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Coinbase online payment system

Coinbase
https://coinbase.com/

Updated on October 11, 2012
Views: 4944 | Clicks: 263


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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 January 10, 2018
Customer support: failure is not an option

I’d like to introduce Dan Romero, our new General Manager of Coinbase. As we rapidly grow, we are structuring our organization to be nimble and scale with speed. Dan’s first priority as GM will be improving the Coinbase customer experience. He has been an early superstar employee at Coinbase and I’m excited about him taking on this huge job. Dan will provide an update on what we are doing to improve the experience and I will continue to post about all of the major activities at the company. –Brian

Thanks, Brian. My number one priority for Coinbase is providing our customers with a great experience. We have been failing at this and it is totally unacceptable. It’s no excuse but we think we owe you an explanation of what happened in 2017, what we’ve done and what we are doing to fix the issues.

The Coinbase customer base grew significantly last year and we began substantial efforts to scale all of our teams and systems to meet this growth. Brian publicly committed to focusing on the fundamentals and to significantly scaling and improving our customer support. And looking at the data, I was optimistic this would be solved at the end of the year.

But I was wrong! — we experienced even more growth in the last 2 quarters of 2017 than our most aggressive forecasts. For example, in November and December, we grew our support capability more than 60% which was meant to be sufficient based on peak 2017 support volumes we had experienced. But transaction volumes in November and December grew by 295%. This led to many customers experiencing long wait times from hearing back from our customer support team. The team was left feeling like we were bailing out a sinking ship with pots and pans — but we are now even more motivated than ever.

The good news is this growth means digital currency continues to expand and mature into the transformational technology we all believe it is destined to become. The bad news is many customers have had a poor experience with our product. This is unacceptable and the team and I will continue to work day and night to shorten response times to support inquiries, reduce payment delays, process limit increase requests, and improve identity verification. Brian has given our team all the resources we need to get the job done.

Realistically, this will take some time — but we are sparing no expense and are committed to making these improvements as fast as humanly possible. Below is some additional context about our priorities for ensuring a great customer experience, what we have done to improve it recently and what we are doing next. I plan to update our customers regularly on our progress.

Thank you for being a customer.

–Dan Romero, Vice President & General Manager of Coinbase

Our company priorities: security of customer funds, performance and customer support

Coinbase’s priorities, in order, are: 1) maintaining the safety and security of customer funds; 2) ensuring our platform is available even during periods of high volumes; and 3) resolving customer support inquiries in a timely manner.

Over the past year, we’ve scaled our platform capacity (measured in peak transactions per hour) by 7,700%. Additionally, we’ve increased our support capability 887% by hiring hundreds of support agents.

The increase in support capacity came as a result of significant investments in our infrastructure, staffing and types of support offered. Specifically, we rolled out:

  • 24-hour support to all customers across multiple time zones and locations
  • 24-hour, 5 days weekday phone support for customers with trust and safety, ID verification and limit request issues
  • An improved knowledge base and chat bot to help with more general questions

What we are doing to provide a better customer support experience

However, despite scaling our support capability 887%, we are still not consistently meeting customer expectations for response times given unprecedented volume growth. Therefore we are committing to:

  • Double the size of our customer support team over the next three months
  • Expand phone support to 24-hours, 7 days per week to all customers for any issue by Q2 2018
  • Hire a dedicated operations team based in London for our UK and European customers to focus on trust and safety issues, payment processing, customer on-boarding and limit increase requests
  • Launch new ID verification and wire automation systems

As we build out additional support capability, we will continue to prioritize support cases in the following order:

  1. Trust and safety issues (e.g. account access, identity verification)
  2. Customer funds (wires/transfers)
  3. Limit requests
  4. General questions

We appreciate your patience as we continue to scale our platform and our team. Thank you for being a customer.


Customer support: failure is not an option 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 January 4, 2018
Our process for adding new assets

We wanted to give our customers details about our process for adding new assets to our trading platform. Our mission is to be the most trusted and easy-to-use digital currency exchange. We believe sharing this process with our customers is an essential part of building that trust.

A few months ago we released our Digital Asset Framework which highlights our criteria for supporting new assets. You can read our framework here. A committee of internal experts is responsible for determining whether and when new assets will be added to the platform in accordance with our framework. These individuals — and all employees at Coinbase — are subject to confidentiality and trading restrictions. Coinbase will announce the addition of new assets only via our blog post or other official channels.

As of the date of this statement, we have made no decision to add additional assets to either GDAX or Coinbase. Any statement to the contrary is untrue and not authorized by the company.


Our process for adding new assets 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 20, 2017
Our employee trading policy at Coinbase

Today we announced support for Bitcoin Cash (BCH). It appears the price of Bitcoin Cash on other exchanges increased in the hours before our announcement. While digital currency prices fluctuate quite a lot and we have no indication of any wrongdoing at this time, I wanted to share a few thoughts with our customers:

  1. A bit about our internal trading and confidentiality policies
  2. What we’re planning to do about the price movement today

We’ve had a trading policy in place for some time at Coinbase. The policy prohibits employees and contractors from trading on “material non-public information”, such as when a new asset will be added to our platform. In addition to trading restrictions, it prohibits communication of material non-public information outside the company. This includes to friends and family.

