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Coinbase Launches ‘Instant’ Purchases of Bitcoin, Litecoin and Ethereum

By on Friday, October 13th, 2017 12:20pm UTC

Coinbase opens its customers an opportunity to instantly purchase digital currency using a US bank account.

Photo: forexsignals_fxpremiere / Instagram
Photo: forexsignals_fxpremiere / Instagram
Altcoins, Bitcoin (BTC), Bitcoin Price, Cryptocurrency News
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Coinbase, a San Francisco-based cryptocurrency exchange, has recently announced in company’s official blog that its customers will now be able to purchase Bitcoin, Litecoin and Ethereum instantly from US bank accounts. This will make the process of purchasing digital currency much easier and faster.

The significance of the announced option can hardly be overestimated as reducing time to receive the purchased digital currency has been a highly requested feature.

Previously, these types of purchases took from 3 to 5 days to complete the full process, as Coinbase waited for funds to transfer via ACH before they credited your purchase.

This inconvenience used to let the customers down because bitcoin’s price could fall or rise by 20 percent before they received their purchased coins. But now the problem is solved.

Customers are now allowed to buy up to $25,000 and receive access to their digital currency immediately. What is more, due to the new policy, investors can engage into day trading in the highly volatile digital currency market much easier.

The feature will be available for approximately 15,000 user starting from today and this availability is planned to be spread on all US-based customers until the end of the year.

The fact that Coinbase allows its customers instant purchases for as much as $25,000 worth of bitcoin before payment is received demonstrates a great level of confidence in company’s fraud prevention systems.

Zach Abrams, Coinbase’s new Head of Product, commented:

“Coinbase uses proprietary fraud prevention systems it has developed over the last 5 years, to determine how this instant purchase feature is rolled out to groups of customers and that the customers with access to this feature have sufficient balance in their bank account with good purchase history.”

It stands to mention, that this year Coinbase has become the first crypto-company to be evaluated of over $1 billion and anointed with “unicorn” status.

In recent time digital currencies have gone on an astonishing rise. As of Friday morning, bitcoin had jumped on 21 % in 48 hours to a new all-time-high above $ 5,800.

With those gains, the digital currency has multiplied six times in value this year and has a market value of more than $93 billion. That’s larger than that of Goldman Sachs. Accoeding to the predictions, bitcoin price is very likely to reach $10,000 in six to ten months

Eugenia Kovaliova
Author: Eugenia Kovaliova

Eugenia can call herself a multy-interested person, as she is always in search of new proffessional fields to encompass. After graduating from Belarussian State University with Bachelor degree in both International Communication and Public Relations, she joined a travel startup Fresh Adventures, where she worked for 3 years creating unique itineraries through exotic countries, travelling around the world and developing the company as a partner. Currently, she works as a business analyst in the field of information technologies. She believes that IT is the future, that is why it is so important to keep up with the latest trends in this rapidly growing industry.

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