eBay, the $ 39 billion e-commerce platform, is seriously considering Embed Bitcoin into its platform as a payment method. In an interview with Yahoo Finance, eBay Americas Vice President Scott Cutler said that eBay "is seriously considering" to incorporate Bitcoin.

Power of Bitcoin

Over the past 12 months, Overstock's price has increased by more than 130 percent, triggered by the company's participation in various Bitcoin and Blockchain technology companies . Several large conglomerates such as Japanese GMOs also experienced a rapid increase in their stock market value after the integration of Bitcoin.

It has become increasingly difficult for large conglomerates and financial service providers to reject Bitcoin's exponential increase in value and user base. Currently, the total market valuation of Bitcoin and other cryptocurrencies exceeds $ 500 billion. As such, the big banks like Goldman Sachs have begun to take steps to adopt digital currency as well, with Goldman agreeing to offset the Bitcoin futures on behalf of their clients.

Cutler noted during the interview with Yahoo Finance "Despite this, eBay seems to show its optimism with regard to digital currency. The company also shows the public that it follows the latest trends in finance.

High Merchant Fees

According to Bitcoin Fees, a transaction fee index on Earn.com, the fastest the cheapest transaction fees are currently 360 satoshis / byte or $ 13 per transaction. True, Bitcoin transaction fees depend on the size of the mempool. But, the size of Bitcoin mempool has always remained greater than 110 million bytes in recent days.

In addition, casual users and newcomers will not continuously check the size of Bitcoin mempool to find the optimal satoshis. Charge per byte to pay merchants on eBay. Without sufficient scale and reduced fees, eBay users will probably not pay for fees over $ 10.

Already, Steam has temporarily disabled its integration of Bitcoin due to growing complaints from its customers. . Given the current state of Bitcoin Blockchain, it is likely that e-commerce platforms like eBay will integrate Bitcoin only once the secondary layer. the solutions are ready for integration, such as Lightning Network. It is important to note that scaling the second layer requires a separate SegWit to operate and that the SegWit adoption rate remains below 10%.

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SegWit's adoption rate could increase by significant margins beginning in 2018, following SegWit's integration by Coinbase and Blockchain .info, two of the world's largest Bitcoin wallet platforms.