eBay Seriously Considering Bitcoin Payments, But Not Quite There Yet

eBay is seriously considering accepting cryptocurrencies as payment, but according to executive Scott Cutler, it isn't ready just yet.

eBay, one of the largest e-commerce portals in the world, may start accepting cryptocurrencies in the future, according to Senior Vice President eBay Americas, Scott Cutler.

Speaking in an interview with Yahoo Finance, the executive acknowledged the hype and shared that the company is looking into cryptocurrencies, but isn’t ready to start accepting them just yet: 

“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 mainstream, [but] we’re not quite there yet.”

As Bitcoin surges and the crypto market as a whole surpasses $500 billion in market cap, the world is forced to take note and consider cryptocurrencies as viable means of payment.

However, Bitcoin itself may not be the most efficient transactional crypto at the moment, given its high fees, volatility and confirmation delays, which earlier caused top video game distribution platform, Steam, to drop Bitcoin from its accepted payment methods.

That being said, there are several alternatives to Bitcoin which process transactions much faster and with very little fees, such as Litecoin, Monero and Dash.

If cryptocurrencies find acceptance with large online stores such as eBay, they will prove tough competition for existing digital payment networks and services such as Paypal.

Interestingly, Paypal’s co-founder, Max Levchin, commented on cryptocurrencies and blockchain technology earlier this month, terming the latter as a ‘fantastic technology’, but wasn’t too confident about the former’s long-term potential. 

In case eBay does decide to accept cryptocurrency payments, the company stands to benefit majorly, as was the case with online retailer Overstock.com, which started accepting Bitcoin in 2014 and saw its stock rising over 250% this year. Whether or not customers would be willing to part with their Bitcoin for online purchases, given its seemingly unending rise, is another question altogether.