Bitcoin has now has a legitamte place on eBay. The new category for digital items has recently been added to eBay. This is making some waves because of the trading potential that it will bring to the marketplace. This new category called ‘Virtual Currency’ will make selling Bitcoins, Dogecoin, crypto currency miners, and mining contracts a simple task.
This new category was quietly slipped into the online marketplace recently and most of what is seen on the page is listings that are similar to classified sales, which are completed outside of eBay. One of the reasons for this may be that that eBay could want buyers and sellers to complete their business outside their domain, thereby reducing the firm’s risk and liabilities in the event of a scam. The move to add this new category maybe a part of eBay’s business strategy in the world of digital goods. The company has stepped into the digital sales market last year and stringent policies on digital sales have followed.
Some listings selling the currencies; dogecoins, Bitcoins, and others with the possibility of representing goods with actual physical coins, suggest that they may be shipped via the postal service, UPS or FedEX. The buyer may even choose the shipping method of choice. Some of the same listings state that the currency would be shipped electronically, which adds some measurement of confusion.
The Mining Hardware and Mining Contracts subcategories feature some currency sales with the ‘Auction’ and ‘Buy it Now’ options, and this is not allowed on the UK site, where the category was opened back in February. eBay has clarified that a policy update, which came into effect in February 2014, allows for the listings of Bitcoin and other similar virtual currencies, albeit in the Virtual Currency Category and in a Classified Ad format. There is also a likelihood that the newest category may have to do something with eBay’s own fabled crypto currency. eBay has already filed patents regarding this.
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[Image via digitopoly]