Commercial use of cryptocurrency is still quite limited. That is primarily the result of cryptocurrencies market volatility and regulatory instability. A new Coinbase feature will enable any WooCommerce merchant to accept Bitcoin (BTC) payments free of charge. That is a further move to take crypto from speculators and place it in possession of real users.
WooCommerce and cryptocurrency
With more than 49 million downloads under its belt, WooCommerce, in partnership with WordPress, is among the most successful e-commerce platforms available online. It is easy-to-configure and features basic payment options, including PayPal, cash, and BACS, that are already built-in, and extra payment options are available via plugins.
With Coinbase’s support, site operators can now easily integrate cryptocurrencies into the supported methods of payment list.
The new add-on is tied to a client-controlled Coinbase wallet. WooCommerce customers can now accept all the main cryptocurrencies that are supported by the crypto exchange platform.
This feature will also eliminate any unneeded costs from the mix.
That is a practical choice for merchants to exploit. With no extra fees, this new Coinbase plugin is the most cost-efficient option for handling bulk cryptocurrency payments. Simultaneously, Bitcoin (BTC) and the other altcoins are still very volatile at first. With no direct currency conversion into fiat, hedging is impossible against the market’s volatility. This is one thing WooCommerce clients must be careful about.
Bitcoin (BTC) and Litecoin (LTC) welcome the new Coinbase plugin
The new Coinbase plugin regarding WooCommerce is now only compatible with Bitcoin (BTC) and Litecoin (LTC). Bitcoin Cash (BCH) and Ethereum (ETH) will be introduced in a later version. No specific timeframe has been set for this. But this is not Coinbase’s first venture into the e-commerce business. Their technologies can be located within the Shopify platform also.
For the cryptocurrency market, this new plugin is a significant breakthrough.
Bitcoin (BTC) and the market’s altcoins are very often viewed as investments. With the new plugin, the currency aspect of these digital assets is again significant. While it may not make a huge impact right now, the new Coinbase plugin might unlock many gates in the future.
Ian Kennedy is the newest contributor to Crypto Daily Gazette. He enjoys running, practicing minimalism and cooking. Ian is a graduate of Wesleyan University in Connecticut where he studied journalism, Arabic and international affairs. Ian mostly covers stories concerning emerging blockchain technology.