Coinbase Introduces Two Way Bitcoin Payments with CeX and Glyde

Earlier in the month we spotlighted Polycoin, a Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term payment processing startup. Among its innovative features was two sided bitcoin processing which would allow merchants to not only accept bitcoins from customers, but also issue withdrawals in the digital currency. Polycoin’s CEO Alfred Shaffir explained to DC Magnates that two sided processing is especially important for online financial and eGaming firms who need to both receive and issue Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term to their customers daily.

Joining Polycoin in providing two way bitcoin processing for merchants is Coinbase. Announcing the availability of two sided transactions on its blog, Coinbase explained how the initiative was put in place with two of its merchant customers, CeX and Glyde. Operating online consumer electronic marketplaces, CeX and Glyde provide customers the ability to both purchase and sell goods on their sites. The business model thereby puts both firms in the need of handling the accepting and issuing of payments to customers.

According to Coinbase, using their merchant processing solutions, CeX and Glyde customers can now make payments for good in bitcoins as well as receive compensation in the digital currency for items they sell on the marketplaces. Coinbase added that according to data released by Glyde, 10% of their “expressed interest in receiving payment in bitcoin for items they sell on the marketplace,” while adding that “7% of its users make withdrawals in bitcoin on a given day for items sold on the site.”

What is interesting about Coinbase’s comments is that they represent the firm evolving its offering to meet needs of customers. The action is similar to the introduction of other new technologies where users of the product will come up with usage cases that the product creators never dreamed about. Similarly with bitcoins, as the currency and its adoption has expands, it is widening the net of possible use cases of the technology, such as two sided bitcoin processing.