Dropshipping Shocks: Will Bitcoin Be Welcomed By eBay?
What Is Bit-coin?
Bitcoin is basically a digital currency in a relatively young stage of development. “Bitcoin” with a capital “B” is the network operating the tech behind the digital income, as “bitcoin” with a “b” refers to the currency itself.
What Are The Main Usage Of Bit-coin?
It is expanding in reputation thanks to the convenience and potential earnings gained from prospectors looking to cash in on the volatile costs changes. One of the most essential factors for its expanding reputation is its ability to keep away from transaction costs that traditional credit card or web payment solutions heft upon the purchaser and/or seller. Exchanging foreign currencies can also be a lot simpler and cost-effective when converting bitcoins than going by way of traditional currency exchanges. This can be massively helpful for private label shipping companies that deal with clients around the world – as long as these clients have net access to utilize their bit-coins.
Where Does eBay Come In The Picture?
eBay has constantly been a haven for retail and dropshipping firms that rely on e-commerce to get by. It has traditionally relied on PayPal to deal with payments for numerous goods, from footwear and shirts to watches and digital cameras, but it is quickly realizing that the increasing reputation of bitcoins is not something to ignore. It has hence filed a patent with the US Patent and Trademark Office named “System And Method For Managing Transactions In A Digital Marketplace.” Lines in the patent is worded in such a way that it gives the company the ability to convert digital currency into traditional currency – explicitly mentioning bitcoins along with Facebook credits and other types of currency. Simply place, eBay is looking to directly convert bitcoins (or at least an equivalent digital currency) into traditional currency.
What Does This Mean For Drop-shipping?
Typically good news. Bitcoins are becoming adopted by more and more people – particularly the tech-savvy ones that are quite probably to pay for their goods employing digital currency. Wholesale enterprises can reach out to a wider purchaser base by widening the payment methods involved. The way bitcoins are used – making disposable addresses that confirm the authenticity of the bitcoins – also make the transaction procedure substantially faster and simpler for all parties involved. Obtaining eBay quickly convert bitcoins to currency can also safeguard wholesale vendors from the value fluctuations of bitcoins. This preserves the value of the acquirement and permits trusted dropshipping to accept bitcoins without having to be concerned about the value abruptly dropping down simply because of the jitter nature of Bit-coin exchange markets.
A word of caution
Bitcoins may be a handy approach of payment but they are not a reliable tool for dropshipping companies to keep their wealth. If you are a dropshipper that keeps are prepared to monitor the fluctuating value points of bitcoins, then you can hold the bitcoins and convert them when they are most lucrative. If you would rather safeguard your assets and favor to conduct business defensively, then it is very best that you convert these bitcoins as quickly as you get confirmation of the payment.
All this assuming, of course, that eBay pushes through with its move to accept and convert bit-coins!