Coinbase announced on their blog today that they’ve launched a new Instant Exchange feature. Users can send and receive bitcoins without worrying about exchange-rate fluctuations.
Previously, only merchants had this ability to move between bitcoin and local fiat currency to avoid such changes in value. Coinbase is now taking the functionality of merchants and bringing it to the consumer — as long as they hold a fiat currency wallet with Coinbase — offering two new features people can start using today.
First, there is Instant Exchange Send, which gives you the ability to use your bitcoin and pay for it in your national currency through the same Coinbase interface. Since Coinbase users have a bank account tied to the wallet, Coinbase will make the purchase instantly from the local bank wallet for you via their new “send” screen.
Second, with Coinbase’s Instant Exchange Receive, users can obtain bitcoin and reverse the process. Coinbase performs an instant sell through the fiat currency wallet with the “instant exchange” link, revealing a BTC address. Bitcoins sent to this address will trigger an automatic sell and bank account credit to the linked account. These new features will be available in U.S. dollars, euros, and