With 234,000 users and 184,000 transactions per month as well as U.S. bank integration, Coinbase is one of the most reliable Bitcoin wallets. To make the virtual currency a mainstream currency it places effort and brings new offers every now and then. Now, it has announced that merchants will get free processing on their first $1,000,000.00 in orders.
The announcement is aimed to expand Bitcoin’s reach and acceptance. Coinbase believes that merchant adoption is fundamental to Bitcoin being a mainstream currency. According to it, the next large phase of Bitcoin usage will be to expand the reach and use by customers with more merchants. However, to encourage merchants to accept Bitcoin is a challenging task and that is what this offer is targeting to.
Coinbase with free processing on the first $1,000,000.00 in orders for merchants aims to popularize Bitcoin. With this it also lowers all barriers for new merchants to get started, and helps highlight some of the economic benefits of accepting Bitcoin. Bitcoin which has been facing challenges not only in the U.S., but several other countries like Thailand can only be a mainstream currency if made available and popular.
Free processing on the first $1,000,000.00 in Orders to Popularize Bitcoin
Coinbase aims that as Bitcoin fascinates speculators and tech types, it can also attract mainstream consumers if they are encouraged. Apart from consumers merchants too can play a vital role in popularizing the virtual currency. If they start accepting Bitcoin in scale, it can definitely be a transformation for the crypto-currency from a tech-savvy currency to a mainstream currency.
Observers who have been watching the growth of Bitcoin admit that though there has been acceptance of the virtual currency by some bars, restaurants, VPN services providers, etc. it never looked like it is being accepted completely. Many times the news about the acceptance of Bitcoin seemed an attempt by the accepting parties as a news grab chance.
Now, with free processing on the first $1,000,000.00 in orders, Coinbase has formally launched a promotion on Monday. Under this offer it will convert merchants’ Bitcoin transactions to dollars or other local currencies at no charge.
With the measure Coinbase will help alleviate the fear of merchants who are reluctant to accept Bitcoin for they consider it volatile and uncertain as several issues are still pending related to the currency’s legitimacy.
To contact the reporter of this story: Deepak Tiwari at firstname.lastname@example.org