San Francisco-based bitcoin platform Coinbase has launched a new Buy Widget that allows newcomers to digital currencies to purchase up to $5 worth of bitcoin using a debit card, without actually opening a full account.
Only US-based customers are able to use the widget at this time with “limited KYC” checks. A fee of 3.75% is charged on each transaction made through the widget.
The new widget has a lifetime limit of $50 and users who breach this threshold will be required to open a full account at Coinbase, “These limitations are only temporary and we’ll be adjusting them and adding more payment methods over time to increase limits.” states the Coinbase developer blog.
“Developers who want their users to buy bitcoin into their apps can now do it with just a couple of lines of code instead of a full blown OAuth integration.”
The Buy Widget is being launched with three partners that demonstrate its practical applications; bitcoin-powered browser Brave; Hammercoin, an adventure game with a bitcoin economy; PopChest, a bitcoin micropayments video platform.
Brave CEO Brendan Eich explained that the new Coinbase widget will be especially useful for people who have no prior experience with virtual currencies, “We intend to let users “bring their own BTC” to self-fund their wallets and auto-micropay their favorite websites.” he added.
And PopChest founder Valerian Bennett, who will be speaking about the benefits of digital currencies in the media industry at IDEAS Los Angeles this month, also agrees with Eich’s sentiments:
“Our viewers can instantly get all the benefits of bitcoin without previously possessing or even knowing anything about the digital currency. This is a game changer for PopChest.”
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