Craigslist Now Allows Cryptocurrency Sales

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Craigslist Now Allows Cryptocurrency Sales

When purchasing or selling anything on Craiglist, you may now advise prospective buyers that you will be able to pay with bitcoin or another digital money.

The Verge reports that sellers may now click a box in their ad that says “cryptocurrency acceptable” for future purchases. This is a significant step forward for the online classifieds site, and it may help to further open up the realm of digital currencies to the larger world of daily commerce.

Craigslist Isa Natural Fit for Cryptocurrencies

Given the structure of Craigslist, it may be a perfect match for digital currency transactions. The service does not charge its users and emphasizes anonymity, with buyers and sellers fully unvetted save for a list of basic content limitations.

Because digital currencies such as bitcoin are anonymous, there may be some overlap between Craigslist users and virtual currency holders.

Indeed, there is a case to be made for digital currency aiding with the security of Craigslist. Because digital currency transactions occur instantly and via peer-to-peer interactions, Craigslist users selling products for digital currency may enjoy improved levels of trust between buyers and sellers.

Concerns Remain

Nonetheless, there are various reasons to be careful before accepting digital currency payment for products sold on Craigslist. First, due to the significant price volatility of even the most valuable cryptocurrency by market cap, the value of an item you elect to sell may alter between the time you agree to the transaction and the time the payment is executed.

More generally, the novelty of digital currencies, as well as the rapidly changing prices of some of the prominent tokens, has caused many investors to believe that they are a bubble. If the bubble bursts, your bitcoin assets may be worth less than the fiat cash equivalent at the time of the initial sale.

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Similarly, although the popularity of some of the most famous cryptocurrencies seems to be unaffected, vendors who accept payment in a less well-known cryptocurrency face the danger of that digital currency being extinct before they can cash out their holdings.

Regardless of these and other issues, the fact that cryptocurrencies are making inroads onto popular services like Craigslist indicates a larger trend toward greater adoption. Currently, most physical shops do not accept digital currency payments. Nonetheless, the prices of several of the top digital currencies have consistently risen to new highs during 2017. (For further reading, check “The 4 Best Craigslist Alternatives.”)

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