Virtual Currency Sales is now allowed on eBay

To promote a trustworthy marketplace and ensure compliance with applicable regulations, eBay updated its Currency Policy in February. The updated policy clarifies that listings for Bitcoin and other similar virtual currencies must be listed in the Virtual Currency Category in the Classified Ad format. In terms of mining gear and mining contracts, those can be listed as auction or Buy It Now.

 

eBay, & PayPal, has added a new Virtual Currency  to their sales site, allowing users to sell virtual currency like bitcoin, as well as miners, and mining contracts.

bitcoin

The category is sparsely populated right now and the listings are all classified ads, suggesting that eBay wants buyer and seller to hash out their sale outside of the company’s jurisdiction, thereby reducing risk of become liable for scams and fake sales.

The company has been moving into digital sales over the past year but has long held a no-nonsense policy against digitally downloaded items. One listing for dogecoin, for example, notes that the cryptographic keys to the currency will be sent, presumably on a thumb drive or hard copy, via USPS or UPS rather than via email, something eBay has long frowned upon.

The category is so scattershot and clearly new that there is no telling just how this will change eBay’s policies towards digital items. Considering bitcoin is a direct competitor to PayPal and recent patent filings have shown eBay is working towards a type of crypto currency for its users, it makes sense for them to test the waters in this way. I’ve reached out to eBay for comment and will update when they respond.

Source: TechCrunch

 

Advertisements

Virtual Currency: Bitcoin

Bitcoin is being used to pay for everything from pin to smartphones on the Internet. The Bitcoin is being traded without  tracking, for reducing banking-transaction fees and making it an attractive for those seeking to buy and sell via the Web-stores.

The price of Bitcoin is $1,034 on the http://preev.com/ , and this virtual currency gaining wider acceptance.

bitcoin

Bitcoins, which exist as software and aren’t regulated by any country or banking authority,surged to a record $1,073 yesterday, up more than 80-fold from a year earlier. The currency has rallied on growing interest from investors in China and the U.S., while merchants are starting to accept Bitcoins for everything from Bears to tuition fees.

1 034 USD · Preev

History

Bitcoin was introduced in 2008 by a group of programmers going under the name of Satoshi Nakamoto, Bitcoins exist as software, which contain the rules governing their supply. New Bitcoins can only be created by solving complex problems embedded in the currency, keeping total growth limited. There are more than 12 million Bitcoins in circulation, according to Bitcoincharts, a website that tracks activity across various exchanges.

Bitcoin also gained further legitimacy and attention when a subsidiary of Baidu Inc. (BIDU), China’s top search engine, started accepting Bitcoins on Oct. 15. Chinese Bitcoin activity has exploded, with the number of yuan-based trades jumping 30-fold in the past two months and making BTC China the top online-exchange by volume.

 

Courtsy: Bloomberg.com