27 Aug '13, 4am

Coinbase encourages merchants to adopt Bitcoin after removing fees for first $1m in transactions

Coinbase , the US startup that processes Bitcoin payments, has announced that it is now waiving all processing fees for merchants for their first $1 million in transactions. Coinbase, which raised $5 million in funding this year, charges a flat 1 percent rate to merchants that wish to convert Bitcoin into their local currency, so this move effectively means early-adopting retailers can save up to $10,000. (The company charges no transaction fee .) That’s likely to appeal to smaller retails, given the relative low volume of $1 million, which will also appreciate that transactions are not subject to chargebacks and can be processed in minutes. “We’ve long believed that merchant adoption is key to Bitcoin going mainstream,” the company explains. “We wanted to lower all barriers for new merchants to get started, and help highlight some of the economic benefits of accepting Bit...

Full article: http://thenextweb.com/insider/2013/08/27/coinbase-encoura...

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