Bitcoin (c) Julia Zakharova, Shutterstock 2014

eBay Working On Plan To Accept Bitcoin – Report

Bitcoins could be about to accepted by Braintree, an eBay-owned PayPal subsidiary

On by Tom Jowitt 0

eBay has reportedly been working to integrate the Bitcoin digital currency into Braintree, a subsidiary of the online auction giant’s payments service PayPal, in a move that could potentially drive Bitcoins further in to the mainstream as a viable payment option for millions of Internet users.

The company acquired Braintree last September and now, but according to the Wall Street Journal, Braintree’s acceptance of Bitcoins would not necessarily mean eBay and PayPal would accept the currency.

The report also says that PayPal officials have met with Bitcoin companies including Coinbase in recent weeks, and they are still in the midst of reaching an agreement. Any deal for the eBay unit to use Bitcoin is dependent on this agreement.

Credibility Boost

Bitcoin (c) Alexander Kirch, Shutterstock 2014 Bitcoin is a decentralised cryptocurrency especially popular among people interested in keeping their transactions secret. It is not tied to any real money, but traded on various electronic exchanges to establish its price.

Earlier this year, Newsweek claimed to have located the mysterious creator of Bitcoin, naming him as Satoshi Nakamoto – although he has denied being its creator.

And it is fair to say that the virtual currency has had its ups and downs, as the value of the currency has fallen dramatically in the past year. Last year a Norwegian citizen made the headlines thanks to a small investment in Bitcoin, which allowed him years later to purchase a flat in Oslo.

But since then the value has dropped, and matters have not been helped by the collapse of a the  Mt Gox exchange  earlier this year, along with increasing pressure from regulatory authorities around the world.

What do you know about Bitcoin? Take our quiz!

Tom Jowitt
Author: Tom Jowitt
Freelance TechWeek Reporter
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