eBay is seriously considering Bitcoin as payment - KDTV6 CYPTO NEWS

Thursday, December 14, 2017

eBay is seriously considering Bitcoin as payment

A senior eBay executive has said that they are considering accepting Bitcoin as a payment method. In recent weeks the value of the cryptocurrency has been very much in the news as it has soared at an extraordinary rate.

Scott Cutler is the senior vice president of eBay Americas and is on the record saying cryptocurrencies could be part of their future: “This is a trend that everybody is talking about, but sadly, at eBay, we don’t currently accept bitcoin as a form of payment. We’re seriously considering it as these cryptocurrencies become more of a mainstream payment instrument, but we’re not quite there yet.”

Bitcoin has increased in value significantly in the past month or so. So it is hardly surprising that eBay would want to take advantage and get involved with what does look like a bit of a gold rush. Many pundits have cautioned that this is a bubble that must inevitably burst but there are dissenting voices. Some investors and experts expect Bitcoin to continue to prosper with good returns expected for those who take a punt.

It’s worth remembering that both Newegg and Overstock have been accepting Bitcoin for quite some time. Amazon has previously been rumoured to have the idea under consideration but hasn’t done it yet.

Perhaps the most critical consideration is about how sellers would take payment if such a thing came to pass. It seems unlikely that a seller would be paid in Bitcoin (most will want tangible cash after all). So will eBay shoulder the risk?

It seems likely that eBay would take the cryptocurrency, and potentially hold it and enjoy the potential gains, whilst sellers will get traditional currency as payment. But perhaps eBay merchants could opt to accept Bitcoin if they wished?

Such questions perhaps explain their reticence when it comes to accepting Bitcoin. It is really rather risky when considered from a sober, corporate viewpoint.


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