Sleep Well Knowing Your Bitcoin is Safe

Jul 25th, 2014

Introducing Coinbase Vault

Bitcoin wallets are great for day-to-day spending, but storing large amounts of bitcoin requires extra security. This is why we created Coinbase Vault.

How does it work?

  • Withdrawals are time delayed with notifications delivered to your phones and emails.
  • Optionally choose a group vault with multiple withdrawal approvers for increased security.
  • Up to 97% of bitcoin is stored entirely offline in geographically distributed safe deposit boxes and private safes.

How much does it cost?

The Coinbase Vault is 100% free and has no fees.

Merchant Highlights: Bongo International, Reelhouse and Mercury One

Jul 24th, 2014

image

Bongo International, a global ecommerce and logistics solutions provider, now enables its merchants to add bitcoin as a payment option within the Bongo Checkout solution. Bongo helps merchants handle the complexities associated with international ecommerce, such as currency fluctuations, fraud, and shipping. Bitcoin helps make frictionless cross-border payments possible and offers mersignificant benefits to merchants that want to expand their reach internationally. By integrating with Coinbase, Bongo has made international ecommerce even easier for its entire customer base, which includes leading brands like Allen Edmonds, Jelly Belly, and U.S. Auto Parts.

image

Reelhouse is an online video community that enables filmmakers to self-distribute content directly to viewers. By integrating with Coinbase, Reelhouse has enabled viewers to buy any film on the platform with bitcoin. Reelhouse is passing the savings it receives from bitcoin sales directly to the content creators on the site, allowing content creators to get up to 30% more of the sale when a consumer pays in bitcoin. Digital content payments are a great use case for bitcoin and we are excited to work with an innovative digital content company like Reelhouse.

image

Mercury One, the charity organization of radio host Glenn Beck, is now accepting bitcoin for donations. The mission statement of Mercury One is “to inspire, organize and mobilize individuals to improve the human condition physically, emotionally and spiritually with malice towards none and charity for all.” Mercury One is the latest non-profit in a rapidly growing list of non-profit organizations to adopt bitcoin as a payment method. Bitcoin is a natural fit for non-profits because of its low-cost, global, and transparent nature.

Dell.com Partners With Coinbase to Become the Largest Ecommerce Merchant to Accept Bitcoin

Jul 18th, 2014

Dell is now accepting bitcoin payments from consumers and small business shoppers across the U.S. for all items available on Dell.com, including the Alienware line of products. To date, Dell is the largest ecommerce company to officially accept bitcoin, with nearly $60 billion in annual sales. Head over to Dell.com to view this video guide on Dell’s bitcoin splash page and see the bitcoin payment process in action.

image

With the Coinbase integration, Dell is able to provide its customers with even more flexibility when it comes to payment options. Coinbase partnered closely with the Dell team to implement bitcoin payments on Dell.com in just two weeks, and we look forward to continuing to support Dell in the coming weeks as they implement additional bitcoin features. For more information about this integration, visit the official Dell.com blog here.

To celebrate this partnership, Dell will soon be offering a special Alienware promotion where customers can save 10% off a new Alienware system purchase (up to $150 limit) when checking out with bitcoin. Visit Dell.com/bitcoin to learn more.

CheapAir.com Tops $1.5 Million in Bitcoin Sales, Offers Free Trip to London to a Lucky Member of the Bitcoin Community

Jul 17th, 2014

In November, CheapAir.com began accepting bitcoin with Coinbase. CheapAir.com decided to integrate after being introduced to the idea by an existing customer who wanted a more convenient and secure way to pay for flights. Today, we are excited to announce that CheapAir.com has surpassed $1,500,000 in bitcoin sales for hotels and flights. Accepting bitcoin has connected CheapAir.com to thousands of new customers from a loyal and rapidly growing bitcoin community and the results have significantly surpassed initial expectations. 

image

To show its appreciation for the Bitcoin community, CheapAir.com is offering a free trip to London, including airfare and hotel, and a pass to the Inside Bitcoin Conference for one lucky person. Anyone who is interested should tweet @CheapAir and #LondonBTC and no more than 122 characters on why they would like to win the trip. CheapAir.com will judge the entries on July 23rd, and the winner will be notified shortly after. For more information on the legal requirements to participate, please go here. Best of luck! 

