Coinbase has launched a new service called Instant Exchange, a feature that allows users to send or receive bitcoin payments that limits exposure to bitcoin exchange rate fluctuation.
Coinbase has already been offering merchants the ability to automatically convert received bitcoin into their local currency, and now Instant Exchange is available to anyone with a local currency wallet.
With this Instant Exchange service, users can both receive and send bitcoins instantly.
1. Instant Exchange Send
Now you can send bitcoin and pay for it with your local currency from the same page. Coinbase will execute an instant buy in the background for you, debiting funds from your local currency wallet.
To use this feature simply select your local currency wallet from the new send screen.
2. Instant Exchange Receive
You can also receive bitcoin and Coinbase will execute an instant sell in the background. The sell will credit funds to your local currency wallet.
To use this feature simply click the “Instant Exchange” link in your local currency wallet, which will reveal a bitcoin address. Any bitcoin sent to this address will be automatically sold and credited to your local currency wallet.
Apparently users with USD, EUR, and GBP wallets can immediately begin using Coinbase’s Instant Exchange feature.
We’re excited to offer these simple tools which will allow Coinbase users to realize the fast, cheap and global nature of bitcoin payments without exposure to bitcoin price changes.