According to CoinDesk, Coinbase has partnered with BitMonet to offer in-app bitcoin payments. This is a major step for the Bitcoin community, if simply for another means to spend their bitcoins. Bitcoin as a technology lends to micro transactions based on it’s minimal cost and speed of clearing the transactions. Compared to other methods, Bitcoin allows the versatility and safety for these style transactions.
From the CoinDesk article:
“Nandwani also claimed the kit could provide a way for bitcoin microtransactions to proliferate further. These tiny payment amounts are something credit card processors generally dislike, as their microscopic fees generate little revenue. He added:
“Coinbase supports off-the-blockchain microtransactions on the Coinbase network.”
He also indicated that this SDK will allow users to conduct marketplace-style transactions. “Not only can they sell virtual goods with bitcoins, but they can sell physical goods, without asking the user to leave the app,” said Nandwani.
The API enables developers to send money ‘in the background’, once they have received authorization from the consumer. “The SDK also allows payments to be made in one click, without users having to sign in to Coinbase every time they wish to make a payment,” says Nandwani.”
Last modified: January 10, 2014 14:32 UTC