eBay Made the First Step Towards Virtual Currency: UK Site will be Open to Bitcoin Transactions

From February 10, 2014, eBay UK site would have a “virtual currency” commodity category in its classified ads. Bitcoin has already been included in this category, other currencies such as Dogecoin is included as well.

On eBay, consumers can trade virtual currency like any other commodity. However, when you buy virtual currency from eBay, you have to use currency issued by government.

“In order to promote a trustworthy market, and to ensure compliance with applicable laws and regulations, eBay is currently updating its monetary policy,” an eBay spokesman said in an email. “The policy will be clear after the update. Bitcoins, and other similar virtual currency must be listed in the classified ads of virtual currency category.”
The spokesman added that this category will alive on the eBay UK site on February 10.

There have been incidents that consumers trade USB or external hard disk to exchange virtual currency. This new virtual currency category provides certain legitimacy, and an informal virtual currency market, although the market is still very inefficient.

The spokesman also said, eBay only allows virtual currency transactions carried out in the form of classified ads that the actual transaction will not appear on eBay’s main site.

The classified ads on eBay is a list of goods and services. This approach is very effective, because it doesn’t create an auction style pricing formula.

Today, virtual currency is continually evolving, especially bitcoin. In the mainstream online marketplace like eBay, this is a completely different and innovative approach.

The NBA Sacramento Kings is now accepting the coin; online retailer overstock.com also accepts bitcoin as a payment method. With increasing acceptance, this will enhance the bitcoin’s value. So far, bitcoin is the most widely accepted, and the most valuable virtual currency.