eBay Denies Rumors of Accepting Crypto as Payment

E-commerce giant eBay has debunked rumors that it would introduce crypto Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term option on its platform, according to a Bloomberg report.

On May 12, a leaked image of an eBay advertisement surfaced which showed the company’s prospect of adding crypto payments option along with the existing ones.

Virtual currencies. Digital currencies. Cryptocurrencies. Digitalisation continuing.

Ebay! Latest rumour & a picture. Some more positive news coming up? ?$BTC #BITCOIN #CRYPTO pic.twitter.com/RcNQA9I3Gw — Crypto Michaël (@CryptoMichNL) May 12, 2019

Addressing the ongoing rumors directly, a spokesperson of the company told Bloomberg: “Cryptocurrency is not accepted as a form of payment on the eBay platform, nor is it part of our payments strategy.”

Pushing the coin upward

eBay is one of the largest online marketplaces with around 179 million active users around the world. A move by the company in favor of digital currency would give a massive boost to the industry.

Though the company denied the rumors, many experts believe that it had already contributed to the recent Bitcoin price rally.

Since April, Bitcoin has maintained a bullish run. The coin has surged 32 percent in the last 7 days to go above $8,000, according to Coinmarket.com. This turned out to be a huge boost for the community as the coin touched $3,200 in mid-December, exactly after a year of touching its all-time peak at around $20,000.

While the e-commerce company is hesitant to jump into the crypto sphere, social media giants are betting big on Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term and digital currencies. Bloomberg earlier revealed that Facebook is working on the development of a native digital currency which it will roll out across its various social media platforms - Facebook, Messanger, WhatsApp, and Instagram.

Meanwhile, many major brands this week confirmed that they are going to accept cryptocurrencies on their platform. Whole Foods Market, Barnes & Noble and Bed Bath & Beyond recently announced their partnership with Spedn, an app which facilitates crypto transactions.