eBay Recognizes Bitcoin and Other Digital Currencies; Adds Them to Main US Site

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eBay Recognizes Bitcoin and Other Digital Currencies, Adds Them to Its Main US Site
eBay Recognizes Bitcoin and Other Digital Currencies, Adds Them to Its Main US Site

eBay Recognizes Bitcoin and Other Digital Currencies, Adds Them to Its Main US Site

Bitcoin and other digital currencies are getting acceptance in various quarters. New to this is eBay which is adding it in its main US site wherein it has introduced a category for ‘Virtual Currency’, with listings for dozens of Bitcoin and altcoin-related activities like shares in mining operations.

This is a welcome gesture on the part of eBay which though does not accept Bitcoin as an official payment, any recognition of the currency is significant. The parent company of PayPal is one of the best and the largest payment method these days and Bitcoin definitely become a major challenge for it or even an opportunity for it.

eBay, the popular online auction site and marketplace quietly included the category in its ‘Category Changes‘ list for April under ‘Coins and Paper Money,’ this according to Bitcoin supporters is a huge step. A lot of mixed reactions are coming up from Bitcoin enthusiasts who feel that it is an optimistic development.

When we talk about mixed reactions, it is due to the fact that eBay had earlier added them but took them off later on. Now question is how long till it keeps. Though there are some reasons that have been cited by the organization, like, eBay’s overseas subsidiary sites, like the UK, adding the listing before the US one.

There are people who hope that someday PayPal may accept Bitcoin as payment method which according to them will help customers to great extent. Earlier the last year in April 2013 in an interview the PayPal though admitted that digital currencies are truly fascinating and the organization was kind of thinking about them.

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PayPal Might Get Tough Competition from Bitcoin

Though there are no clear rejections from PayPal, at least when their top brass comes up with the opinions like they might consider Bitcoin at some point of time in future. For instance, eBay president John Donohoe is fascinated about Bitcoin and even mused on the possibility of PayPal integrating Bitcoin someday.

He had then admitted that his organization is not ruling out Bitcoin and contrary to the belief that PayPal is against Bitcoin, he said that he is looking at the digital currency closely. However, it looks susceptible that PayPal will even embrace Bitcoin.

A filing to the US Securities and Exchanges Commission (SEC) in early 2014 referred to Bitcoin as a ‘potential competitor’ to PayPal, which usually charges a 2-3% fee on transactions it processes.

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