Coinbase Announces Pricing in 'Bits' and Bitcoin Buyback Option

Bitcoin payment processor Coinbase is now enabling merchants to display the cost of their goods and services in "bits".

AccessTimeIconJun 21, 2014 at 11:40 a.m. UTC
Updated Aug 18, 2021 at 3:04 p.m. UTC

Presented By Icon

Election 2024 coverage presented by

Stand with crypto

Bitcoin payment processor Coinbase is now enabling merchants to display the cost of their goods and services in smaller denominations of bitcoins – "bits".

The San Francisco-based company, which has so far raised funding totalling $31.7m, explained that using bits means prices can be displayed using two decimal places, which consumers are already used to.

  • Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
    13:18
    Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
  • Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
    05:10
    Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
  • The first video of the year 2024
    04:07
    The first video of the year 2024
  • The last regression video of the year 3.67.0
    40:07
    The last regression video of the year 3.67.0
  • Currently, a single bitcoin is divided into eight decimal places, with each unit known as a “Satoshi”. One bit (or µBTC) is worth 100 Satoshis, so something worth $1 can be priced at 1,700 bits rather than 0.0017 BTC.

    coinbase-bits
    coinbase-bits

    The company has also announced the launch of a "repurchase" feature, which enables users to immediately top up their bitcoin wallets after they make a purchase in the digital currency.

    Once placing an order via the checkout page of a site that uses Coinbase as its bitcoin payment processor, users can click a "Repurchase" button and refill their wallet directly from their bank account. Previously, users had to navigate to the main site’s “Buy” page in order to add more bitcoins to their wallets.

    A walk-through of the process can be found on the Coinbase blog.

    coinbase-repurchase
    coinbase-repurchase

    Earlier this week, the company endorsed an unofficial Coinbase bitcoin wallet that was launched on the Apple App Store.

    Developed by AirBnB developer and bitcoin enthusiast Andrew Vilcsak, the open-source app was give a thumbs-up by Coinbase on Friday:

    — Coinbase (@coinbase) June 20, 2014

    The app allows users to send and receive bitcoins, view their transaction history and balance, and otherwise manage their Coinbase account.

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information have been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.