Ebay Set To Revolutionize The Cryptocurrency And Blockchain Space By Accepting Cryptocurrency Payments?

It appears more and more retailers and firms are adopting cryptocurrency. Online retailers have over the years implemented payment for goods and services in cryptocurrency. Now American based online giant, eBay, is seriously considering implementing a model where users will make payments in cryptocurrency. It should be recalled from an earlier report from December 2017, eBay, was said to be seriously considering to include Bitcoin for payments on its platform. However, the e-commerce giant is yet to embrace a model that is based on payments in digital currency. The price of Bitcoin was at $7,296.55 as of press time.

If eBay Goes on to Implement Payments in Cryptocurrency We Could See More Adoption

eBay, the amrita -based e-commerce whale, is rumored to make into crypto after the platform’s Consensus ads leaked online recently. If eBay eventually opens open its arms for users to make crypto payments, which could be a means of triggering more adoption.

The cryptocurrency market is in dire need of such report. Mass adoption will mean massive growth hence we can see the price of Bitcoin and altcoins change. Such a move will be one of the factors that will drive the next crypto bull run.

Are the Rumors Really True That eBay Will Venture Into Cryptocurrency?  

eBay isn’t a stranger to cryptocurrency. In fact, users can find any type of crypto-related goods on the platform from random items that have Bitcoin’s logo to mining hardware or an actual ‘Virtual currency’ section that indicates whether or not you can buy and sell cryptocurrency p2p.

However, the fact that eBay is a sponsor of Consensus, the biggest event in the crypto industry makes many believe that it could eventually make such a significant step as accepting crypto payments.

It is important to also keep in mind that Sanja Kon an eBay executive joined crypto payment platform UTRUST last year. This move is rumored to be indicative of eBay’s cryptocurrency ambitions.

In another report from December of last year, Scott Cutler, eBay’s senior vice president cited that the online retailer was considering crypto as an additional option for payment on the platform. However, Cutler insisted that the company wasn’t quite there yet.

Following the Footsteps of Other US Based Online Retailers

Meanwhile, it was reported a while ago that Overstock.com, a one-time competitor of the online retailer, Amazon was the first online retail company in the US to implement the Bitcoin payment trend. Apart from accepting payments in Bitcoin, Overstock reportedly also allowed its users to purchase Bitcoin from their website directly using Bitsy.

Even though the crypto space is gradually maturing, it is still quite challenging for retailers to accept Bitcoin. For instance, online gaming marketplace Steam dropped Bitcoin in December 2017 due to ‘high fees and volatility.’

Finally, according to reports by U.Today, another global payments processor, PayPal has continued its move to work on Blockchain and Cryptos. currencies. Although the report has it that Bitcoin isn’t a big focus for PayPal for now. Would the payment giant branch out into other top cryptocurrencies? What does this mean for the crypto community as a whole? It is definitely good news and a good sign that mass adoption is closer than most people hope for.

 

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