eBay is “actively considering” Bitcoin integration

eBay Inc. CEO John Donahoe, during a recent shareholders meeting, stated the firm is “actively considering” Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term integration with its own payment method PayPal.

It is no secret eBay sees the potential behind the cryptocurrency. This last February we reported on eBay’s annual regulatory filings to which Bitcoin and related products and services such as BTC processors are being considered as direct competitors to PayPal.

While no exact information was provided by Donahoe on plans regarding Bitcoin, he did state that the most natural outlet would be to add support for the digital currency to PayPal. He also went out to mention the firm is considering direct involvement with the virtual tender, unlike Square which partnered with Coinbase for its new BTC support.

“Exactly how that plays out, and how we can best take advantage of it and enable it with PayPal, that’s something we’re actively considering. It’s on our radar screen,” Donahoe stated at the shareholder meeting.

Donahoe is not the only executive in the eBay management team which is showing support for Bitcoin. PayPal president David Marcus expressed his support for Bitcoin last December stating he predicts “the value of Bitcoin still has the potential to double” and that Bitcoin will eventually win over NFC as the future of Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term.

We here at Payment Magnates have noticed a shift coming from both eBay and PayPal over the last year regarding their stance on Bitcoin. We reached out to PayPal back in November 2013 to see where the firm stands on the matter.

We received the following response: “The growth of alternative currencies like bitcoin have the potential to be disruptive technologies but they are all still in the early stages of development. As the company that created the online payments category over a decade ago, PayPal knows how hard it can be to manage payments globally in a regulated environment. We're closely following this area and look forward to seeing how it develops.” – PayPal Spokesperson.

Since then, we have seen eBay add a digital currency section to its marketplace, which shows the Ecommerce giant testing the waters on the matter of decentralized and currently not regulated currencies.

Given eBay’s and PayPal’s history with being a strictly regulated and compliant firm, it is believed full integration and support will only be made available once the subject is more clear on a regulatory and legal standpoint.

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