eBay to allow settlements in crypto

[Ron~Popeil]

Ebay won't be allowing purchases with Cryptocurrencies anytime soon. They are fully into the protect the customer and the the buyer from each other in a "nanny state" paradigm. Eventually PayPal will figure out that crypto is here to stay and accept it, but it won't be this year in my opinion. And there will still be high fees to cover the refunds to cheated customers and sellers.

Paylpal CEO stated last week that 'cryptocurrency adoption, such as BTC, is inevitable'.

Does the crypto community need any stronger an indication and aside from implementation is there any other stronger statement that could be made?

Some people won't believe it until it actually goes live. There is a natural skepticism in this community.

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[CoinDiver]

The problem with this is that eBay wishes to provide consumer protections. eBay provides these protections by allowing the seller access to their funds almost immediately, the seller will ship the product, and the buyer will leave positive feedback when they see the product is as advertised. When there is a dispute that is ruled in favor of the buyer then eBay can simply charge back the seller's bank account and reimburse the buyer.

If eBay were to provide the same level of protection it would not be able to release the funds to the seller until a longer time then it can now.

One alternative could be to allow buyers to pay in BTC but eBay would convert the BTC to fiat and pay sellers in fiat. This would mean that eBay would act in a way that is little different then an exchange.   

This is simply not true. For example, you pay me $20 for a stick of RAM. The funds are immediately "available". I walk down to the atm with my PayPal debit card, and pull the $20 out in cash. My account is now at $0. You decide the RAM is not what I promised, and complain. Paypal reverses that charge, leaving my account $-20. Only problem is I still have a $20 bill in my pocket. This is no different than if I took the $20 out in BTC. PayPal would still make my account $-20.

What paypal has to figure is how to let people use bitcoin, without people deciding to go around their system. There is a lot to consider here. Paypal could limit their integration with bitcoin simply to withdrawals, and not let you actually denominate your account in BTC. They could also become a full wallet. They would control the private key, and still act as an escrow and take their cut. They could even allow direct btc to btc payments, similar to how "friends and family" no charge payments are already done. No escrow, no fee. Bitcoin is a risk to paypals empire, and they know it. They know bitcoin is likely unstoppable. They can only hope to be the first major bitcoin payment provider to market. They still have time, but they have to beat out google and amazon. They know this as well. That's why it will be done, and it will be soon. This year. Paypal doesn't have to be early, just before another major player. It would not surprise me if they have fully functional bitcoin support in alpha. Exciting times guys.

[wenben]

It is unlikely ebay will allow bitcoin and let paypal takes a big hit financially.

[dwma]

The problem with this is that eBay wishes to provide consumer protections. eBay provides these protections by allowing the seller access to their funds almost immediately, the seller will ship the product, and the buyer will leave positive feedback when they see the product is as advertised. When there is a dispute that is ruled in favor of the buyer then eBay can simply charge back the seller's bank account and reimburse the buyer.

If eBay were to provide the same level of protection it would not be able to release the funds to the seller until a longer time then it can now.

One alternative could be to allow buyers to pay in BTC but eBay would convert the BTC to fiat and pay sellers in fiat. This would mean that eBay would act in a way that is little different then an exchange.   

This is simply not true. For example, you pay me $20 for a stick of RAM. The funds are immediately "available". I walk down to the atm with my PayPal debit card, and pull the $20 out in cash. My account is now at $0. You decide the RAM is not what I promised, and complain. Paypal reverses that charge, leaving my account $-20. Only problem is I still have a $20 bill in my pocket. This is no different than if I took the $20 out in BTC. PayPal would still make my account $-20.

What paypal has to figure is how to let people use bitcoin, without people deciding to go around their system. There is a lot to consider here. Paypal could limit their integration with bitcoin simply to withdrawals, and not let you actually denominate your account in BTC. They could also become a full wallet. They would control the private key, and still act as an escrow and take their cut. They could even allow direct btc to btc payments, similar to how "friends and family" no charge payments are already done. No escrow, no fee. Bitcoin is a risk to paypals empire, and they know it. They know bitcoin is likely unstoppable. They can only hope to be the first major bitcoin payment provider to market. They still have time, but they have to beat out google and amazon. They know this as well. That's why it will be done, and it will be soon. This year. Paypal doesn't have to be early, just before another major player. It would not surprise me if they have fully functional bitcoin support in alpha. Exciting times guys.

BTC etc works outside the legal system in a gray area.  So you have to clean out your bank account for your scenario to work and you would have to continue to have that account in the negative.  If your bank covered the overdraft, then you'll owe your bank.  This will follow you around until you clear it up.

I agree about the rest though. The chances of this stuff happening are near 0.  Paypal has a monopoly of fees.  Giving BTC credibility does little but undermine their business longterm.  Ebay doesn't sell things, they are middlemen who collect fees.  What little business they gain from BTC they pay for in a whole slew of other areas. 

[jeffersonairplane]

Ebay will never associate with Crypto's especially Bitcoin. Ebay owns PayPal and PayPal is completely against crypto's.

[madken7777]

Ebay will never associate with Crypto's especially Bitcoin. Ebay owns PayPal and PayPal is completely against crypto's.

Same reason Ebay do not allow google checkout or other payment processor.

They own Paypal and want to protect their own business interest.

[Mikez]

Surprised nobody shared these articles in here:
http://www.coindesk.com/ebay-ceo-actively-considering-bitcoin-integration/
and this:
http://www.coindesk.com/ebay-ceo-paypal-will-integrate-digital-currencies/

[GigaBit]

With services that convert to fiat upon payment, the gap is very small.

