Scott Cutler, the senior vice president of eBay America, has said that the company is seriously considering allowing Bitcoin as a means of payment. In addition, Israeli Prime Minister Benjamin Netanyahu said in a video message that, in his view, the operation of traditional banks could eventually become obsolete and be replaced by Bitcoin.
As Yahoo Finance reports in an interview with Scott Cutler, senior vice president of eBay America, eBay is "seriously considering integrating Bitcoin as a means of payment on eBay. In the interview, Cutler but also at the same time on the brakes and noted that one was not quite ready to offer Bitcoin as a means of payment in a timely manner.
In our view, the current suitability of Bitcoin to process payments on a platform such as eBay, where transactions can be carried out as quickly as possible and above all without high transaction fees, is also questionable. According to bitinfocharts.com, transaction fees have risen from less than $ 1.00 at the beginning of 2017 to at times over $ 25.00 in December. Since November, fees have averaged over $ 10 per transaction on average.
Without a scaling solution and lower fees eBay will probably not integrate Bitcoin on the platform in our opinion. Users will not be willing to pay for articles with a transaction fee of more than $ 10. It is more likely that ecommerce platforms such as eBay will integrate Bitcoin only when the scaling problem is solved, for example through the Lightning Network.
Israel's prime minister sees Bitcoin as an alternative to banks
In a video released on Tuesday, Israeli Prime Minister Benjamin Netanyahu commented on Bitcoin, saying that the operation of traditional banks could eventually become obsolete and be replaced by Bitcoin. He credits the statement with the reliability of Blockchain technology and the continued, remarkable growth of Bitcoin this year.
Asked whether it is the fate of banks that they eventually disappear, Netanyahu answers yes and goes on to say that it will not happen tomorrow, but it will. Whether it's Bitcoin or other cryptocurrencies that replace the traditional banking system, he did not want to commit to that.
At the same time, however, Netanyahu reiterated his statement about the abolition of banks in the next few sentences and stated that he believes that they will continue to have a raison d'être in order to exercise control over, for example, ensuring that transactions are valid and secure.
Thank you for reading!
Don't forget to upvote, resteem and follow me for more content & contest
Tradingview, https://www.tradingview.com/u/Tradewonk/
Instagram, https://www.instagram.com/tradewonk/
Or any of my other social media channels. Please consider getting your
free account here on Steemit.
"Join the adventure and be inspired." - Tradewonk
