Coinbase has been expanding at a pace like never seen before. The exchange has grabbed the attention of investors, who pay a bit more for added transparency, security, and above everything else, safety. Coinbase is considered a safe bet across the cryptosphere.
As the market continues to provide healthy alternatives to fiat currencies, Coinbase commerce was launched to make it easy for merchants to accept crypto payments. The product launched already integrated to Shopify – the ecommerce giant.
Today, it is now integrated with major ecommerce platforms including Magento, OpenCart, WooCommerce, and PrestaShop among others. What started as a minimum viable product for enthusiasts is now carries all the features a trader could want, making it a viable option for all. So far, Coinbase commerce has been a product dominant in the ecommerce realm, but its application as a point-of-sale product is still in its early days.
At first glance, Coinbase commerce appears to have enough products and features to steal eyes away from BitPay and Binance Pay, and become the go-to gateway for cryptocurrency payments. After all, payments received go into the Coinbase wallet – by far one of the best – and remain as crypto.
But in this Coinbase and Coinbase commerce review, let’s clear up the confusion as to how one differs from the other, and answer the question of which product is the right platform for you and your business.
History of Coinbase
Coinbase is one of the largest cryptocurrency exchanges in the world, boosting low fees, access to hundreds of crypto assets, and advanced features for experienced and institutional investors. It is a global brand established in 2012, and went public on the NASDAQ on April 2021 via a direct listing. The brainchild of Brian Armstrong and Fred Ehrsam, Coinbase was established as an initiative to accelerate the world’s transition to bitcoin by creating a simple to use, intuitively designed, and highly functional app to buy and sell bitcoin, and later, more cryptocurrencies.
Coinbase – Why most trusted crypto app
Beyond buying and selling cryptocurrencies, Coinbase is an entire ecosystem. It offers the most trusted and secure crypto wallet, boosting a client base of more than 10 million people. Coinbase is all about easy access to cryptocurrencies, and the wallet is for a user to buy crypto in under five minutes, exchange coins without leaving the platform, track portfolio, and store assets safe from hackers and scammers.Coinbase has built a reputation for building crypto products that are simple, elegant, and secure for seamless on-boarding.
About Coinbase commerce
Coinbase commerce was launched to increase the reach of cryptocurrencies in business globally. That meant building the infrastructure to make cryptocurrencies, everyday money. Whether it is a small business owner or a larger business, Coinbase commerce makes it easy to buy, sell, store, and receive bitcoin and other cryptocurrencies as payments for goods and services. It is all about giving greater choice, independence, and opportunity to customers.Coinbase commerce is a powerful tool for businesses that are designed to help them supercharge their earnings by jumping onto the crypto bandwagon. Here’s a complete review of the app.
How Coinbase and Coinbase commerce work
To open a Coinbase account, follow the step below:- Step 1: Visit the Coinbase website.
- Step 2: Click on the sign up button on the top right-hand corner. Enter your details, including first and last name, email address, code sent to your email, type a strong password, and check on the box to certify that you are 18 years of age and older. The registration process is completed within minutes; one Coinbase verifies your account information.
- Step 3: Enable two-factor authentication to further secure your account.
- Step 4: Link your preferred payment method.
- Step 5: Deposit funds into your account to activate your account and start trading.
From the day it launched, Coinbase has made it its mission to eliminate the geek factor in the industry, and make it fun and easy to adopt cryptocurrencies. Leaving behind the technical requirement, it is now easy and fun to learn and use cryptos, and – looking at the design and navigation quality, it shows.
Coinbase gives the design a priority, to make using cryptocurrencies attractive to all. The wallet infrastructure is safe, secure and supports hundreds of listed assets. You can use a Coinbase deposit address to store your crypto assets in an insured hot wallet or opt for cold storage for institutional users.
With Coinbase, you have everything you need to invest confidently, knowing that your bitcoin and altcoin wallet are protected with industry-leading security and protection. Coinbase continually updates its infrastructure to support more cryptocurrencies, and optimize its client experience. Get greater control over your cryptos by syncing your account across multiple applications from desktop to mobile.
To open an account on Coinbase commerce, you need to signup on commerce.Coinbase.com. After verifying your email, you need to enable two-factor authentication to secure account. You can follow after instructions to secure your account. For that, you need to write down 12 word "Seed" file. After completion of all the details, you can access your dashboard, where you can start getting or making payments in crypto.
Differences between Coinbase and Coinbase commerce
Coinbase commerce is a product designed to let people live off their crypto assets. It makes paying with your favorite cryptocurrencies simple, secure, and affordable. This product is not only popular with online stores, but also retail outlets, especially across the United States.Every transaction enjoys the value proposition of cryptocurrencies, including privacy and security. Coinbase charges a low fee for using its commerce product. It is the best way to accept crypto payments anywhere from your website, through email, or in person. You will receive the funds directly to your Coinbase wallet for exchange.
