test”
ConfigName: “development”
AWSTemplateFormatVersion: “2010–09–09”
Transform: AWS::Serverless-2016–10–31
Resources:
helloAPI:
Type: AWS::Serverless::Api
Properties:
StageName: dev
EndpointConfiguration: REGIONAL
hello:
Type: AWS::Serverless::Function
Properties:
CodeUri: .
Role: lambda-role
Handler: hello.lambda
Runtime: go1.x
Events:
hi:
Type: Api
Properties:
RestApiId: !Ref helloAPI
Path: /hello
Method: GET

The hello lambda code:

package main
import “github.com/aws/aws-lambda-go/lambda”
func main() {
lambda.Start(func(_ interface{}) (interface{}, error) {
return map[string]string{“body”: “Hello”}, nil
})
}

Fenrir uses Docker to build and bundle code sent to AWS. The hello function requires /hello.zip to exist in the built docker container, e.g. the Dockerfile:

FROM golang
WORKDIR /
RUN apt-get update && apt-get install -y zip
COPY . .
RUN go get github.com/aws/aws-lambda-go/lambda
RUN GOOS=linux GOARCH=amd64 go build -o hello.lambda .
RUN zip hello.zip hello.lambda

To package and deploy the template using the Step Function you run fenrir package && fenrir deploy:

  1. package builds the Docker image then extracts the zip files
  2. deploy uploads the zip files and sends the template as input to the Fenrir Step Function

Implementation

Fenrir is implemented primarily using:

goformation uses the AWS CloudFormation Resource Specification and SAM specification to generate code and JSON schema. Fenrir then uses these to encode, decode, modify and validate templates. This code generation makes it very easy for Fenrir to keep up to date with changes in SAM and release features quickly.

Future

It’s hard to build tools that are scalable, secure, and easy to use. Fenrir gives our developers cutting edge tools with clear boundaries on how to use them. This is a huge win, but there is still lots of room for improvement by supporting more SAM resources, events and properties.

SAM/Fenrir can’t deploy static websites to S3 behind CloudFront as CloudFormation does’t support uploading S3 Objects. A future Fenrir feature is to provide a custom CloudFormation resource that can upload files to S3 for static website hosting. This would make Fenrir a full-stack serverless² deployer.

Finally, Fenrir is still in beta and we welcome and contributions or feature requests over on our Github repository.

Good Reads

If you’re interested in helping us build a modern, scalable platform for the future of crypto markets, we’re hiring Infrastructure Engineers!

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.

Unless otherwise noted, all images provided herein are by Coinbase.


Introducing Fenrir: How Coinbase is Scaling Serverless Applications 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 April 10, 2019
Spend your crypto instantly with Coinbase Card

We’re excited to announce the launch of Coinbase Card, a Visa debit card that lets customers in the UK spend crypto as effortlessly as the money in their bank.

Coinbase Card is powered by customers’ Coinbase account crypto balances, giving them the ability to pay in-store and online using bitcoin, ethereum, litecoin, and more. Customers can use their card in millions of locations around the world, making payments through contactless, Chip and PIN, as well as cash withdrawals from ATMs. When customers use their Coinbase Card, we instantly convert crypto to fiat currency, such as GBP, which is used to complete the purchase.

To help customers manage their spend, we’ve also launched the Coinbase Card app, which enables customers to select which of their crypto wallets they will use to fund their Coinbase Card spending. Coinbase Card supports all crypto assets available to buy and sell on the Coinbase platform, meaning they can pay for a meal with bitcoin, or use ethereum to fund their train ticket home. The app also offers instant receipts, transaction summaries, spending categories, and more.

To celebrate the launch of Coinbase Card, we’re waiving the £4.95 card issuance fee for the first 1,000 people to join the waitlist. Coinbase customers can download the iOS and Android app today and securely link their Coinbase account. Once linked, the crypto balance held on Coinbase will be immediately available to use through the virtual card, and their contactless Coinbase Card will be sent in the post.

This is the first debit card to link directly with a major cryptocurrency exchange in the UK and EU, allowing users to spend their crypto balances direct from their Coinbase account.

Coinbase Card is currently only available in the UK, but we plan to support other European countries in the coming months. To find out more about the Coinbase Card, there’s more information on the website.

This 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.


Spend your crypto instantly with 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

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