Critics of the cryptocurrecy revolution commonly cite the lack of payment use cases as a leading indicator that the movement is destined to fall flat. These ‘experts’ will soon need to find a new talking point as Coinbase, the highly popular cryptocurrency exchange, has just introduced their merchant cryptocurrency platform.
With over 48,000 businesses currently leveraging the Coinbase Bitcoin API, including notable names like Expedia and Bloomberg, it’s clear that bitcoin is in the process of going mainstream. However, bitcoin adoption has not come without a few roadblocks, namely the inefficiencies found by scaling the network.
Stripe announced last month that they are discontinuing support for bitcoin payments due to high network fees, but remains “very optimistic about cryptocurrencies overall.” They have indicated they might be adopting the Stellar payment system. The digital distribution platform, Steam, expressed similar concerns and has since switched to accepting Litecoin as an alternative.
Coinbase aims to take on other notable cryptocurrency merchant platforms like BitPay, who currently has Microsoft as a client. Time will tell which platform ends up on top, and what cryptocurrencies they will support.