[2017-12-12]EBay is talking about adding Bitcoin payments

[crypto_fanatic44]

EBay, one of the world’s largest e-commerce platforms, is considering making the leap into cryptocurrency payments, according to a high-ranking company executive.

Full article on: http://cryptobible.io/ebay-talking-adding-bitcoin-payments/

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[odolvlobo]

They're too late. The jokes on them. Bitcoin is no longer a payment system. You can't buy stuff with it anymore because now it's a "store of value".

[iamTom123]

EBay, one of the world’s largest e-commerce platforms, is considering making the leap into cryptocurrency payments, according to a high-ranking company executive. Full article on: http://cryptobible.io/ebay-talking-adding-bitcoin-payments/

They should have decided on this two years ago and reap all the benefits that an association with Bitcoin can bring. Just look at Overstock of how it created some sort of goodwill for the company even if only a minute part of their sales is coming from Bitcoin. Anyway, this can be a good move for eBay and can be a good news for Bitcoin. We have to admit that there is a clogging problem with Bitcoin which resulted into ridiculously high transaction fees but I still believe than in the long run merchants can be benefited by Bitcoin in terms of exposure and marketing mileage. Hoping more and more merchants would be joining the Bitcoin Alliance and these merchants would be joining the call and clamor to make Bitcoin the way it should be: fast and cheap. 

[chiggz]

Read this article but it clearly states "We’re seriously considering it as these Cryptocurrencies become more of a mainstream” payment instrument, but “we’re not quite there yet""

So I don't think this is gonna happen anytime soon. Now that even steam dropped BTC payment. Bitcoin isn't working out with these high fee and slower confirmation. But after LN is implemented then it should be a good leap forward. No one knows when this is going to happen though.

[jseverson]

This is good. The announcement was made publicly so it's going to add to the legitimacy of Bitcoin as a currency, at least in the eyes of the general public.

It's also good that they're not there yet, because neither is Bitcoin. The scaling issue needs to be addressed first, so let's hope the Lightning Network works as well in practice as in theory. Bitcoin in its current state cannot handle the additional strain eBay can theoretically cause its networks.

[Kprawn]

They're too late. The jokes on them. Bitcoin is no longer a payment system. You can't buy stuff with it anymore because now it's a "store of value".

By the time they implement it as a payment system, the Lightning Network might be in place and the scaling will be ready to

handle that kind of load. Bitcoin in it's current state, will not be able to handle transaction volumes that eBay would bring to

the network. Not even BCrash will be able to handle that kind of load. {..but Roger Ver will tell people that it will be possible}

[odolvlobo]

They're too late. The jokes on them. Bitcoin is no longer a payment system. You can't buy stuff with it anymore because now it's a "store of value".

By the time they implement it as a payment system, the Lightning Network might be in place and the scaling will be ready to handle that kind of load. Bitcoin in it's current state, will not be able to handle transaction volumes that eBay would bring to the network. Not even BCrash will be able to handle that kind of load. {..but Roger Ver will tell people that it will be possible}

Saying that the problem of transaction volume will soon be solved by the Lightning Network is like saying the traffic problem will soon be solved by flying cars.

[Samarkand]

They're too late. The jokes on them. Bitcoin is no longer a payment system. You can't buy stuff with it anymore because now it's a "store of value".

What if I told you that it was a store of value all the time? Bitcoin is not superior to credit cards or Paypal
as a payment system, but it is superior to fiat currencies due to its unique monetary policy and censorship resistance.

The talk of "micropayments for the 3rd world" and "easy online payments" was just marketing or people, who misunderstood
the core purpose of Bitcoin. The world needs sound money more than yet another payment solution.

[marky89]

They're too late. The jokes on them. Bitcoin is no longer a payment system. You can't buy stuff with it anymore because now it's a "store of value".

You don't really need a 10-minute confirmation do you? Give it a half day and you can drop the fees 7 or 8-fold. If people can load their accounts with BTC, I don't see on-chain payments as a big problem right now.

It can also be tempting to spend some of those bitcoin profits. Isn't that how the hodlers roll--never sell, hold until you can spend it? Not sure how much business eBay does, but if Amazon were to enter the foray, I think it would generate a lot of profit taking.

By the time they implement it as a payment system, the Lightning Network might be in place and the scaling will be ready to handle that kind of load. Bitcoin in it's current state, will not be able to handle transaction volumes that eBay would bring to the network. Not even BCrash will be able to handle that kind of load. {..but Roger Ver will tell people that it will be possible}

Saying that the problem of transaction volume will soon be solved by the Lightning Network is like saying the traffic problem will soon be solved by flying cars.

A specification for LN has now been released, and they've done mainnet transactions. How far off do you think we are? A year, two? Realistically, the next big step is building publicly available wallets.

[odolvlobo]

They're too late. The jokes on them. Bitcoin is no longer a payment system. You can't buy stuff with it anymore because now it's a "store of value".

What if I told you that it was a store of value all the time? Bitcoin is not superior to credit cards or Paypal
as a payment system, but it is superior to fiat currencies due to its unique monetary policy and censorship resistance.

The talk of "micropayments for the 3rd world" and "easy online payments" was just marketing or people, who misunderstood
the core purpose of Bitcoin. The world needs sound money more than yet another payment solution.

I would say that you are confused and that you (like many others) seem desperate for something to justify your devotion to Bitcoin. If there is nothing to give bitcoins value, then there is no value to store. Sure, Bitcoin can be a store of value simply because people agree that it is a store of value, but they also need to agree on the value that it stores. That is where bitcoin is going to run into trouble.

[odolvlobo]

They're too late. The jokes on them. Bitcoin is no longer a payment system. You can't buy stuff with it anymore because now it's a "store of value".

