Blockchain

eBay UK will let you buy and sell Bitcoin via Classifieds, new ‘Virtual Currency’ Category

Over the past year, a number of big names have started showing great interest in Bitcoin - Andreessen Horowitz, Richard Branson, Zynga and even Overstock.com. This is the Bitwagon and more shall follow suit. Now eBay UK has a cool development with regards to Buying and Selling of Bitcoins, with its announcement of the addition of a new ‘Virtual Currency’ category to the classifieds section of its marketplace.

“Please know that per our recent policy update, Virtual Currency (i.e. Bitcoin and Litecoin), whether digitally or physically delivered, cannot be listed in Auction-style or Buy-It-Now listing formats. eBay is opening a Virtual Currency category to allow the sale of virtual currency in Classified Ads format on February 10, 2014. We request that you do not list these items until that date. Please be informed that repeated breach of the policy may further jeopardize your account status. To avoid any inconvenience in future, we'd appreciated it if you go through our help pages or contact us before listing any such items,” stated eBay.

eBay UK will enable users to sell Bitcoins in their classified ads format, but they will not yet be able to sell in the "buy it now" or auction formats. This feature (trading Bitcoin on eBay) is already available in the US and is becoming an increasingly popular method for users to cash out their Bitcoins.

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“To promote a trustworthy marketplace and ensure compliance with applicable regulations, eBay is currently updating its Currency Policy. The updated policy will clarify that listings for Bitcoin and other similar virtual currencies must be listed in the Virtual Currency Category in the Classified Ad format,” said Ryan Moore, Manager at eBay.

PayPal president David Marcus had expressed his belief in Bitcoin but added that they would consider it whenever the regulatory framework is clearer, and the volatility comes down. This move comes barely a week after Overstock.com’s announcement that the eCommerce giant would begin accepting Bitcoin as a method of payment for purchases on their website.

Andreessen-Horowitz also recently led a $25 Mn round of funding in CoinBase. Dixon, a partner with the firm, believes that the virtual currency could potentially be worth $100,000 per BTC sometime in the future. In November 2013, Brian Roemelle, an author at Lets Talk Payments had written about how the value of a single Bitcoin could rise over $10,000.

Chiraag Patel

Chiraag Patel is a Senior Reporting Analyst and the Editor of Bitcoin and Virtual Currency channels at Lets Talk Payments. He is an engineer with deep interest in MMORPG, Virtual Banking, Game Currency and Virtual Cash. Chiraag enjoys Reading& Blogging with focus on New Innovation, Technology & Startups in the Payments Space.

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