Bitcoin use case

Coinbase Supports Crypto Adoption Through Doughnut Purchase Video

The San Francisco -based digital currency exchange Coinbase is showing the world that Bitcoin can be integrated into our daily lives. The firm’s CEO, Brain Armstrong, tweeted a fifteen-second video on January 26, 2019, showing a Coinbase employee using their device and an iPad to purchase doughnuts with Bitcoin Cash.

Despite garnering attention from the public in the past few years, famous cryptocurrencies such as Bitcoin and Ethereum have failed to gain traction in traditional retail outlets.

As per an article published in Bitcoin Magazine, it has come to light that the adoption of cryptocurrencies in the real world is as difficult today as it was about four years ago.

Through his tweet, Brian Armstrong, an erstwhile Airbnb software developer who later founded Coinbase, wanted to show the world the unique efforts that are being made by his firm to test physical cryptocurrency-based products.

Reportedly, the integration had used Coinbase’s in-house wallet along with a merchant side offering.

As per sources, the process of purchasing a doughnut through Bitcoin Cash took as little as 15 seconds to complete. This could be a result of Bitcoin Cash’s zero-confirmation transaction protocol that is deployed by merchants who accept the cryptocurrency.

As per the Coinbase CEO, the doughnut shop transaction was done by the company to test and improve the viability of their products. But some Twitter users went on to bash the efforts of the company.

A popular crypto commentator, Armin Van Bitcoin highlighted that the company’s efforts were in vain since according to him companies should not try to introduce cryptocurrencies to the consumers through simple database transactions because such transactions have been a part of human’s lives since the ’70s.

Many Twitter users even criticised the video claiming that it had been tampered with to show that the transaction was carried in few seconds, while it ‘originally’ would have taken several minutes.

Notwithstanding all the flak received, a certain group of people applauded Coinbase’s ‘pro-adoption efforts.’ Venture capitalist and crypto proponent, Fred Wilson said he loved the video.