Categories: CryptoNews

Coinbase Enables Instant Bitcoin Purchases With Debit Cards

The company that defines itself as the easiest place to buy Bitcoins announced yesterday that they will allow US Customers to buy Bitcoins instantly using Debit Cards, the purchase is capped at $250 worth of Bitcoins per day, the company also said that more countries will follow soon. 

Coinbase is one of the leading startups in the Blockchain industry, founded in June 2012, Coinbase is a Bitcoin wallet provider and platform where merchants and consumers can transact using the Bitcoin Blockchain. They are based in San Francisco. Coinbase has 3.7 Million users, totaling 5.5 Million Bitcoin wallets and 8,000 Apps developed using Coinbase platform.

At the beginning, Coinbase offered the possibility to buy Bitcoins using traditional bank wires, but the process was painfully slow, this is where the traditional old tech financial services clash with Bitcoin’s fast, secure platform. Buying Bitcoins could take up to 1 week while the bank wires went through.

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The company later introduced instant Bitcoin purchases, but your account had to be linked with a credit card, however, yesterday the company announced that they would also enable instant Bitcoin purchases using debit cards. There is an increasing amount of debit card users in the USA, Coinbase will allow those users to buy Bitcoins with a 3.75% fee, in this early phase, only $250 worth of Bitcoins per day may be purchased, users will need to verify their identity before making any debit card purchase.

The daily limit for bank account Bitcoin’s purchases is still $10,000. Coinbase has plans to expand this new feature to more countries soon. In the last summer, Coinbase allowed European customers to buy Bitcoins using their debit cards, the company surely has had enough time to test this new feature, so now they are implementing it on the USA market.

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Eduardo Gómez

Eduardo Gómez is a Computer Science Major from Venezuela, a country with a loyal Bitcoin user base. He discovered Bitcoin in 2012 and now he use it to escape the triple-digit inflation that Venezuela suffers, he is focusing on developing a writing career, and he tries to keep up with the news in FinTech and Blockchain Technologies.

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Eduardo Gómez

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