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Ebay could start accepting Bitcoins in its auction-format listing

Worlds biggest online market place has recently filed a patent application  called “System And Method For Managing Transactions In A Digital Marketplace” which indicates that Ebay has created a system for digital currency processing that could mean we will soon start to see Ebay accepting Bitcoins as payment method, the patent filling states:

The currency module is configured to manage exchange of digital currency. Accordingly, the currency module allows a user to trade one form of currency for another form of currency. In one embodiment, one of the forms of currency being traded is cash. The digital currency may be used to pay for real-world financial obligations (e.g., bills) as well as for virtual-world obligations.

 The payment system allows users to accumulate value (e.g., in a commercial currency, such as the U.S. dollar, or a proprietary currency, such as points, miles, or other forms of currency provide by a private entity) in their accounts, and then later to redeem the accumulated value for products (e.g., goods or services) ….elsewhere on the network.

Later in the patent application 20130173416 with the United States Patent and Trademark Office, Ebay reveals that the system is made of its auction-form listing but doesn’t mention anything else. The fact that Ebay could start accepting Bitcoin payments could also mean that Paypal will, as it is owned by Ebay and PayPal CEO John Donahoe has previously mentioned it is interested in implementing the cryptocurrency into PayPal’s digital transaction network as it stated in an interview to the The Wall Street Journal.  

Accepting the currency could do Paypal much good as the company would able to persuade more retailers to use PayPal’s payment system in their retail stores, it could also allow users to convert their digital money into “real cash” like the USD or Euro.


nielsbosch

About the author nielsbosch

Hello, my name is Niels Bosch and i am the founder of AmongTech. Currently living in the South of Spain. My main interests are web development, playing video games once in a while, Apple, Marketing and SEO. I am currently studying Business administration, Ne Read More

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