Some progressive news to report on the bitcoin front today in what used to be a slight delay depending on your exchange’s rules which thus exposed you to a sudden move in bitcoin price. Per the official company blog, customers of major bitcoin exchange Coinbase can now send and receive bitcoin and cash out immediately to local currency (right now to USD, Euro and GBP).
Coinbase has long offered merchants at the point of sale the ability to automatically convert received bitcoin into their local currency, and now ‘Instant Exchange’ is available to anyone with a local currency wallet. Coinbase was the first major exchange to become regulated in the U.S, and expanded services in the U.K back in April as well.
Two new features available on Coinbase:
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 (USD, Euro, GBP).
2. Instant Exchange Receive
The exciting feature here is if you receive a bitcoin payment Coinbase will now execute an instant sell in the background within seconds. The sell will credit funds to your local currency wallet (USD, Euro, GBP).
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.
For more information on ‘Instant Exchange’ click here.