Blockchain

Make and Accept Bitcoin Payments with your Personal Account via CoinBeam

A year back, you would have been hard pressed to buy anything with Bitcoins as there were very few people that accepted the virtual currency as payment. A lot has changed since then and there are thousands of websites, car dealers, hospitals, educational institutions and merchants accepting Bitcoin. However, several startups have popped up around the virtual currency in order to handle transactions, provide trading platforms, Bitcoin vaults & wallets and other services.

CoinBeam – is an online application for Bitcoins that enables users to accept or make fast and secure payments with the digital currency. Their platform also offers powerful business tools for merchants.

This video gives you an overview of CoinBeam:

  • CoinBeam says that it is free to use and will always be so. It does not even charge for maintenance.
  • After registration users will acquire a 12 digit unique account number.
  • With this number they will have access to their account and can utilize for recieving Bitcoins.
  • Users can have multiple accounts but will need to provide corresponding varying email addresses.
  • Users can send Bitcoins if they have the target recipient’s wallet address.
  • If the recipient is a client of CoinBeam the user can utilize his/her 12 digit unique number to complete a transfer.
  • The company warns its customers however, that any external transfers can be done only once in a 24-hour period.

How much does it cost?

  • There is a fee of 0.0001 BTC per internal transfer - transaction between the accounts within the CoinBeam system.coinbeam3
  • There is no charge for buying e-shops’ products when using CoinBeam payment system.
  • Merchants are charged 0.0001 BTC for each of these transactions.
  • All service fees are uniformed, says the company. This means that no additional fees are charged no matter of the transferred amount or number of transfers.
  • One restriction placed on users is that they can run only one e-shop per account, simply because they have only one account number to work with.

As for Security and Anonymity?

  • CoinBeam says that do not take any personal information such as phone nummbers and addresses.
  • However there is one exception - in case the user wishes to take payments on his e-shop utilizing CoinBeam’s system, he needs to provide his web domain address.
  • The company states that client accounts are secured by 128bit SSL encryption.
  • Thus, every connection between their server and client is encrypted.
  • CoinBeam does not keep passwords on their server so it is extremely important for the user to keep his password in safe manner.

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In a personal dialogue with me, CoinBeam's team answered a few questions about the company:

How did Concept of CoinBeam come about?

The main idea is to bring Bitcoin to the common people (help bridge the gap between bitcoin to everyday people). Our motivation also lies in helping Africa with economical growth. One of our shareholders is currently working on a project in Africa.

What differentiates CoinBeam from the other players in this segment?

We are oriented toward common people who are not so technically proficient. Our system is extremely user friendly and seeks to make accepting and paying with Bitcoin as simple as possible.

How is the company growing and how are you funding that growth?

This project was started in November last year. CoinBeam launched officially in the market two months ago and for now we have around 500 accounts. We also have investors from the forex space. And we have a new cooperation with Logos

Can you tell us more about your team and their background?

The team consist of experts from the IT support department, marketing as well as sales department. The members have a background from non-profit organisations and are experts at trading on the forex market.

Do you see any competition in this area?

We are looking at it from another angle. The market is almost empty (the blue ocean strategy) and there is a lot of to achieve. For us is more important thing, is to cooperate with others.

Chiraag Patel

Chiraag Patel is a Senior Reporting Analyst and the Editor of Bitcoin and Virtual Currency channels at Lets Talk Payments. He is an engineer with deep interest in MMORPG, Virtual Banking, Game Currency and Virtual Cash. Chiraag enjoys Reading& Blogging with focus on New Innovation, Technology & Startups in the Payments Space.

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