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eBay is seriously considering Bitcoin as payment

By Dan Wilson December 14, 2017 - 8:30 am

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.

  • Colin
    1 month ago

    This is interesting – to be honest, any potential move away from the disaster that is paypal will be welcomed by myself. Im not clear that Bitcoin is the way forward, though, and issues such as risk need to be considered, but yes, please, ebay, stop the paypal monopoly in the United Kingdom!

  • 1 month ago

    Bitcoin maybe not. Bitcoin cash or Litecoin would work a lot better.

    Cryptocurrency has well and truly hit mainstream!

  • northumbrian
    1 month ago

    seems ludicrous
    that you cant accept cash on ebay
    though their considering Bitcoin?

    why is paypal a disaster ?
    we have used paypal only on ebay for years with scarcely a hiccup

    • james
      1 month ago

      if you could squeeze tenners down a broadband line, they’d accept cash.

    • northumbrian
      1 month ago

      royal mail will happily deliver as many tenners as you wish, accepting cash is really quite easy

  • Paul S
    1 month ago

    As usual ebay are focusing on the wrong things. Bitcoin as a replacement for paypal is more ludicrous than Mr & Mrs Ludicrous (and their ludicrous children) on a ludicrous day. Ebay are constantly re-arranging the deckchairs on the Titanic. Merry Christmas!

  • Mark
    1 month ago

    “Seriously considering”… you should be careful before printing such misinformation. This kind of fake rumor, regularly spread by BTC activists, is misleading investors. It was Amazon, I heard Disney, McDonalds, etc. Now eBay.

    Pigs will fly first… BTC, at a maximum of 3 transactions per second (that now commonly take more than a week to confirm) and average fees that now exceed $15 and rising fast, is incapable of being used as a currency or payment system.

    Come on, raise the standard of reporting a bit and stop misleading investors (this is mis-selling) by spreading false rumors!

    • james
      1 month ago

      Yes a direct quote from a named source is clearly Tamebay being sensationalist.
      -Scott Cutler is the senior vice president of eBay Americas.
      He’s probably not qualified to comment on whether Disney or Amazon are planning to accept BTC, but if he says “ebay are seriously considering”, you can take that as ebay are seriously considering.
      “misleading investors” is a heavy accusation to hurl around the place, especially for reporting ecommerce/ebay news on an ecommerce/ebay website, using direct & attributed quotes.

  • Stephen
    1 month ago

    Hmm… My gut feeling is there is a big crash coming to Bitcoin – I feel that the current boom is down to marketing and bitcoin being promoted pretty much everywhere and flaunted as an “Investment”… Personally I’m avoiding it like the plague and hoping for those that have invested that I’m wrong.

    But how many investments come up as adverts on Facebook, google etc that are actually a good idea? Someone is pumping a lot of money into promoting bitcoin as an investment… I cant see the motives being good and wanting to make people money (or you would spend the marketing money on buying into bitcoin yourself).

    • northumbrian
      1 month ago

      we see bit coin as a type of pyramid selling scheme it only works if you can find someone daft enough to believe it

    • stephen
      1 month ago

      Northumbrian – exactly – I was reading last night that some people are re-mortgaging their house to invest in bitcoin! All well and good while its on the up but when the big investors start pulling their money out it will drop like a stone and it will be a scramble to avoid being the last one out.

  • dean
    1 month ago

    Just attracts fraud

  • sohan
    1 month ago

    eBay should open a direct checkout payment system as like as amazon and etsy.

  • Paul Caisley
    1 month ago

    Ahhh, the payment method beloved of drug-dealers. So now, they’ll be able to launder their money through eBay.

    I can’t imagine the complication of the currency derivate department at eBay should they consider accepting such a volatile ‘currency’ such as Bitcoin as a method of payment.

    I’ve studied derivative calculations and they are fiendishly complicated even when one is just dealing with £Sterling to US$ or Euros which are fairly stable from day to day. Bitcoin could double, or halve in value between the time of purchase and the actual payment (and eventual refund). It’s nuts!

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