Coinbase Gets Rid of ACH Fee; Coming Soon: 1% Flat Fee and Multi-Sig

Journalist:
Caleb Chen @bitxbitxbitcoin
October 17, 2014

Coinbase will soon be doing away with their $0.15 ACH fee charged on all buys and sells. The fifteen cent fee has long been a point of contention and Coinbase is making the move to bear the cost of interfacing with the legacy banking system themselves. In an Ask me Anything Coinbase AMA on Youtube, Coinbase heads Fred Ehrsam and Brian Armstrong have been asking user-generated questions pouring in from several social media founts.

Ehrsam explained:

Right now we pay miner’s fees for our users. It’s kind of the same idea. Most people probably don’t want to think about them [the fees].

Also read: Coinbase Expands to 5 More European Countries

ACH Fee Goes Out, Multi-Sig Comes In

Coinbase is also planning to release multi-sig to users in the next few weeks. They have already released it in their API and will soon be having this new feature in their Vault. Coinbase hopes that users continue to differentiate between the vault and the wallet in their Bitcoin use on Coinbase. Coinbase is walking the thin line between user convenience and user security. As the Coinbase team has repeatedly said: “we want the best of both worlds.” For users that want the private key held and secured by Coinbase, the wallet is all they should use. However, if users are interested in having control of their Bitcoin even if Coinbase were to disappear, multi-sig will make that possible. Both tech-savvy and non-tech-savvy users will be able to use Coinbase for whatever features they wish, including cheaper buys and sells. Armstrong, talking about Coinbase and Bitcoin’s future, said:

The sky’s not the limit! The moon’s the limit.

What do you think about Coinbase’s new plans? Comment below!

Images from Shutterstock.

Last modified (UTC): October 20, 2014 21:14

Caleb Chen @bitxbitxbitcoin

Caleb is a graduate of the University of Virginia where he studied Economics, East Asian Studies, and Mathematics. He is currently pursuing his MSc in Digital Currency at the University of Nicosia.