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Dogecoin miner software update
Even though the adoption of bitcoin has still not been widespread, it has been rising fast in the past year. Several major retail stores across the world such as Subway now accept bitcoin as a form of payment. However, just as the senior VP of eBay stated, the company is not about to jump right into it. Recently, high bitcoin transaction costs have discouraged low-value transactions. It is because of these fees that other companies like Steam no longer allow transactions in bitcoin, despite having a large following of crypto enthusiasts.
Besides, the volatility of bitcoin could end up hurting eBay whenever there is a sharp drop in the value of bitcoin. For example, imagine if someone paid for something at 0. In this new framework, instead of all transactions being processed by the miners, it would be more of a peer-to-peer connection. Through lightning network, though, there would be a smart contract introduced. This would then open a direct and private connection between peers. Transactions would then be confirmed while bypassing the miner, but the outcome of the transaction would subsequently be recorded on the blockchain.
Unfortunately, this plan is still being tested, with a trial run on the Litecoin network. If the developers agree to implement lightning network, bitcoin transactions would be more efficient and cheaper.
Until then, the plans by eBay to add bitcoin support have to be shelved if the company expects to have any success with it. Stay up to date with the financial markets everywhere you go. Home - Forex Analysis - Cryptocurrency - eBay considers adding bitcoin as a form of payment. Comments 0 comment s Click here to cancel reply. Get the most recent news at your inbox Stay up to date with the financial markets everywhere you go. Sign up for updates.
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