Popular online electronics retailer, Newegg has announced that it will now accept Bitcoins as a method of payment on its website. The company will be employing the use of BitPay, a popular Bitcoin payment processor to handle all orders that are placed. The BitPay processor is renowned for its reliability throughout the industry for providing enterprise-grade solutions.

What Is BitCoin
Bitcoin is a form of digital currency made for the Internet. It isn’t based on a physical bill or commodity; it is stored in your digital wallets. Customers quickly can make and receive Bitcoin payments via these wallets anywhere in the world.

Advantages of Bitcoin

It had recently come to light that Bitcoin was fast becoming the preferred choice of payment for many criminals activities online, after the FBI took down Silk Road – the world’s largest online market for illegal goods – and recovered a whopping $128 million in Bitcoins.

With the recent collapse of popular Bitcoin exchange – Mt. Gox notwithstanding, Bitcoin still continues to be a widely used form of currency on sites that accept it. As such, the move by Newegg is seen as a big push to having the virtual currency legitimized.

Soren Mills, Chief Marketing Officer of Newegg North America said,

Our customers have been asking for Bitcoin as a payment option for months. We believe there is a pent-up demand just waiting to be served and we are happy to open this payment option to them.

Pay With Bitcoin

Pay With Bitcoin

Bitcoin’s value in terms of traditional currency has always been volatile and for a retailer, that volatility poses extra risks: no business wants to sell $620 worth of goods for 1 bitcoin, see its value drop and then exchange it back for only $500 worth of traditional currency. However, this is where the service of transaction processors like BitPay are employed – they instantly convert the Bitcoins customers spend into traditional currency, charging a fee for the service.

A Bitcoin transaction costs less than a credit-card transaction, but more importantly Bitcoin payment support ought to help Newegg take its business beyond North American shores.

via: CNET

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Bianca Wade

Originally from South Point, Ohio, currently residing in Rome, GA. I have 3 very awesome and adorable nieces, and 3 totally kick ass nephews. They are my life and my entire world.

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