A hosted (shared) web-based EWallet used for sending, receiving and storing bitcoins. This is not to be confused with the data structure in the blockchain which is also named coinbase. This also is not to be confused with a podcast series called Coinbase that was produced by AgoristRadio.com.
The service aims to be the easiest way to get started with Bitcoin. Its service is modeled to provide an experience familar to those who are comfortable using PayPal.
From a linked bank account, bitcoins can be purchased easily. The exchange rate used is locked in at the time of purchase, but the coins are not available until the bank transfer (an ACH bank transaction) is completed. This will take two or more business days. A fee is paid (currently 1% of the market price plus $0.15 per purchase) when using this service.
Linking a bank account can be done using Instant Account Verification (by providing your bank account credentials) or through a Challenge Deposit method which will take several days to complete.
Proceeds from selling bitcoins are sent as a direct ACH transfer to your bank account. The fee is 1% plus $0.15. The price is locked upon executing the sell and the funds arrive in your bank account in 2-3 business days.
This feature provides the ability to send bitcoin to an e-mail address or to a bitcoin address. The amount of bitcoin sent can be determined by entering a value in USD, which will be automatically converted to the equivalent value of bitcoin based on the current market exchange rate. If bitcoin is sent to an email address not currently registered with Coinbase, an account will automatically be created and a message will be sent to that email address prompting the user to verify the account and claim the bitcoin.
This feature provides the ability to request funds (denominated in either USD or BTC) through an invoice which will be sent by email.
Payment buttons make it easy to accept bitcoin on any website by copying and pasting a few lines of code.
Payment pages allow merchants to accept bitcoin with a hosted checkout page on coinbase.com.
Callbacks allow for instant payment notifications to a merchant's website.
Payouts allow merchants to cash out bitcoin on a daily basis through a USD transfer to a linked bank account.
There are no fees for sending or receiving bitcoins.
The service was announced on June 29, 2012. The organization is funded by Y! Combinator. The service has plans to offer a wallet denominated in USDs as well, and to offer fixed-rate exchange so that bitcoins can be bought and sold.
On October 26, 2012 the service launched its method to buy and sell bitcoins using a linked bank account
On December 5, 2012 Coinbase launched its Merchant Tools.
- Coinbase.com website