I don't know why they waited so long, they could be a bit too late.

BitPay is the PayPal of Bitcoin but with a monthly fee.

If PayPal gets into it, they will likely charge their regular 2.5% fee, along with the miner's fee.

[ShakyhandsBTCer]

Ebay will never associate with Crypto's especially Bitcoin. Ebay owns PayPal and PayPal is completely against crypto's.

When you take into consideration how much eBay charges for listing an auction and how much they charge for an action successfully closing plus the paypal fees they are almost getting away with highway robbery.

[Harley997]

With services that convert to fiat upon payment, the gap is very small.

I don't know why they waited so long, they could be a bit too late.

BitPay is the PayPal of Bitcoin but with a monthly fee.

If PayPal gets into it, they will likely charge their regular 2.5% fee, along with the miner's fee.

Paypal would likely never get involved into bitcoin.

It would hurt their long term profits too much.

If people were to discover Bitcoin via paypal then they would see how much cheaper it is then paypal depriving them of long term revenue.

[STT]

It is unlikely ebay will allow bitcoin and let paypal takes a big hit financially.

The reason they might allow btc is if it enabled greater business for them.      The other point is paypal has to pay costs, they arent the biggest fish; they must pay visa, mastercard and various bank fees
If btc can be cheaper for a massive enterprise then I will be very much impressed.  Maybe the maths is already there and someone can say is it visa or bitpay which charges more for the same invoice

My own take is that BTC strength is the global aspect and speed, I think it is cheaper there.  Domestically, I think btc is slower then my normal (personal) bank payment and I dont pay fees so Im not sure there

[ShakyhandsBTCer]

The reason they might allow btc is if it enabled greater business for them.      The other point is paypal has to pay costs, they arent the biggest fish; they must pay visa, mastercard and various bank fees

I believe that paypal charges additional fees when a buyer uses their debit/credit card for a transaction.

[joshraban76]

It may be interested after PayPal have going into surveys and questionnaires about bitcoins.

[Gargulan]

It is unlikely ebay will allow bitcoin and let paypal takes a big hit financially.

The reason they might allow btc is if it enabled greater business for them.      The other point is paypal has to pay costs, they arent the biggest fish; they must pay visa, mastercard and various bank fees
If btc can be cheaper for a massive enterprise then I will be very much impressed.  Maybe the maths is already there and someone can say is it visa or bitpay which charges more for the same invoice

My own take is that BTC strength is the global aspect and speed, I think it is cheaper there.  Domestically, I think btc is slower then my normal (personal) bank payment and I dont pay fees so Im not sure there

Problem is, Paypal can't really charge huge fee if bitcoin is used.

[ShakyhandsBTCer]

It is unlikely ebay will allow bitcoin and let paypal takes a big hit financially.

The reason they might allow btc is if it enabled greater business for them.      The other point is paypal has to pay costs, they arent the biggest fish; they must pay visa, mastercard and various bank fees
If btc can be cheaper for a massive enterprise then I will be very much impressed.  Maybe the maths is already there and someone can say is it visa or bitpay which charges more for the same invoice

My own take is that BTC strength is the global aspect and speed, I think it is cheaper there.  Domestically, I think btc is slower then my normal (personal) bank payment and I dont pay fees so Im not sure there

Problem is, Paypal can't really charge huge fee if bitcoin is used.

IMO if bitcoin were to become mainstream enough then it would likely put paypal out of business.

[Harley997]

It is unlikely ebay will allow bitcoin and let paypal takes a big hit financially.

The reason they might allow btc is if it enabled greater business for them.      The other point is paypal has to pay costs, they arent the biggest fish; they must pay visa, mastercard and various bank fees
If btc can be cheaper for a massive enterprise then I will be very much impressed.  Maybe the maths is already there and someone can say is it visa or bitpay which charges more for the same invoice

My own take is that BTC strength is the global aspect and speed, I think it is cheaper there.  Domestically, I think btc is slower then my normal (personal) bank payment and I dont pay fees so Im not sure there

Problem is, Paypal can't really charge huge fee if bitcoin is used.

Both ebay and paypal will not be able to operate if bitcoin becomes successful enough.

[STT]

Problem is, Paypal can't really charge huge fee if bitcoin is used.

It may cause lower rates but Im not sure paypal can avoid this anyway.   I can already send cash instantly free to anyone nationally.    Its possible paypal benefits even if they also have to lower rates to customers, they are not mutually exclusive events. 

Thing is with bitcoin is that stupid long hash code doesnt sell too well.  I mean we could browse websites by IP addresses but on the whole we arent doing this.   At some point bitcoin needs to take down the scaffolding and put on a presentable front to the world that is easily remembered and referenced. 

If Paypal becomes part of the general phenomena they may survive yet, they could be all about enabling easy facilitation of the network and also adding feedback and simple association to bitcoin addresses .  If they can add convenience they could do well, brand names are often not the best value but people prefer them anyway.  Everything apple does was already done elsewhere pretty much but they do it best and charge a 70% margin on it and people go with what works best

[pastet89]

This may be actually bad news. Merchants dump all the coins to fiat and the bigger are they, the harder is for BTC price to grow.

[s1lverbox]

Easy way to use crypto on ebay:

List and item>use nice description mentioning crypto as payment>put price lower due to lack of use for paypal>Profit.


Most people who bought stuff from me are happy to pay in BTC or bank trnasfer because my price is way better than others.
Ofcourse sometimes there will be an asshole who trying to tell me where is my place but most of the time i have no issues what so ever.

[paythrough_team]

Paypal allows Bitcoin has lagged behind OKPAY.