Retail Giant Newegg Accepts Bitcoin Payments

by | Mar 29, 2018 | Bitcoin, Cryptocurrency, Cryptocurrency News

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Canada, which has not been into the crypto news scenario for quite a while has brought a good update. Newegg, which is a Computer hardware retailer has begun accepting Bitcoin payments in Canada.

Newegg is a giant retail catering to almost 36 million customers and now is also one of the first well-known companies to accept bitcoin payments.  Newegg, on Tuesday announced that Bitcoin payments has represented a “small but growing stream of purchase transactions” in the US and that the retailer wanted to make the feature accessible to Canadian customers as well. Danny Lee, Newegg’s CEO, said,

“In 2014 Newegg was among the first major companies to offer customers a bitcoin payment option. Since that time the value of bitcoin has skyrocketed and customers holding bitcoin have considerably more purchasing power. We believe the time is right to broaden our acceptance of bitcoin to our customers in Canada.”

A special note is that Newegg does not accept the cryptocurrency directly. But involves BitPay, a third-party payment processor, which charges a small convenient fee and then converts the crypto into fiat currency at the point of sale.

BitPay will continue to serve as Newegg’s Bitcoin payments processor as it expands this feature into Canada. BitPay CEO and co-founder Stephen Pair said,

“Newegg was an early e-commerce adopter of bitcoin, and that leap of faith the company took in 2014 put Newegg on the map as a bitcoin-friendly place for tech enthusiasts to shop. We’re seeing a lot of traction in Canada, and we’re happy to see Newegg extend its bitcoin payment option north of the border.”

The announcement from Newegg to accept bitcoin payments is definitely a good news for cryptocurrency enthusiasts, as rising transaction fees had led several merchants to shutter Bitcoin payments in recent months.

Payment processing firm Stripe also told about its plan to start phasing out Bitcoin payments, though it may add support for Stellar (to whom it provided seed funding) or other cryptocurrency projects in the future.

With Neweggs starting the bitcoin payments officially, other cryptocurrencies and payment platforms are going to come back to life again after the recent downfall they have been facing from several governments.

Also Read: Bitcoin Vouchers Worth INR 200 Are Being Sold In Coffee Shops In Hyderabad

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