Merchant Highlights: Sandman Hotel Group and yesbitcoin

Jul 16th, 2014

image

Consumer travel has become a major use case for bitcoin spending. Today, the Sandman Hotel Group which has 44 properties across Canada and the United Kingdom, announced that the company is now accepting bitcoin directly for hotel bookings. Sandman is owned by Northland Properties Corporation and operates under the brands Sandman Inns, Sandman Hotel & Suites, and Sandman Signature. 

image

yesbitcoin, a Bitcoin-focused, non-profit organization, is now using Coinbase to raise funds for its efforts to increase the understanding, acceptance and use of Bitcoin. Minnesota Senator Branden Petersen, Executive Director and Founder of yesbitcoin, is spearheading the effort. The organization will focus on driving understanding and acceptance of bitcoin as a mainstream consumer technology for everyday commerce.

Shopify Launches Coinbase Integration: Leap Motion, Boosted Boards, Soylent and iOgrapher Now Accepting Bitcoin

Jul 15th, 2014

Starting today, merchants that use Shopify’s e-commerce platform to sell online can use Coinbase to accept bitcoin payments. This integration allows the 100,000+ stores that use Shopify to begin accepting bitcoin by simply creating a Coinbase account, enabling the integration on Shopify, and entering Coinbase account credentials.

Leap Motion, Boosted Boards, Soylent and iOgrapher are the first Shopify merchants to use Coinbase and offer their customers the exclusive benefits of two-click checkout, simple refunds and, if they choose, automatic discounts to customers who pay in bitcoin.  

For anyone looking to open up an online shop, visit www.shopify.com.

image

The Leap Motion Controller translates your hand and finger movements into precise 3D input, allowing you to interact with your computer in more dynamic ways. The device works alongside your mouse and keyboard and is compatible with over 200 apps in Leap Motion’s Airspace app store. Now anyone visiting the Leap Motion US/Canada online store can use bitcoin to purchase a Leap Motion Controller.

 image

Boosted Boards makes an innovative line of electric longboards that can propel users to speeds of up to 20 mph, up grades of 15%, and up to 6 miles on a single charge, making it perfect for short commutes, errands, and recreation.  With a weight of just 15 lbs., comparable to a racing bicycle, it’s one of the world’s lightest electric vehicles and can be easily carried on public transit or inside buildings.  The board offers consumers a dependable, powerful and convenient riding experience that users control via a handheld remote. The Boosted Board costs $1,995 and you can pre-order one now with bitcoin here.

image

Soylent is a simple, nutritious, and affordable food that possesses all of the nutrients the body needs to be healthy. Soylent helps reduce the time and money consumers spend preparing meals, while still providing proper nutritional balance in a convenient drinkable format. Soylent’s creator, Rosa Labs, was an early adopter to bitcoin last August, when the company’s initial CrowdTilt campaign accepted bitcoin. Now that the company is using the Shopify Coinbase plugin, consumers can once again buy Soylent with bitcoin here.

image

The iOgrapher Mobile Media Case is the first all-purpose filmmaking case for the iPad, iPad Mini, and iPhone 5. Made from high-grade polycarbonate, iOgrapher turns a mobile device into a high-quality video camera that is tough and durable enough to withstand any shooting environment. We’re excited that filmmakers and aspiring filmmakers can now buy quality filmmaking cases with bitcoin.

Merchant Highlights: GoldCoast Tickets, Tinypass, and Ecodirect

Jul 3rd, 2014

GoldCoast Tickets, Chicago’s largest secondary ticket broker, is now accepting bitcoin for tickets to sports events, concerts, theaters, and more using Coinbase’s platform. The company is celebrating its 20th anniversary this year and to recognize this milestone, they are offering discounted Jay-Z/Beyonce On the Run Tour tickets to customers that pay in bitcoin. GoldCoast ran an advertisement for tickets to the July 24th concert at Chicago’s Soldier Field in the Chicago Sun-Times today. The first 24 people to buy tickets using bitcoin will receive 25% off. 

Tinypass, a company that helps online publishers make money by selling their content online, has integrated with Coinbase to enable publishers to easily accept bitcoin. Bitcoin enables convenient micropayments for consumers and cheap micropayments for publishers, which makes it an ideal platform for innovation in the online publishing industry. We are excited that Tinypass publishers can now easily use bitcoin.

