Coinbase Commerce Drops Support for Native Bitcoin Payments, Focusing on EVM Protocol
 |
| Coinbase Commerce Ends Native Bitcoin Support |
Coinbase Commerce has announced the discontinuation of support for Bitcoin and similar UTXO coins, requiring shoppers to have a Coinbase account for Bitcoin payments.
According to Lauren Dowling, head of product at Coinbase, the decision to remove native Bitcoin and other UTXO coins from Coinbase Commerce was made due to challenges in implementing recent updates on its EVM payment protocol for Bitcoin.
The new Commerce product emphasizes on-chain payment details and supports a wide range of assets, automatically converting payments to USDC for merchants. Integrating these features into the Bitcoin blockchain without smart contracts and stablecoins posed significant challenges, leading to the removal of native Bitcoin and UTXO support.
Brian Armstrong, CEO of Coinbase, clarified that shoppers using Coinbase Commerce can still utilize Bitcoin if they have a Coinbase account. Additionally, the company is working on integrating the Lightning Network into Coinbase to enhance payment capabilities in the future.
Armstrong expressed optimism about leveraging the Lightning Network for commerce payments, highlighting its potential to reduce transaction fees and confirmation times, thus fostering mainstream adoption of crypto payments.
While Bitcoin employs the UTXO model for transaction tracking, offering transparency and security, some coins like Dogecoin, Litecoin, Dash, and Bitcoin Cash also utilize this model.
The decision to remove native Bitcoin support sparked criticism from the community, particularly regarding its impact on Bitcoin adoption. Some users raised concerns about assuming that every customer can access Coinbase services, likening it to dictating that all customers must be clients of a specific bank to facilitate payments.
The move by Coinbase Commerce reflects a strategic shift towards optimizing payment protocols and enhancing the overall user experience in the crypto-commerce landscape.
_________________<<<>>>___________________
READ MORE
🔷️ Top Platforms For Trading Crypto Currencies
🔷️ Crypto Lawyer Considers Contesting Warren
No comments:
Post a Comment