{"id":26418,"date":"2024-02-19T01:05:47","date_gmt":"2024-02-19T01:05:47","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/native-bitcoin-support-ends-on-coinbase-commerce\/"},"modified":"2024-02-19T01:05:47","modified_gmt":"2024-02-19T01:05:47","slug":"native-bitcoin-support-ends-on-coinbase-commerce","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/native-bitcoin-support-ends-on-coinbase-commerce\/","title":{"rendered":"Native Bitcoin Support Ends on Coinbase Commerce"},"content":{"rendered":"<p><b>(Originally posted on : Crypto News &#8211; iGaming.org )<\/b><br \/>\n<\/p>\n<div>\n<p>Coinbase has announced a big change to its payment processing platform, Coinbase Commerce, impacting how Bitcoin and other UTXO-based cryptocurrencies are used for merchant transactions. Lauren Dowling, Coinbase\u2019s Head of Product, revealed on X (formerly Twitter) the strategic withdrawal of native <a href=\"https:\/\/igaming.org\/cryptocurrencies\/section\/what-is-a-bitcoin\/\">Bitcoin<\/a> and UTXO coin support. This decision stems from the complexities encountered in updating the platform\u2019s EVM payment protocol to accommodate Bitcoin transactions.<\/p>\n<p>Dowling explained, <em>\u201cThe new Commerce product enforces the details of each payment onchain, supports hundreds of assets (native and ERC-20s) [\u2026] automatically converts payments to USDC onchain at a guaranteed rate to merchants. Delivering these same capabilities on the Bitcoin blockchain without smart contracts and stablecoins was challenging &amp; we therefore made the difficult decision to remove native Bitcoin &amp; other UTXO support.\u201d<\/em><\/p>\n<p>This shift means that while Coinbase Commerce will continue to facilitate Bitcoin payments, it will require customers to have a Coinbase account to do so. Addressing the change, Coinbase CEO Brian Armstrong emphasized the company\u2019s efforts to integrate more advanced transaction solutions, notably the Lightning Network, into Coinbase\u2019s ecosystem. Armstrong said, <em>\u201cHopefully there are opportunities to make commerce payments with Lightning in the future.\u201d<\/em> He further commented on the future of online crypto payments, stating, <em>\u201cZooming out \u2013 we think paying for stuff online with crypto won\u2019t really go mainstream until we get off layer 1, and reduce transaction fees and confirmation times, so we\u2019re trying to accelerate the move toward that world.\u201d<\/em><\/p>\n<p>The move away from native Bitcoin support has sparked discussions within the cryptocurrency community, particularly concerning its potential impact on the broader adoption of Bitcoin. The UTXO model, which underpins Bitcoin transactions, offers a different approach to transaction tracking and security compared to the account model used by <a href=\"https:\/\/igaming.org\/cryptocurrencies\/ethereum-alternative-coin\/\">Ethereum<\/a> and other cryptocurrencies, which resemble more traditional banking transactions.<\/p>\n<\/p><\/div>\n<p><a href=\"https:\/\/igaming.org\/crypto\/coinbase-to-phase-out-native-bitcoin-support-for-merchants\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : Crypto News &#8211; iGaming.org ) Coinbase has announced a big change to its payment processing platform, Coinbase Commerce, impacting how Bitcoin and other UTXO-based cryptocurrencies are used for merchant transactions. Lauren Dowling, Coinbase\u2019s Head of Product, revealed on X (formerly Twitter) the strategic withdrawal of native Bitcoin and UTXO coin support. [&hellip;]<\/p>\n","protected":false},"author":34,"featured_media":26419,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[34],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/26418"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/34"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=26418"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/26418\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/26419"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=26418"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=26418"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=26418"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}