Ebay Forbids Bitcoin for Payments, Removes Merchant Listing
On Tuesday, Andy Shroder posted on Reddit that eBay Inc. had removed his merchant listing because he accepted bitcoin for his products. The auction website told Schroder, a solar energy researcher and solar panel manufacturer, that bitcoin does not qualify as a payment method due to “two key factors” — security and safety, and ease of use. EBay sent Schroder an email saying: "Please understand that you mentioned you accept ‘Bitcoin’ as a method of payment. Some online payment companies are fairly new and inexperienced and they do not provide sufficient fraud protection to members. When we....
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An eBay merchant, recently took Reddit to convey his "sad" experience with the e-commerce company, stating that his product listings were removed because he accepted digital currency Bitcoin as one of the payment methods. The said merchant further posted an excerpt from the mail he received from eBay. It clearly exhibited the company's take on Bitcoin, for it mentioned the digital currency as something that defies their approach towards offering a secure and simplified e-commerce platform. "Please understand that you mentioned you accept "Bitcoin" as a method of payment," the alleged mail....
In September 2014, eBay announced plans to separate eBay and PayPal. In a recent SEC filing, eBay confirmed that a newly formed corporation named PayPal Holdings, Inc. ("PayPal") will take over the businesses that make up eBay's payments segment. eBay, the existing publicly traded corporation, will continue to operate its marketplaces business. The separation, which will provide current eBay stockholders with equity ownership in both eBay and PayPal, will be effected by means of a pro rata distribution of 100 percent of the outstanding shares of PayPal common stock to holders of eBay....
In their recent SEC filing, eBay and PayPal confirmed plans to allow merchants with a standard account to accept bitcoin payments through third-party processor Braintree. This company was acquired by eBay for $800 million in September 2013 and will now be part of PayPal Holdings. In the same SEC filing, eBay and PayPal have announced the formation of a new corporation called PayPal Holdings that will take over the businesses in eBay's payments segment. Meanwhile, eBay will continue to operate its marketplace business as a publicly traded corporation. "As two distinct publicly traded....
PayPal is known for being antagonistic towards Bitcoin. The company is known to “sever business relationships” with people who sell Bitcoin products (specifically miners) on eBay, the company that owns PayPal. It doesn’t really seem fair for PayPal to block people from selling Bitcoin mining gear. After all, Bitcoin miners are just specialised computers, and there’s nothing illegal or prohibited in eBay’s terms of service about selling computers. But since Bitcoin threaten’s PayPal’s entire business, it seems a logical (though anti-competitive) move on PayPal’s part. However, one eBay....
New reports this Thursday evening indicate that eBay subsidiary Braintree Payments may be looking to integrate bitcoin acceptance in the very near future, according to the Wall Street Journal. Braintree Payments operates as a unit of PayPal (which eBay owns), and the word is that PayPal executives have been meeting with bitcoin payment processors like Coinbase to facilitate bitcoin transactions on the Braintree network, according to people familiar with the matter. Despite the meetings, no agreements of any sort have been reached. As for eBay and PayPal, there hasn't been any word on....