Bitcoin has soared in popularity in the past week, but when it comes to spending your cryptocurrency there are very few merchants who accept it. This could be about to change though, as it seems that EBay is considering welcoming Bitcoin to it’s platform.
Despite being very well known for its PayPal payments, the online auction site has started adding more and more payment options in recent months. Although they were still keen for people to use PayPal to avoid potential scammers.
Despite its previous rocky relationship with cryptocurrency, the situation could now change. It is already possible to buy crypto mining equipment on the platform, however this must be purchased in the usual way. The company is now considering adding a Bitcoin payment options in the very near future, although there is no current timeline as to when this might happen.
This might actually be easier than it sounds, particularly if the site chooses an existing processor such as BitPay. The company have not specified whether it would charge the fees in Bitcoin or convert it to US dollars. Although this is only in the planning stages at present, it is a bold and exciting move for EBay. It might help the company to rise in value too.
This could be interesting for bitcoin itself as well, helping it along the way to become the alternative currency that is strives to be, and what people had imagined it would become. However, higher fees and frequent transaction delays could become a problem.
The demand for bitcoin is the highest it has ever been, which might mean that people are more inclined to spend it on platforms such as eBay. It could also set EBay aside from other similar companies as well, such as Amazon.
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