Bitcoin, Virtual Currencies Enter eBay Shopping

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Bitcoin, Virtual Currencies Enter eBay Shopping

EBay has added a digital currency section to its US website, which will make it possible for customers to trade virtual currencies such as Bitcoin. Users will also be able to buy or sell currency mining contracts or equipment.

But the e-commerce giant is still not accepting any payments in Bitcoins or other digital currencies. EBay owns online payment processing company PayPal, which faces rising competition from Bitcoin.

The site has put three subcategories under the virtual currency section, which are miners, mining contracts and currency.

Mining contracts are an offer for functional mining equipment with a fixed hash rate and specified time and price, as reported by IBT.

Buyers will be able to access digital currency sales which are listed alongside options such as “Auction” or “Buy it Now”.

In February, the company let UK customers buy and sell virtual currencies through its website in the country. However, the virtual currency trading through the eBay’s UK website was only possible via its classifieds section. Deals presented as classified ads meant that any Bitcoins exchanges would be accomplished outside of eBay.

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Ebay treated Bitcoin as a possible competitor to PayPal in a filing with the US Securities and Exchanges Commission (SEC).

However, chief of eBay John Donahoe said that PayPal could incorporate virtual currencies into its systems. He said the currencies posed no competition.   

“There is nothing holding PayPal back from pursuing digital payments today, as part of eBay,” Donahoe added.

While payment services such as PayPal charge a 2-3% processing fee for transactions, digital currencies can be way cheaper.

Yahoo News reported that last year in April PayPal president said in an interview he was being fascinated by virtual currencies and was considering them.

PayPal has a digital wallet with digital currencies that can be used. The site developed one such wallet that can take multiple versions of the currencies.

To contact the reporter of this story: Deepak Tiwari at deepak@forexminute.com

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Deepak Tiwari, a law graduate, has been working as a journalist for six years now. He currently writes on Bitcoin, economic, and Forex related news at ForexMinute, the brand new financial news portal which is making waves among Forex traders around the globe for the innumerable Forex resources it offers for readers, traders and brokers. His other specialties include writing on law & governance, finance, internet marketing, careers, politics, international relations & diplomacy, etc.