Coinbase Announces Pricing in 'Bits' and Bitcoin Buyback Option
Bitcoin payment processor Coinbase is now enabling merchants to display the cost of their goods and services in "bits".
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Bitcoin payment processor Coinbase is now enabling merchants to display the cost of their goods and services in smaller denominations of bitcoins – "bits".
The San Francisco-based company, which has so far raised funding totalling $31.7m, explained that using bits means prices can be displayed using two decimal places, which consumers are already used to.
Currently, a single bitcoin is divided into eight decimal places, with each unit known as a “Satoshi”. One bit (or µBTC) is worth 100 Satoshis, so something worth $1 can be priced at 1,700 bits rather than 0.0017 BTC.
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The company has also announced the launch of a "repurchase" feature, which enables users to immediately top up their bitcoin wallets after they make a purchase in the digital currency.
Once placing an order via the checkout page of a site that uses Coinbase as its bitcoin payment processor, users can click a "Repurchase" button and refill their wallet directly from their bank account. Previously, users had to navigate to the main site’s “Buy” page in order to add more bitcoins to their wallets.
A walk-through of the process can be found on the Coinbase blog.
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Earlier this week, the company endorsed an unofficial Coinbase bitcoin wallet that was launched on the Apple App Store.
Developed by AirBnB developer and bitcoin enthusiast Andrew Vilcsak, the open-source app was give a thumbs-up by Coinbase on Friday:
Great to see this community contributed app! We reached out to the dev to review the code and believe it is secure. https://t.co/hPZVSr7GOI
— Coinbase (@coinbase) June 20, 2014
The app allows users to send and receive bitcoins, view their transaction history and balance, and otherwise manage their Coinbase account.