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Tech retailer Newegg starts accepting Bitcoin due to user demand

E-tailer follows in the footsteps of Apple
Wed Jul 02 2014, 11:44
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TECHNOLOGY RETAILER Newegg announced this week that it has started accepting Bitcoin payments on its website, claiming that customers have been requesting it.

The North American company, which also operates in the UK, said that it has began accepting payments in the virtual currency through a partnership with Bitpay, a Bitcoin transaction processor. On the Newegg checkout page, shoppers will now see a Bitcoin option under Payment Methods, and after checking out, will receive a Bitcoin invoice for payment.

Newegg told The INQUIRER that its customers have been asking for Bitcoin support, leading it to believe that interest in the crytocurrency is "strong".

Soren Mills, CMO of Newegg North America said, "Our customers have been reaching out to us on Facebook and Twitter asking for us to accept Bitcoin.

"Our customers are some of the earliest Bitcoin miners and are enthusiastic proponents of the crypto-currency. They've been asking for Bitcoin as a payment option for months, and we believe there is a pent-up demand just waiting to be served.

"These venues are a good barometer to predict interest in Bitcoin - interest we feel is very strong. And, of course, we always do our best to respond to our customers' requests."

Mills added that the firm doesn't have much to worry about regarding security, thanks to its partnership with Bitpay, saying, "Our Bitcoin partner Bitpay offers great security and operates with an uptime rate of 99.99 [percent] - unrivalled reliability within the Bitcoin industry."

On the Newegg website, the firm said that it "takes the Bitcoin exchange-rate risk", so that "customers get the best rate on the market".

Small print on the website also reveals that products paid for with Bitcoin cannot be returned for Bitcoin or hard currency. With Bitcoin payments, Newegg is offering only gift cards for returns.

Newegg's announcement comes just weeks after Apple started accepting Bitcoin in the App Store, having previously pulled all apps related to virtual currency. µ

 

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