If you’re looking for further proof of the growing acceptance of cryptocurrency, look no further than last week’s announcement by Craigslist that they will allow the swap of items for digital currencies like Bitcoin.
That’s right, the dominant online classifieds marketplace has added a new feature that lets users specify that they accept cryptocurrency payments.
While Craigslist users had previously been able to mention in their posts that they would accept bitcoin or another cryptocurrency, the website now allows users to more directly advertise by selecting a check-off box for “cryptocurrency ok.” (see below)
The new feature was first pointed out on Reddit on Dec. 7, and later reported by a blockchain news site. In fact, not only can sellers tick a box saying “cryptocurrency ok” to indicate they will accept it as payment, buyers can also restrict their search only to sellers who will accept digital currency! It’s truly a brave new world (see: Blockchain Explained)
For users of Craigslist, the new payment option—which involves transferring digital currency from one online wallet to another—may amount to a more secure option than taking checks or cash. Craigslist hasn’t issued a public statement about why it added the new option, but its decision coincides with a wave of growth surrounding bitcoin, whose price has soared through the roof this year.
So now the question is, who’s next? Which major e-commerce giant will take the leap into accepting cryptocurrencies such as Bitcoin or Ethereum? Already this year numerous companies and charities have begun accepting Bitcoin. There are rumors that eBay could be the next huge domino to fall. In fact, in a Dec. 13 interview with Yahoo Finance, Scott Cutler, SVP of eBay Americas, said the eCommerce retailer is “seriously considering” accepting bitcoin payments.
Such a move from eBay could be the tipping point for many consumers to recogonize that Bitcoin truly is a mainstream alternative currency. And the more mainstream Bitcoin becomes in the eyes of the typical consumer, the higher the price may continue to rise. For those paying attention to these macro trends, it is becoming more and more attractive to have a portion of their portfolio in Bitcoin, especially through a program that offers compounding interest that hedges against the price fluctuations.