Should E-commerce Merchants Accept Bitcoin?
The Peer-to-peer electronic payment system known as Bitcoin has certainly garnered its fair share of attention over the past few months.
While I won't delve into the details of how it works or what I think of the currency system in general, recent news has emerged that, for many Internet retailers, may signal an end to those high payment processing fees: eBay may actually be considering accepting Bitcoin as a means of payment.
In a recent interview with the Wall Street Journal, eBay CEO John Donahoe said, "“It’s a new disruptive technology, so, yeah, we’re looking at Bitcoin closely. There may be ways to enable it inside PayPal.”
While eBay has not made any formal commitments to use the currency, Donahoe suggested that within the next five years, Bitcoin (or other virtual currencies like airline miles) could be converted to cash and ultimately used in retail - maybe even retail e-commerce.
So here's the question, as an e-commerce merchant - would you accept Bitcoin in exchange for your products or services today? How about in the future?
Check out a video explaining Bitcoin below...