Our launch of Bitcoin Cash today is no exception to this. All Coinbase employees and contractors were explicitly prohibited from trading Bitcoin Cash and from disclosing our launch plans over a month ago. This was communicated multiple times via multiple channels to employees. For instance, I made sure it was emphasized at our Friday Q&A sessions, and in emails sent to all employees. I view it as a key part of my job to set the tone from the top about how we all must act to ensure success. The trading restriction, which applies to all personal trading activity on any platform, remains in effect now.

I take the confidentiality of material non-public information very seriously as CEO. Given the price increase in the hours leading up the announcement, we will be conducting an investigation into this matter. If we find evidence of any employee or contractor violating our policies — directly or indirectly — I will not hesitate to terminate the employee immediately and take appropriate legal action.

Our goal is to make Coinbase the most trusted and easiest to use digital currency exchange. We will only accomplish this goal by ensuring that we (the employees and contractors at Coinbase) all hold ourselves to a high standard of conduct.


Our employee trading policy at 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 December 19, 2017
Buy, sell, send and receive Bitcoin Cash on Coinbase

We’re excited to announce that customers will be able to buy, sell, send and receive Bitcoin Cash on Coinbase. You can read more about Bitcoin Cash on our FAQ page.

Sends and receives are available immediately. Buys and sells will be available to all customers once there is sufficient liquidity on GDAX. We anticipate that this will take a few hours. See our update below.

Our customers should benefit from forks

Coinbase operates by the principle that our customers should benefit to the greatest extent possible from forks or other networks events. This is essential in our mission to make Coinbase the most trusted, safe, and easy-to-use digital currency exchange.

Bitcoin Cash was created by a fork on August 1st, 2017. All customers who held a Bitcoin balance on Coinbase at the time of the fork will now see an equal balance of Bitcoin Cash available in their Coinbase account. Your Bitcoin Cash balance will reflect your Bitcoin balance at the time of the Bitcoin Cash Fork, which occurred at 13:20 UTC, August 1, 2017. You can read more about what a bitcoin fork is here and our previous update on Bitcoin Cash here.

We have been monitoring the Bitcoin Cash network over the last few months and have decided to enable full support including the ability to buy, sell, send and receive. Factors we considered include developer and community support, security, stability, market price and trading volume. You can learn more about Bitcoin Cash here.

We will abbreviate Bitcoin Cash as BCH on our platform. Customers will be able to buy Bitcoin Cash using all of our supported fiat currencies: USD, EUR, GBP, CAD, AUD and SGD.

Coinbase maintains a strict trading policy and internal guidelines for employees. Coinbase employees have been prohibited from trading in Bitcoin Cash for several weeks.

Update on December 19 at 8:15pm

Bitcoin Cash sends and receives are functional. Buys and sells on the Coinbase website and in our mobile apps will be available to all customers once there is sufficient liquidity on GDAX. We anticipate that this will happen tomorrow.


Buy, sell, send and receive Bitcoin Cash 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 December 16, 2017
How to secure your digital currency

With the prices of digital currency on the rise, it’s more important than ever to take steps to help keep your digital currency safe. Coinbase will never ask for your password, two-factor authentication code or remote access to your computer.

Our top priority is the security of customer funds. Coinbase invests significant time and resources to proactively detect and prevent attempts to compromise customer accounts, however it is also important customers take appropriate steps to minimize the risk of having their accounts compromised.

Steps to help keep your digital currency secure

  • Create long, random and unique passwords for each account. Using a password manager such as 1Password or LastPass makes this easy to manage.
  • Install two-factor authentication (2FA) everywhere. We recommend Google Authenticator or another offline authenticator app such as Duo or 1Password. At a minimum, you should have two-factor authentication installed for all of your email accounts and your Coinbase account. If you use gmail as your email provider consider the Advanced Protection Program. You can read more about how to install two-factor authentication on your Coinbase account here.
  • Call your mobile provider and add additional protections to your account. For example, request a PIN or password for your account, ask for a port freeze and SIM lock (so attackers can’t move your phone number to a new carrier). If your carrier doesn’t support these added protections,, consider changing to a carrier that does.
  • Be on the lookout for emails pretending to be from Coinbase (you may have heard this called “phishing”). This is the most common way customers are compromised. Bookmark important websites (Coinbase, email, banks, etc) and only visit those sites from those bookmarks. Avoid clicking links or opening attachments in emails. Coinbase will never ask for your password, 2FA or remote access to your computer.
  • Confirm you are using authentic Coinbase support. Only contact Coinbase through its verified email — support@coinbase.com or phone support on +1 (888) 908–7930. Fake customer service numbers and pages are on the increase — please be careful to verify any information you find via forums, social media and google adverts.
  • Protect your computer. Make sure your operating system is up to date, install a reliable antivirus software and avoid install software from unknown sources.
  • Consider the Coinbase vault for digital currency to which you do not need immediate access.

If you receive an suspicious email or see a suspicious website please contact us at trust@coinbase.com. You can read more about how to improve your online security here.


How to secure your digital currency 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

See all news of Coinbase

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