You don't really need a 10-minute confirmation do you? Give it a half day and you can drop the fees 7 or 8-fold. If people can load their accounts with BTC, I don't see on-chain payments as a big problem right now.

It can also be tempting to spend some of those bitcoin profits. Isn't that how the hodlers roll--never sell, hold until you can spend it? Not sure how much business eBay does, but if Amazon were to enter the foray, I think it would generate a lot of profit taking.

By the time they implement it as a payment system, the Lightning Network might be in place and the scaling will be ready to handle that kind of load. Bitcoin in it's current state, will not be able to handle transaction volumes that eBay would bring to the network. Not even BCrash will be able to handle that kind of load. {..but Roger Ver will tell people that it will be possible}

Saying that the problem of transaction volume will soon be solved by the Lightning Network is like saying the traffic problem will soon be solved by flying cars.

A specification for LN has now been released, and they've done mainnet transactions. How far off do you think we are? A year, two? Realistically, the next big step is building publicly available wallets.

A year or two seems reasonable for proof-of-concept. Building LN wallets is a big step, but don't forget that most wallets still don't do segwit yet, and then building up the network of LN nodes is another hurdle, as well as getting people to use LN.

[Theb]

They're too late. The jokes on them. Bitcoin is no longer a payment system. You can't buy stuff with it anymore because now it's a "store of value".

Agreed considering that the buyer will incur additional cost when they prefer or choose Bitcoin payments over Paypal in which won't be a smart move for the Buyer. As an Ebay Shopper myself I won't even use my Bitcoin to pay goods as like what I said the transfer fee will be shouldered by me the buyer. If the Lightning Network will have good effects on Bitcoin in terms of how fast it will transfer and how cheap it will be then it is the time for Ebay to accept Bitcoin.

[Zicadis]

This has been long overdue, what have they been waiting for after so many requests from the crypto community?

With more of these boardroom meetings, this could take some time before it this technology is adopted.

They're too late. The jokes on them. Bitcoin is no longer a payment system. You can't buy stuff with it anymore because now it's a "store of value".

I agree its definitely too late and this is the price you pay if you don't listen to your customers, and at the moment bitcoin payments are been enjoyed by its own customers who sell gifted cards at markup in exchange for bitcoin.

[LuanX3]

I share the same sentiments as some of you who posted here that it is quite late in the day for them to consider this. Nonetheless, this is still a good business judgment because through this mechanism, EBay will earn so much because of the ever increasing value of Bitcoin. On the flip side, I doubt if there are still people who would want to pay using their Bitcoins given the fact that they will lose opportunity costs, considering its value as of writing. These people, might I guess, would prefer holding their Bitcoins on the premise of earning huge bucks rather than using it as a mode of payment.   

[senne]

EBay, one of the world’s largest e-commerce platforms, is considering making the leap into cryptocurrency payments, according to a high-ranking company executive.

Full article on: http://cryptobible.io/ebay-talking-adding-bitcoin-payments/

First it was amazon talking about integrating cryptocurrency payments into the system and now eBay. I think it is time that theses companies should act rather than only talking and creating humors. cryptocurrency volatailty is not easy to control and integrating into the system is more difficult than we think, moreover these companies are linked for delivering goods which is further linked into states taxes matter thereby making it more difficult to integrate. So, I think companies should come with the news of inaugurating the payment system, rather than creating unnecessary hype.

[Hexah]

They're too late. The jokes on them. Bitcoin is no longer a payment system. You can't buy stuff with it anymore because now it's a "store of value".

Indeed it is, eBay's move should be a long time ago when bitcoin is just starting but right now that they are on the move to add bitcoin as one of their mode of payment, I think it's too late.

eBay wouldn't be the one that would talk to this kind, maybe many more other companies, organizations, institutions and something similar to them will make some move too.

[Carlton Banks]

A year or two seems reasonable for proof-of-concept. Building LN wallets is a big step

The UI for the Lightning wallets that already exists is not so bad really. I'd use it. Maybe LN takeup will be no different to Bitcoin adoption: the first movers will be the people that are most willing to learn something.

and then building up the network of LN nodes is another hurdle, as well as getting people to use LN.

Yeah, what's needed is a massive incentive for people to use the network, if you can think of one, let me know...

They're too late. The jokes on them. Bitcoin is no longer a payment system. You can't buy stuff with it anymore because now it's a "store of value".

Oh look, I actually went back in time to invalidate your point, with something else you said that contradicts you! Which one do you actually believe (hint: it can't be both )

[iram1011]

and then building up the network of LN nodes is another hurdle, as well as getting people to use LN.

Yeah, what's needed is a massive incentive for people to use the network, if you can think of one, let me know...

I too think that making people willing to use LN for smaller everyday transaction would be a big hurdle. Bitcoin has inbuilt deflation. People use it more as a store of value and investment asset than a currency. People are happily using inflationary fiat for these small transaction. People might use bitcoin for luxury items. But they can happily do onchain transactions by paying high fees.

[Zandar]

With the price of bitcoin getting higher the more micro transactions of it is taking place and the more unconfirmed transactions are piling up. It might be best in EBays case to allow litecoin, doge etc due to this, so people can make fast transactions, otherwise nobody want to wait out the confirmations on BTC, by the time it arrives it might have even become less worth. Also on microtransactions the fee would become a killer on BTC.

[Carlton Banks]

Yeah, what's needed is a massive incentive for people to use the network, if you can think of one, let me know...

I too think that making people willing to use LN for smaller everyday transaction would be a big hurdle.

I was being sarcastic.

High demand for on-chain transactions will obviously drive demand for off-chain transactions, it's just that there's no network (and hence no supply) for off-chain payment channels yet.