Konstantin has always been at the forefront of the global virtual currency scene since first discovering cryptocurrencies the same year that Satoshi Nakomoto created bitcoin in 2009. Konstantin is the owner of a number of small businesses in trucking and mobile development, and co-founded CoinSpeaker in 2014. He graduated from Belarusian State University in 2009 with a degree in Mathematics and Mechanics. You can contact Konstantin via [email protected]
The San Francisco-based Coinbase is now offering its merchant partners a way to incentivize bitcoin payments with a new feature that will allow businesses to extend discounts of up to 25% to consumers.
The digital wallet provider Coinbase has announced its latest idea to facilitate bitcoin adoption through its newest feature that allows merchants to offer their customers discounts if they are paying with bitcoins.
The California-based company believed that this step will provide businesses with an effective way to encourage their customers to start using a new payment method – bitcoin transactions.
Merchants are paying for the costs of a credit or debit card transactions, as e result a new feature that allows discounts makes it more attractive for customers to spend bitcoins.
Coinbase mentioned in a statement: “[Transaction] expenses are passed on to consumers in the form of higher prices for goods and services. Bitcoin significantly reduces transaction fees and costs associated with fraud and chargebacks. And now, merchants can share these savings with consumers by enabling instant discounts on orders paid in bitcoin.”
Furthermore, merchants accepting bitcoin already have lots of benefits such as low risk of fraudulent transactions, no fees that come with every transaction paid with plastic.
How it works
Merchants will find it easy to set the discount as the design is pretty impel to orientate.
The discount can be seen in all final prices, moreover customers are able to see the discount as they initiate the payment.
Steady growth for California startup
This discount feature is the latest progress for the California-based bit coin start-up.
During the past few weeks, major Colorado-based US satellite television provider DISH Network and REEDS Jewelers, a large US-based jewelry and precious stones retailer were announced as main payment processing company Coinbase is cooperating with.
Moreover, the company has also started focusing on its public profile, in particular among consumers who are less familiar with digital currencies and are willing to learn more about it.
In the end of May, Coinbase reported that it started working on a worldwide bitcoin distribution effort. At that time, according to the company its goal was to give $10 worth of bitcoin to more than 20,000 students around the world.