Ecodirect, a reseller of solar panels and other energy efficient products, is now accepting bitcoin for all of its solar equipment. Ecodirect sells to customers in the Caribbean, South America, and Africa, and was attracted to the borderless nature of bitcoin transactions.  Prior to accepting bitcoin, the company could only accept wire transfers from international customers, which incurred a fee for customers of $15-$30.  Coinbase allows Ecodirect to accept payments from anywhere in the world instantly for a nominal 1% fee.

The Future of Bitcoin Storage: Wallets + Vaults

Jul 2nd, 2014

A good bitcoin wallet does many things: it is secure, easy to use, and facilitates spending of bitcoin across a growing number of platforms and merchants.

This sounds simple enough. Yet as we worked on the Coinbase wallet, we often found these goals to be in conflict with each other.

Consider the following two goals:

  • Ease of Use: Low friction spending is key to more bitcoin adoption. Bitcoin is already much simpler than entering a credit card online, but whenever we require a verification step involving your phone or a link in your email, it adds a bit of friction to the process.
  • Security: At the same time, the bitcoin world has seen attacks from cyber criminals increase. By making sending bitcoin easy, it makes a bitcoin wallet an easier target for nefarious attackers.

Compounding the issue, bitcoin is still an investment for many customers. For them, their #1 goal is to never lose bitcoin. In fact, they would appreciate more friction in the sending process to ensure their bitcoin is safe.

How do we reconcile these two goals? After many designs iterations, we are proud to announce a new account type on Coinbase: The Vault.

Introducing The Vault

image

The Vault is a second account type designed for storing large amounts of bitcoin with higher security on Coinbase. 

Starting today, you can create as many wallets or vaults as you’d like under one user account. They will show up in the sidebar when you sign in to Coinbase.

 image

What is the difference between a wallet and a vault?

A wallet makes sense for day-to-day spending. Think about it like the cash that you carry in your pocket: It is very convenient for daily spending, but you wouldn’t take your life savings with you everywhere you went.

The vault, on the other hand, can be treated like a savings account. Withdrawals are infrequent and have additional verification steps making them slower, with increased security.

We recommend you store smaller amounts of bitcoin in your wallet for convenient spending (including connecting mobile apps), while using vaults for larger amounts of bitcoin and investment purposes.

What security does the vault offer?

Some security options the vault provides include:

  • Time delayed withdrawals: You can add a 48 hour delay to all vault withdrawals. During this period we will contact you using various communication channels to ensure you are the one who has approved the withdrawal. 
  • Multiple approvers: Individuals and organizations can now jointly create vault accounts, with some combination of approvers (say 2 of 3, or 3 of 5) required to initiate a withdrawal. This greatly improves security since it requires multiple people to approve a withdrawal before it will be processed.
  • Offline Storage: Our vault uses the same cold storage technology that is used by 1.4M Coinbase customers today. This keeps up to 97% of bitcoin stored entirely offline, disconnected from the internet, in a geographically distributed set of private vaults and safe deposit boxes.

“Multi-sig” technology for The Vault – Coming Soon

To complete the Coinbase Vault offering, we will be adding multi-signature (“multi-sig”) technology in the coming weeks to enable customers to manage their own vault security. The first iteration of the vault we completed uses the battle-tested offline storage technology we have in use today. We will release our multi-sig vault approach as well once it has been appropriately vetted by security teams both internally at Coinbase and externally.

What is the cost of using a Coinbase vault?

Coinbase vaults are free to use (just like our wallet product). Coinbase only charges a fee (1% or less based on volume) when customers buy or sell bitcoin, converting it to their local currency.

When will the vault be available?

We are rolling out the vault to 5% of customers today, with a general availability release targeted for July 16th.

To give it a try please sign up for Coinbase, then visit the accounts page and click “New Account”.

Finally, here are some more screenshots of the vault in action. We hope you find it useful:

image

image

image

image

image 

1-800-FLOWERS.COM Partners with Coinbase to Accept Bitcoin

Jul 1st, 2014

Looking to send your friend birthday flowers or give your significant other something special? Good news: buying flowers and gifts will be easier for customers of 1-800-FLOWERS.com.

Beginning this fall, 1-800-FLOWERS will be adding bitcoin as a payment option across its extensive family of gifting sites, including 1-800-FLOWERS.COM, FannieMay.com, Cheryl’s.com, ThePopcornFactory.com, 1-800-Baskets.com, FruitBouquets.com, and Stockyards.com.

Bitcoin is becoming an increasingly popular method to make ecommerce purchases and we’re glad to be helping 1-800-FLOWERS.COM customers make these purchases in an easy and secure way.