Coinbase is the world’s leading online Bitcoin exchange site, having established themselves there through massive funding, great security and offering businesses to accept Bitcoins for fiat-currencies.
Now the company has announced that 26 countries will now be able to purchase Bitcoins on their platform “instantly”, starting today. This is done through Visa’s 3D secure debit and credit cards where users can upload funds almost instantly and purchase the coins needed.
Prior to this it was only possible to purchase coins after uploading funds through a bank transfer, something that can easily take upwards of a week or more before it is received. The new technology was initially tested in the UK and Spain and found to be safe enough to roll out to 24 other countries.
"Since credit and debit cards will not require a customer to pre-fund their Coinbase account with a bank transfer, customers can now receive bitcoin much faster.” Coinbase wrote in a blogpost.
Users will be able to use Mastercards, Visa and Maestro Cards so far through the 3D Visa system. The system allows people to purchase with the cards by verifying their identity through a password and is supported by most European banks.
Customers will have to purchase at least £1 worth of Bitcoins to use this new service, but it is very unlikely that this will be a major issue for most people. The fee charged for the service is, mildly put, very high as Coinbase is charging a 3% fee for all purchases made with this new method.
Coinbase also announced at the same time that they have entered the Slovenian and Lichtenstein markets, though not with this new method. Coinbase is also available in 36 states in the US.