
Coinbase Commerce has announced it will no longer accept external crypto payments, specifically discontinuing support for Bitcoin and other Unspent Transaction Output (UTXO) coins for merchant payments unless customers have an existing Coinbase account. This move necessitates users to undergo ID verification and allows Coinbase to custody funds. Critics argue this undermines the decentralized ethos of cryptocurrency, emphasizing that it contradicts the principle of external crypto payments. The decision has sparked backlash, with some citing Bitcoin's technology and the Lightning network's poor user experience. Brian Armstrong's tweet about the poor user experience with L1 BTC payments has also been highlighted, affecting some of the largest BTC merchants.
Crypto exchange Coinbase has discontinued support for native Bitcoin and other Unspent Transaction Output (UTXO) coins on its merchant payment service, Coinbase Commerce https://t.co/l7ZSDq7y8l
Coinbase’s payments platform for merchants will no longer support Bitcoin and other UTXO coins unless customers have an existing account with the exchange. @tikta_ reports https://t.co/CujoliKgk4
laser-eye maxis are mad at @brian_armstrong, because he tweeted that paying merchants with L1 BTC has a poor UX, so coinbase no longer supports that. guess what? he’s right! how do i know? because at @TaprootWizards, we’re one of the largest BTC merchants on the planet. this… https://t.co/Hj8e0J5nB1