Even though both products are linked together, they are completely different. Coinbase commerce is a program that allows your customer to pay for your products and service in crypto. On the other hand, a Coinbase account lets you buy, sell, and store your crypto asset.
Coinbase trading account is completely separate from the commerce account, which cannot be used for trading and investing. This means any funds you hold or receive on one account will not reflect on the other, even if the owner of the account is the same. That way, a user can separate business holding from a personal investment portfolio, and vice versa.
The commerce account simply acts as a product for receiving payments. Unlike the trading account, the Coinbase commerce account does not give the owner complete control over their private keys; given the nature of transactions, it’s designed to facilitate. In the same way, the merchant cannot access the personal details of their customers. Unlike traditional payment gateways that expose the user’s personal details, everything happens under a veil of privacy. A hassle-free mechanism accepts borderless digital currencies at low transactional costs compared to high charges levied through credit cards.
Commission and Fees of Coinbase commerce
Coinbase commerce fees are among the lowest in the industry. It is one of the most affordable ways to tap into the global cryptocurrency economy and start accepting bitcoin and popular cryptocurrencies. The service employs a simple fee structure based on the volume of transactions. In essence, the higher the transaction volume, the cheaper Coinbase commerce will get. Here is everything you need to know about adding Coinbase commerce to your payment system:- Transaction fees depend on how much money you send or receive. You will be charged 1% for all crypto payments. The fee is collected in the settlement currency, after the payment is made.
- Regardless of the plan, you are on, the transaction fee is 1% for self-managed, and Coinbase managed plans. The difference in either plan boils down to the currency conversion feature, which happens automatically on the Coinbase managed plan, and manually on the self-managed option.
- Top 2 Alternatives
Binance Pay vs. Coinbase Commerce
The battle pitting Coinbase against Binance rages onto merchant payment processing products. Binance offers more options, but Coinbase commerce's quality is tough to beat. Both are close competitors, and the fact is that this debate will not end soon. Of course, it goes without saying that Binance is in a better position to serve merchants outside the US, because it is loosely regulated and operates in a so-called ‘legal grey area.’ That means; Binance pay is likely the better option in a jurisdiction where Coinbase can’t operate due to regulatory constraints.Still, there is no question that Coinbase is the best of the best when it comes to the quality of the experience. Sure, Binance pay has tons of features and a greater selection of cryptocurrencies – including its native stablecoin, BUSD – but it also has so much filler, and users are likely not going to use all of them. Ultimately, Coinbase commerce offers something unique that you just can’t find anywhere else.
BitPay vs. Coinbase Commerce
A pioneer in cryptocurrency merchant payments, Bitpay accepts over 100 cryptocurrencies compared to the over 260 supported by Coinbase commerce. Both Bitpay and Coinbase commerce are very close to each other in most categories. Ultimately, this comes down to experience and additional features a user might want to use. Bitpay is an excellent app for managing and spending your cryptocurrencies, while Coinbase commerce is made primarily to enable businesses to accept crypto payments. The interface is good, but the Bitpay app does not stand out in any unique way.No other payment gateway works with the level of confidence as Coinbase commerce. Coinbase commerce offers a small selection of cryptocurrencies, but compensates with greater security and safety. The quality of the experience on Coinbase commerce can't be beaten. While the nuts and bolts of this service need some more work, Coinbase commerce is the better way to pay and accept crypto payments.
Is it the right platform for you?
When it’s time for you to make that leap into a crypto-lifestyle, then you are better off maxing out your experience with both Coinbase and Coinbase commerce. Coinbase has taken the top spot as the best cryptocurrency service in the world. The app is now the first thing millions of people fire up every morning and when paying for everyday things such as outfits online to a bowl of popcorn. The growth of Coinbase comes as no surprise. This experience can be summed up to simple, elegant, secure, and safe. And the icing on the top is Coinbase commerce that lets users pay and get paid in crypto.Coinbase commerce is a full-baked, highly functional treat that lets users shop with crypto at leading online eCommerce platforms such as Shopify, with over 8000 merchants already on-board. The account is ramped up to make paying with crypto simple, secure, and affordable.
Say goodbye to unfair transaction charges and compromised user data with fees as little as 1%. Every payment is completed on-chain and gets recorded in real-time on the respective blockchain to eliminate room for fraud. Combined with a Coinbase account, the commerce merchant account offers features for existing users, who get a lot of extras to manage crypto asset portfolio.
Sure, you can jump on Binance pay or Bitpay, as the only prominent alternatives to Coinbase commerce, but the base features of Coinbase commerce can't be beaten. Coinbase commerce doesn’t offer many digital currencies, but it offers lucrative options such as Bitcoin and Ethereum, and stablecoins such as USD Coin.
Moreover, Coinbase commerce is US-based and regulated by tier-1 agencies, which is good for peace of mind considering the strict compliance measure. That being said, Coinbase, and Coinbase commerce are two accounts you need to earn in crypto.
Last edited by a moderator:
