After eBay decided to drop PayPal as a payment option, Bitcoin and other cryptocurrencies could now be adopted by the platform. PayPal is one of the most known payment platforms in the world, for online shopping and some retailers. In the past, there were some rumours about Bitcoin arriving to the platform. Will now be the moment that cryptocurrencies will join eBay?
eBay Could Add Bitcoin as a Means of Payment
eBay offers quite a few payment options at the moment. Indeed, there are some retailers that would prefer to get paid in another way. Wire transfers or money orders are not available for customers that want to purchase in the platform. PayPal is the ‘official’ payment processor that the eBay uses.
That’s the reason why people is speculating about eBay adding cryptocurrencies as a means of payment. Bitcoin is moving towards Lightning network and many wallets have adopted SegWit. Bitcoin and other cryptocurrencies will be a more competitive option compared to traditional means of payment. More individuals and enterprises will start to use them as they are able to easily scale.
eBay did not announce any candidate yet. But there is a possibility that the company will integrate a payment system built by Adyen, a Dutch enterprise. This will allow eBay to offer many different payment methods to its customers. The integration with Adyen may occur between Q2 and Q3 this year. PayPal will not stop being accepted in eBay, but it will cease to be the default option for payments.
If Adyen partnerships with eBay, there is a possibility that cryptocurrency payments will be available in the platform. The Dutch company works with cryptocurrencies but it is not clear whether they will be accepted or not. Ending this long term relationship between PayPal and eBay, will significantly reduce fees allowing the gigantic e-commerce platform to boost its revenue up to$2 billion dollars in the next years.
Lightning Network and SegWit
Something that will help Bitcoin and Litecoin to work as means of payment will be a wider adoption of SegWit and the implementation of the Lightning Network. The main problem that Bitcoin is facing is its scalability problem. The developers behind the famous cryptocurrency have decided to promote an off-chain solution to scale the network known as Lightning Network.
We have explained how this technology would change the way people interacts with cryptocurrencies. Merchants had problems to deal with the fees involved in a Bitcoin transaction as well as with the slow transaction times.
Amazon as well as eBay may be waiting for a more mature technology behind cryptocurrencies. It is important to mark that cryptocurrencies are inherently volatile and it does not help, sometimes, for some merchants.
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Tags:AdyenAmazonAtomic SwapsBitcoin paymentsBTCCryptocurrency Paymentse-commerceeBayeBay bitcoineBay CryptocurrencieseBay LitecoinLightning NetworkPayPalWestern Union