This is another event that made Bitcoin to gain early adoption
In 2015, Bitcoin was sold on eBay by a Nigeian entrepreneur called Chric Maurice. Maurice is the CEO of Yellow Card crypto exchange company.
Maurice said the sales of Bitcoin on eBay for double the price were done for one week and his team realized more than $40,000. It was during the sales that Maurice discovered the potential of Bitcoin.
Maurice’s first knowledge about Bitcoin in 2013 was through Justin Poiroux, one of those that later founded Yellow Card exchange.
In 2015, when Maurice decided to browse eBay, he found out that someone was selling BTC at a price 200% above the market price.
This opened Maurice’s eyes and he called his friend:
“I called up Justin and I said, ‘Hey, we’re two relatively smart individuals. I Know how to use eBay, you know what Bitcoin is so let’s make some money,'”
People became more enlightened about what was going on after the first sales of BTC on eBay. For Maurice, he became aware of what a credit card chargeback was. He narrated his experience: “People were just stealing credit cards online, coming to us on eBay and charging the cards.”
“When PayPal found out, they pulled the money back from us, and then we had already sent the Bitcoin,” he added.
Maurice also learnt from the experience that Bitcoins could never be charged back.
Unlike credit card payment where the owner can take back what was sent to someone, this is not possible with Bitcoin. This has its own benefit and disadvantage depending on what happened.
So that was Maurice’s first experience with crypto.
Today, the business that took place on eBay can be likened to arbitrage. Arbitrage is a kind of trading strategy where someone buys an asset from one exchange and sells it on another exchange to get quick profits.